Are You Withholding the Right Amount from Your Paycheck?

This tax season, many taxpayers were shocked by the numbers they saw on their tax returns. A lot of people found themselves owing far more in taxes than they anticipated, and scrambled to pay the unexpected tax bill. This unpleasant surprise was largely due to the tax law changes implemented by the TCJA, which reduced the amount being withheld from many people’s paychecks. If you want to avoid a shockingly high tax bill again next year, it may be a good idea to adjust your withholdings now. Here’s what you need to know.

Jul 22, 2019
4 Ways to Avoid Becoming the Victim of a Tax Scam

Tax scams are far more common than you might think, and hundreds—if not thousands—of taxpayers deal with this nightmare each year. Of course, tax season is when these scammers and thieves are going to be most active, but now is the perfect time to start thinking about your information security, and taking steps to protect yourself from any scams, and reduce your odds of being a tax fraud victim in the coming tax season. Here are 4 things you can do to avoid falling victim to a tax scam or tax fraud.

Jul 08, 2019
Benefits of Having Your Tax Return Reviewed by a Professional

Your return has likely been filed for a couple of months now, and you haven’t seen any reason to give it a second thought. But a second look at a previously filed tax return can actually offer you many benefits that you might not know about. Here are just a few reasons that you should consider having your tax return reviewed by one of our experienced and knowledgeable CPAs—whether you completed your tax return yourself, or had it done by a different tax preparer.

Jun 17, 2019
A Quick Guide to Selecting a Corporate Structure for Your Business

Today’s business world is full of more entrepreneurs than ever before. And if you’re looking to start your own business, it can be easy to let your excitement run away with you, and dive straight in without considering all of the little details that come with setting up your own company. One of the details that many new business owners overlook is selecting the right business structure. Here’s what you need to know about selecting the corporate structure for your company.

Jun 03, 2019
How to Start Preparing Now to File Your 2019 Tax Return

You only recently got done filing your 2018 tax return a month or two ago. Odds are, your 2019 tax return is far from your mind. But it shouldn’t be. In fact, proper planning and preparation can give you a better outcome on your 2019 tax return, potentially reducing your tax liability if handled properly. Here are a few things you can start doing right now to prepare for filing this year’s tax return.

May 20, 2019
4 Business Benefits of Hiring a Third-Party Bookkeeping Service

Many business owners believe that maintaining the books for their own business is the most cost-effective and logical option when it comes to business bookkeeping. After all, if you believe you can handle it reasonably well, why hire someone else to do it? However, though you may have the financial skills and basic knowhow to maintain your company’s books, there are several distinct advantages to hiring a professional, third-party bookkeeping service to take care of your business’s books for you. Here are just 4 of them that you should consider if you’re making the decision regarding how to maintain your company’s books.

May 06, 2019
How to Get Your Tax Return Done Remotely by a Professional

When it comes to filing your taxes, it seems that you generally have two options: meet with a professional to have them done, or file electronically on your own. Each of these options has some obvious pros and cons. But here at Demian & Company CPA, we offer a third option that we feel offers the best of both worlds. Here’s a little bit more about our remote tax filing services, and how you can have your taxes completed by a professional without ever stepping foot in a CPA office.

Apr 19, 2019
Scrambling to File? What You Need to Know about Tax Extensions

The tax filing deadline is two weeks away, and if you haven’t filed your return yet, you’re probably feeling the pressure. Whether you just put it off for too long, or you only got all the documents you need recently, rushing to meet the tax deadline can be stressful. If you’re scrambling to file, there’s another option available to you—filing a request to extend. Here’s what you need to know about tax extensions and how they can help you.

Apr 01, 2019
The IRS Is Waiving Many Estimated Tax Penalties—Here's What You Need to Know

In January, the IRS posted a notice on their website stating that they would be waiving the estimated tax penalty for many taxpayers. This penalty is typically applied to any person or business who paid less than 90% of their owed taxes throughout the tax year. However, the IRS will be reducing that threshold and only applying the tax penalty to those who paid less than 85% of what they owed in 2018. Here’s what you need to know about these penalties, the waiver, and how they impact your taxes.

Mar 25, 2019
What You Need to Know about Filing an Extension for Your Business

The tax filing deadline for business owners is fast approaching, and if you haven’t filed yet, you might be starting to feel the stress. Luckily, business owners have the option of filing for an extension that will give you some extra time to get all of your tax-related documents in order. If you’ve never filed an extension for your business before, here’s what you need to know.

