Navigating Tax Changes in 2024: What You Need to Know

As we step into a new year, taxpayers across the country are likely focusing on filing their taxes for 2023. However, it’s important to anticipate and brace for potential changes in tax regulations that could significantly impact your financial planning for the coming year as well. Understanding these alterations is crucial for individuals, businesses, and tax professionals alike, as it directly influences tax liabilities, deductions, credits, and overall financial strategies. Let’s delve into the anticipated tax changes for your 2024 finances and what you need to know to navigate them effectively.

Jan 01, 2024
How to Earn Tax-Free Rental Income — Legally

Here’s how it works: You can rent out your personal residence (e.g., primary, secondary, or vacation home) during a significant event, for example, and any money earned from the short-term rental isn’t subject to income tax if the rental period doesn’t exceed 14 days in the tax year. That applies to any amount you charge for the rental. However, the income generated becomes taxable if you rent your personal residence for more than 14 days in a tax year. As a result, keeping track of your rental days with good documentation is crucial.

Dec 28, 2023
NY Minimum Wage Increase Begins January 1st

Beginning on January 1st, 2024, New York’s minimum wage will increase to $16 per hour in New York City, Westchester, and Long Island, and $15 per hour for the remainder of the State. Further increases of $0.50 per year will continue through January 1st, 2026. Starting in 2027, the NYS Department of Labor will establish future annual minimum wage increases tied to inflation and keeping pace with regional costs of living.

Dec 28, 2023
How much New Jersey's minimum wage will increase on Jan. 1, 2024

New Jersey’s statewide minimum wage will be raised by $1 to $15.13 per hour for most employees on Jan. 1, 2024. The increase was part of a scheduled hike stemming from a 2019 bill signed by Gov. Phil Murphy. The legislation phases in a $15 an hour minimum wage, which will be reached by 2024.

Dec 28, 2023
Expert Tips for Irvington NJ Tax Preparation: Simplify Your Tax Season Today

Navigating the complexities of tax season in Irvington, NJ requires a tailored approach that takes into account the unique local regulations and considerations. In this comprehensive guide, we'll explore specific steps designed for Irvington residents to simplify their tax preparation process and alleviate the stress associated with this annual task.

Dec 11, 2023
Expert Tips for Livingston NJ Tax Preparation: Simplify Your Tax Season Today

Embarking on the intricate journey of tax preparation in Livingston, NJ, presents its own set of challenges. However, unraveling the nuances of local tax laws and implementing effective strategies has the potential to transform this experience into a more manageable and potentially fulfilling endeavor. In this comprehensive guide, we will explore precise measures customized for Livingston residents to simplify their tax preparation journey, ultimately alleviating the burdensome nature often associated with the tax season.

Dec 08, 2023
What You Need to Know about Deducting Your Holiday Charitable Donations

As the holiday season approaches, many individuals engage in charitable giving to support causes close to their hearts. Not only does this act of generosity benefit communities in need, but it can also offer potential tax advantages. However, it’s important to understand how to take advantage of this added perk, so you can ensure that the donations you make are not only doing a lot of good in the world, but that they are also tax deductible for the approaching tax season. Keep reading to get tips and guidance that will help you better understand how your charitable donations impact your tax deductions.

Dec 07, 2023
10 Tips for Managing Your Cash Flow to Your Business's Greatest Advantage

In the complex landscape of business management, one of the most crucial aspects that often remains underemphasized is cash flow management. Efficiently managing cash flow is vital to the survival and success of any business. At Demian & Company CPAs, we understand the significance of sound financial management, and we're here to provide you with professional insights and guidance to help you manage your business's cash flow effectively. Here are some helpful tips for managing your cash flow to your business's greatest advantage.

Dec 01, 2023
Middlesex County, NJ Tax Preparation: Demian & Company, CPAs

At Demian & Company, CPAs, we pride ourselves on being more than just an accounting firm. With a dedication to excellence and a commitment to providing top-tier financial services, we are your trusted partner in navigating the complexities of taxes, bookkeeping, and financial planning. With three conveniently located offices, we serve the vibrant communities across Middlesex County, NJ, and Union County, NJ, ensuring accessibility and personalized attention for our clients.

