News and Announcements

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.

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.

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.

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.

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.

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.

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.

The tax landscape in South River is distinctive, characterized by local regulations and considerations that warrant special attention. Taking the time to acquaint yourself with the specifics, such as local deductions and credits, becomes crucial for maximizing potential savings. Maintaining a well-informed stance serves as the cornerstone for a successful tax season.

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.

For those early birds this year who've already submitted their tax returns, the IRS has sent back $13 billion in refunds. (Here's how to check the status of your refund.)

The IRS is writing smaller refund checks, on average, at the start of this year’s income-tax-filing season, according to new numbers from the tax agency. Federal income-tax refunds are averaging $1,395 so far, according to Internal Revenue Service numbers released Friday on the filing season that started less than two weeks ago.

Student loan borrowers who had a loan forgiven under President Biden may be off the hook for paying taxes on the erased debt.

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.

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.

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.

Filing your first tax return as a business owner can be a daunting task. As seasoned tax professionals with years of experience in preparing business tax returns, we understand the intricacies and challenges that come with this responsibility. That’s why we’ve compiled this list of valuable insights and expert tips to help you navigate the complexities of your inaugural business tax return.