Mar 04, 2019
4 Things to Do before Filing Your Tax Return

Tax season is in full swing, and most people are getting their returns ready to file. If you’re one of those people who likes to file early, you might be rushing to get that return out the door so that you can get it processed more quickly (and perhaps get your refund that much sooner). However, there are a few things that you should do before you send in your tax return.

Feb 15, 2019
What the Government Shutdown Means for Your Taxes

As the partial government shutdown stretches further into tax season, many taxpayers are worried about how this incident will impact their tax returns—and their refunds. Of course, nobody is certain how long this shutdown will continue. However, here’s what you need to know, given the existing circumstances.

Feb 01, 2019
What to Bring to Your CPA for Tax Preparation in East Brunswick

It is officially the New Year, which means it is also officially tax season. While it might still be early on in the year, it’s important that you start gathering your tax documents now, so that you can get your return filed as early as possible. Here is a quick overview of the kinds of documents you might want to bring to a meeting with your CPA. The specific documents you need will vary based on your unique situation; however, this list provides a good starting point. If you have any questions, or you need assistance with tax preparation in East Brunswick or Cranford, contact us.

Jan 14, 2019
Deducting Business Vehicle Purchases on Your 2018 Tax Return

As 2018 draws to a close, there are many things that you need to examine, gather, and consider to prepare for filing this year’s tax return. And if you’re a business owner, that list of things you need to consider gets a lot longer. One important tax consideration for business owners is claiming the purchase of a vehicle as a business expense. If you’re not aware of it, many aspects of this deduction changed for the 2018 tax year, so here are a few things you need to know about claiming this deduction on your next return.

Dec 10, 2018
Charitable Contributions: What Can You Claim on Your Tax Return?

Charitable contributions are a common tax deduction for many of our clients, and are an excellent way to reduce your tax liability every year. However, many tax payers are uncertain which contributions qualify as a deduction. The specifications regarding this facet of tax law can be confusing, so here are a few of the basic requirements you should be aware of when determining which of your contributions can be listed on your next tax return.

Nov 04, 2018
Top New Jersey Accounting Firm Locations, Demian & Company, LLC

At Demian & Company, LLC, we’re happy to handle your accounting and tax preparation. While January through April is our busiest times of the year, we are available year-round in two convenient locations. In addition to tax preparation services, we also offer bookkeeping assistance for your business. With our help, tax time isn’t something you have to dread, because we will get all the work done for you.

Oct 17, 2018
Tax Preparation in East Brunswick and Cranford NJ Area

If you’re looking to get your taxes prepared in East Brunswick or Cranford, NJ, Demian & Company, LLC have it covered. We have served many customers and provided them with reliable tax preparation services each and every time. But you don’t have to just take our word for it. Here we’ll highlight some of our customer reviews from this most recent tax season. Some of them are return customers, and all of them were happy with the work we’ve done for them.

Sep 09, 2018
How Tax Resolution Services Can Help

The IRS strikes fear in most law-abiding citizens, partly because tax matters are complicated and partly because this agency wields a lot of power. If you’re behind on your tax payments or can’t afford to pay the taxes you legally owe, it’s best to seek professional help right away. Your accountant offers various tax resolution services that can help you get your financial life back on track without fear of wage garnishments or loss important assets.

Aug 14, 2018
6 Questions You Should Ask Your Accountant

You don’t have to be an expert in taxes and accounting – that’s what you have an accountant for. Even though most business owners have a financial expert they can call, not all of them think about asking the right questions. Your CPA can solve many of your financial headaches for you if you reach out to them. Here we’ll explore six questions to ask your accountant during your next meeting or email exchange.

Jul 16, 2018
Why Accurate Bookkeeping Is Important for Your Business

Bookkeeping for your business may inspire the same feelings as keeping a budget for your personal spending. As bothersome as it is to have to record every transaction, accurate bookkeeping is not optional when you’re running a business. Fortunately, you don’t have to do it alone. Your accountant can help you keep the books, and they’ll also help you prepare your financial statements.

Jun 14, 2018
Why You Need an Accountant on Your Side

Most people seek the assistance of an experienced accountant during tax season. That’s a good thing, because taxes are complicated and there are repercussions for not doing them right. On the one hand, you do not want to give the IRS money they didn’t ask for, but on the other hand, you have to pay what you legally owe. And while you may not give the matter much thought after the April filing deadline has come and gone, it’s a good idea to have an accountant on your side for other reasons, too. For example, you may need help with tax planning, audits, and making payment arrangements with the IRS.

May 17, 2018