How to Report Losses on Your Investments on Your Tax Return

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.

Jun 15, 2024
Business or Pleasure? Understanding How to Deduct Your Travel Expenses

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.

Jun 01, 2024
Considering Home Renovations? These Ones May Be Tax Deductible

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.

May 15, 2024
Your 2023 Return Is Filed—Why You Should Start Preparing for Your 2024 Return Now

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.

May 01, 2024
New York auditors crack down on out-of-state residents avoiding tax: ‘Tax version of a colonoscopy’

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.

Apr 24, 2024
Explaining the Department of Labor’s new overtime rule that will benefit 4.3 million workers

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.

Apr 22, 2024
Highly Recommended Local Tax Preparation Experts

Welcome to our latest blog at Demian and Associates, CPAs! As your neighborhood tax professionals and proud holders of hundreds of 5-star Google reviews, we're here to delve into why choosing a local expert for your tax needs isn’t just beneficial—it’s essential. Our commitment to excellence is reflected in each review, and we’re excited to share how this translates into unparalleled service for you.

Apr 11, 2024
Reasons the IRS May Have Held onto Your Tax Refund

As a taxpayer, it can be frustrating to eagerly await your tax refund only to find out that the IRS has held onto it. There are several reasons why this might happen, and understanding these reasons can help you address the issue effectively. Keep reading to learn about the various factors that could lead to the IRS withholding your tax refund.

Apr 09, 2024
Tax Preparation Checklist for New Jersey Residents

Hello, fellow New Jersey residents! We're Demian and Associates, CPAs, based right here in the heart of East Brunswick. As your local tax experts, we understand the unique challenges and opportunities our great state presents during tax season. That's why we've tailored this tax preparation checklist specifically for you, our New Jersey neighbors. Let's simplify tax season together.

Apr 01, 2024
Forgot about the Tax Deadline? Here Are Your Options

As the tax deadline approaches, it's crucial to stay organized and on top of deadlines to avoid penalties and unnecessary stress. However, life can get busy, and it's not uncommon for individuals to forget about the tax deadline. If you find yourself in this situation, don't panic. There are several options available to help you navigate this challenge and ensure compliance with tax law. Keep reading to learn what options are available to you with the deadline now two weeks away, and what the pros and cons are of each option.

Apr 01, 2024
Deducting Medical Expenses: What Every Taxpayer Should Know

With only a month left until this year’s tax deadline, it's essential for taxpayers to familiarize themselves with the various deductions available to them and get those tax returns filed on time. One commonly overlooked deduction is medical expenses. Understanding the intricacies of deducting medical expenses can lead to significant tax savings for individuals and families. In this comprehensive guide, we'll delve into the details of deducting medical expenses, including qualifications, limitations, and other important considerations that every taxpayer should be aware of.

Mar 15, 2024
Expert Tips for Highland Park, NJ Tax Preparation: Simplify Your Tax Season Today

Navigating through the intricate web of rules and regulations during the tax period can be a challenging phase for residents of Highland Park, NJ. Yet, unraveling the subtleties of local tax laws and implementing effective strategies has the power to turn this experience into a more controllable and potentially fulfilling endeavor. In this all-encompassing guide, we will explore precise measures customized for Highland Park residents to simplify their tax preparation journey, ultimately easing the burdensome nature often linked with the tax season.

Mar 12, 2024
Pros and Cons of Filing a Tax Extension for Your Business

With this year’s tax season well underway, businesses are faced with the daunting task of preparing and filing their tax returns. For many business owners, the thought of meeting the looming deadline can be stressful, especially when faced with complex tax laws and regulations. In such circumstances, filing a tax extension can seem like an attractive option. However, like any financial decision, there are pros and cons to consider before opting for this route. Keep reading to learn more about both the benefits and the drawbacks of this decision, so you can choose the route that’s right for your business.

Mar 01, 2024
Do You Have an IP PIN? What They Are and Why You Should Get One

In the ever-evolving landscape of tax regulations and cybersecurity threats, safeguarding your financial information is of paramount importance. One powerful tool in your arsenal is the IRS-issued Identity Protection Personal Identification Number (IP PIN). At Demian & Company CPAs, with our extensive experience in tax preparation, we understand the significance of this added layer of security. If you haven’t yet heard of this form of identity protection, keep reading to learn more about the intricacies of IP PINs, what they are, when they were instituted, their effectiveness, how to obtain one, and most importantly, how an IP PIN can shield you from falling victim to tax scams.

Feb 15, 2024
Expert Tips for South Orange, NJ Tax Preparation: Simplify Your Tax Season Today

Embarking on the journey of tax preparation in South Orange, NJ, presents its own set of challenges for residents. However, deciphering the nuances of local tax laws and implementing effective strategies can transform this task into a more manageable and potentially rewarding experience. In this comprehensive guide, we will explore tailored measures designed for South Orange residents to simplify their tax preparation journey, ultimately alleviating the often burdensome nature associated with the tax season.

Feb 12, 2024
Expert Tips for Orange, NJ Tax Preparation: Simplify Your Tax Season Today

Orange's tax landscape is uniquely characterized by local regulations and considerations that require special attention. Take the time to familiarize yourself with the specifics, such as local deductions and credits, to ensure that you're maximizing your potential savings. Staying well-informed serves as the foundation for a successful tax season.

Feb 08, 2024