News and Announcements

As the holiday season approaches, many individuals look for ways to give back to their communities, often through charitable donations. Not only does charitable giving spread goodwill and support important causes, but it can also provide a valuable tax benefit if your donation is made to a qualified, tax-deductible organization. Understanding how to identify tax-deductible charities can help you make the most of your generosity and optimize your year-end tax planning. Here’s what to consider when choosing a tax-deductible charity for your holiday donations.

At Demian & Company CPAs, we see the potential in every figure, not just the sum. Based in Cranford, Elizabeth, and East Brunswick, NJ, our team proudly serves clients nationwide. Through innovative remote solutions, we ensure top-notch tax and accounting services are always within your reach—no matter where you call home.

Experiencing a net loss can be difficult for any business, but it’s not uncommon, especially for new companies. The good news is that filing a tax return with a net loss can open up tax benefits, including deductions and credits that may help reduce your future tax burden. Here’s a detailed guide on how to file your tax return when your business has a net financial loss for the year, and how to make the most of any tax relief options available.

The IRS has announced adjustments to tax-related amounts for 2025, reflecting changes due to inflation. These adjustments are crucial for taxpayers to understand as they prepare for the next tax season.

Millions of working families rely on family tax credits like the child tax credit (CTC) to support household bills like food, housing, child care, and education. Claiming these and other federal tax credits and deductions like the adoption credit and the Earned Income Tax Credit (EITC) can lower your tax liability or increase your refund amount.

The IRS has unveiled higher capital gains tax brackets for 2025. In its announcement Tuesday, the agency boosted the taxable income limits for the long-term capital gains brackets, which apply to assets owned for more than one year.

Effective retirement planning isn't just about saving and investing wisely; it’s also about understanding how taxes will impact your retirement income. Tax planning plays a crucial role in ensuring that your retirement years are financially secure. Without a proper tax strategy, taxes can erode a significant portion of your savings, leaving you with less money to live on than you’d hoped for. Read on to learn why tax planning is key to retirement planning and how it can help maximize your retirement income.

Filing a tax return is a responsibility everyone has to tackle every year, and accuracy is key. However, mistakes happen. Whether you've discovered an overlooked deduction, reported incorrect income, or realized that your filing status was wrong, you have the opportunity to correct the error through an amended tax return. The process of amending a tax return can be complex, and understanding the details is crucial to ensuring the best outcome. Keep reading to learn everything you need to know about amending a filed tax return, from when you should amend to how the process works and what to expect.

When you pursue compensation in a lawsuit and finally win or settle your case, receiving your compensation can allow you to breathe a sigh of relief. However, there’s still the question of how much of that settlement you’ll actually get to keep—and how much will be lost to taxes. Whether you're receiving compensation for a personal injury, emotional distress, or other damages, it's crucial to understand how the IRS views these funds. Keep reading to learn more about the different types of lawsuit settlements and how they are taxed.

Filing your business tax return can be a daunting task, but with the right preparation and organization, it can be a much smoother process. With the tax extension deadline for businesses quickly approaching on September 15th, now is the perfect time to get your documents in order and make filing as stress-free as possible. Here are some tips to help you navigate the process and avoid late filing penalties.

Far too many people take a reactive approach to their taxes, spending and donating without much thought to how it will impact their future return, and then simply filing for what they’ve already done. However, proper tax planning can go a long way towards reducing your tax liability year after year. One excellent tax planning strategy is bunching your deductions. Keep reading to learn more about what bunching is and how it can significantly reduce what you pay in taxes every year.

At Demian & Company, CPAs, we strive to provide services in as convenient and efficient a manner as possible. That includes offering the option to receive remote services, so that you can get the guidance and support you need without making the trip to our offices. But how do remote services work for something as sensitive as tax preparation and accounting? Here is what you should know.

When faced with the stress of tax debt, it's important to know that you have several options for resolving your situation. As a CPA firm experienced in providing support in tax relief, we can guide you through the various avenues available to you, ensuring that you make the best choice for your financial future. Keep reading to learn more about the main options for resolving tax debt, including payment plans, offers in compromise, and bankruptcy. If you’re facing tax debt and seeking settlement, remember that we can offer support and representation when communicating with the IRS. Contact Demian & Company CPAs to schedule a consultation.

Quarterly estimated tax payments are a crucial aspect of financial management for business owners and freelancers. Understanding the importance, requirements, and strategies surrounding these payments can help you avoid penalties and ensure your business remains financially healthy. Here, we provide a comprehensive guide on what you need to know about making quarterly estimated tax payments.

Investment losses can be a complex aspect of tax reporting, but understanding how to properly account for them on your tax return can save you money and help you manage your overall tax liability. Keep reading to learn how to report losses on your investments when you file your tax return.

Traveling for business can be essential to your business’s growth, but it can also be a significant expense. The good news is, many of these costs are tax-deductible, helping you to recoup at least a portion of that cost. To ensure you take full advantage of these deductions, it’s essential to understand what expenses qualify, how to track them, and the documentation required to support your deductions. Here’s a comprehensive guide to help you navigate the process of deducting business-related travel expenses on your tax return.

When it comes to home renovations, many homeowners are unaware of the potential tax benefits they may be eligible for. Understanding which types of home improvements can be deducted on your taxes can save you money and maximize your tax benefits. Continue reading to learn about the various types of home renovations that may qualify for tax deductions, with detailed guidance from our experienced CPA professionals.

As the dust settles on filing your 2023 tax return, it's tempting to put taxes out of mind until next year. However, proactive tax planning is key to maximizing your financial outcomes. Whether you're an individual or a business entity, starting early offers numerous advantages. Keep reading to learn a few of the reasons you should begin preparing for your 2024 tax return now.

New York State auditors monitor everything from people’s travel schedules to the locations of their pets in order to prove that they owe taxes even if they have residency out of state, according to a report. Wealthy Empire State residents who maintain an abode in New York but spend most of their time elsewhere are still on the hook to pay the taxman in Albany. State auditors go to great lengths to investigate claims by those who say they are either part-time or nonresidents of New York, according to Bloomberg News.

Telecommuting, a pandemic-era novelty that has become a permanent alternative for many people, has some Connecticut and New Jersey employees of New York-based companies questioning why they still have to pay personal income tax to the Empire State.

The U.S. Department of Labor issued a final rule today making changes to the regulations about who is eligible for overtime pay. Here’s why this matters: How the overtime threshold works Overtime pay protections are included in the Fair Labor Standards Act (FLSA) to ensure that most workers who put in more than 40 hours a week get paid 1.5 times their regular pay for the extra hours they work. Almost all hourly workers are automatically eligible for overtime pay.