Dec 01, 2023
IRS Announces 2023 Form 1099-K Reporting Threshold Delay

Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law.

Nov 22, 2023
Tax-Efficient Investment Strategies for Long-Term Wealth

When it comes to building long-term wealth, tax-efficient investment strategies play a crucial role in maximizing your returns and preserving your hard-earned money. Taxes can erode your investment gains significantly if not managed properly. In this article, we will explore the importance of tax-efficient investing and provide you with actionable strategies to help you keep more of your money working for you over the long haul.

Nov 15, 2023
How to avoid paying taxes on Social Security income

Yes, it’s possible to avoid paying taxes on your Social Security income, but it requires some careful maneuvering. While avoiding taxes on your monthly benefit check may sound like a good thing, retirees and other beneficiaries may want to think twice before trying to make it happen.

Nov 14, 2023
2024 IRS Tax Changes May Make Your Paycheck Bigger Next Year

Some Americans may fall into a lower tax bracket next year. The IRS announced key tax code changes on Thursday, including increases to 2024 federal income tax brackets and the standard deduction. This move was in response to sticky inflation, which has kept prices high all year. These changes will apply to your 2024 taxes, which you'll file in 2025 -- and could affect the amount of taxes that are withheld from your paycheck.

Nov 13, 2023
Expert Tips for West Orange, NJ Tax Preparation: Simplify Your Tax Season Today

Embarking on the journey of tax preparation in West Orange, NJ, requires a nuanced understanding of the local tax landscape. Unraveling the intricacies of tax laws specific to this area can transform the taxing experience into a more manageable and potentially rewarding endeavor. In this comprehensive guide, we'll delve into tailored strategies designed for West Orange residents, offering insights to simplify their tax preparation journey and alleviate the typically burdensome nature of the tax season.

Nov 12, 2023
Expert Tips for Bloomfield, NJ Tax Preparation: Simplify Your Tax Season Today

Embarking on the journey of tax preparation in Bloomfield, NJ, presents its own set of challenges. Navigating through the intricate web of rules and regulations during the tax period can be a daunting task. However, 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 comprehensive guide, we will explore precise measures customized for Bloomfield residents to simplify their tax preparation journey, ultimately easing the burdensome nature often linked with the tax season.

Nov 08, 2023
IRS tells small businesses to withdraw ineligible claims for lucrative tax credit

The IRS is urging small business owners who claimed a lucrative tax credit to review their eligibility again and promptly withdraw any unqualified applications. The announcement this week from the IRS revolves around the employee retention credit, or ERC, worth up to tens of thousands of dollars. If business owners find themselves ineligible, the Internal Revenue Service has provided several methods for them to withdraw their ERC claim depending on the status of their return.

Nov 07, 2023
US tax credits and subsidies for electric bikes are growing bigger

Not only are more cities and states promoting financial incentives to help residents buy electric bicycles, but the incentives are often growing in value, too. Electric bicycles have proven to be a popular alternative transportation for many former car drivers. As prices have dropped and the number of models available has skyrocketed, more families have switched from two-car households to one-car and e-bike households.

Nov 05, 2023
Why End-of-Year Tax Planning Is So Important

As the year draws to a close and the holiday season approaches, thoughts often turn to festivities and celebrations. However, amid the holiday cheer, it's crucial not to overlook a critical aspect of your financial well-being: end-of-year tax planning. Many individuals and businesses underestimate the significance of this annual ritual, but it can have a substantial impact on your financial health and future goals. Keep reading to learn why end-of-year tax planning is so important and how it can help you make the most of your financial situation

Nov 01, 2023
How a CPA Can Help You Settle Your IRS Tax Debt

Navigating the complex world of IRS tax debt can be an overwhelming and stressful experience for anyone. Whether you've fallen behind on your taxes due to unforeseen circumstances or simply need assistance with tax planning and preparation, a Certified Public Accountant (CPA) can be your lifeline to financial stability and peace of mind. Keep reading to learn how a CPA can assist you in settling your IRS tax debt, ensuring you find the most favorable resolution to your tax issues.

Oct 15, 2023