When Should You Start Compiling Your Tax Documents?

Tax season officially began last week. Have you already started getting your tax documents together? For most people, taxes don’t really become a concern until March or April, but getting your documents together sooner—and even filing early—can be extremely beneficial. So when should you actually start compiling your tax documents? Keep reading to find out more.

Feb 01, 2023
4 Tax Credits With Which You Can Deduct Up To $8,000 This Tax Season

With the start of a new year, millions of taxpayers across America get ready to file their taxes in time to avoid penalties but also to enjoy some of the multiple tax credits available to them. The pandemic started a trend in which individuals have been receiving bigger tax refunds than before, given the emergency funds handed out to help residents go through the pandemic. This year there will be four major tax credits that most of the taxpayers will be able to apply for, according to The Sun: earned income tax credit, child tax credit, solar tax credit, and electric vehicle tax credit.

Jan 20, 2023
IRS Announces Delay For New $600 Threshold For PayPal, Venmo Payments

The Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report the tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower $600 threshold amount enacted as part of the American Rescue Plan of 2021.

Jan 12, 2023
How Does Withdrawing from Retirement Accounts Early Impact Your Taxes?

Placing money into a retirement account can have both immediate tax benefits and future financial benefits. It’s a smart move all around to be putting funds into your retirement accounts regularly. However, in some cases, you may need to withdraw money from those accounts before you retire. What happens if you withdraw from retirement accounts before you reach retirement age? Keep reading to learn more about how this situation can impact your taxes.

Jan 11, 2023
Expert Tips for Carteret NJ Tax Preparation: Simplify Your Tax Season Today

Tax season, a time marked by a maze of rules and regulations, can be a daunting period for Carteret, NJ residents. However, mastering the local tax laws and adopting efficient strategies can convert the experience into a manageable and potentially rewarding one. In this comprehensive guide, we will explore specific steps tailored for Carteret residents to streamline their tax preparation process and ultimately alleviate the stress associated with tax season.

Jan 10, 2023
What Is a Schedule K-1 and How Is It Taxed?

Business owners and partners often receive a Schedule K-1 as one of their many tax forms at the beginning of the year. If you’re new to business ownership and this is your first year receiving a K-1, you might be uncertain about what this form is and how to handle it. As tax professionals who work with business owners on a daily basis, Demian & Company CPAs can help you appropriately file your return, and even help your business with issuing K-1s to partners. Keep reading to learn more about what a Schedule K-1 is and how to handle it on your tax return.

Jan 01, 2023
Expert Tips for Cranford NJ Tax Preparation: Simplify Your Tax Season Today

Tax season, with its labyrinth of rules and regulations, can be an overwhelming time for Cranford, NJ residents. However, understanding the nuances of local tax laws and adopting efficient strategies can transform the experience into a manageable and potentially rewarding one. In this comprehensive guide, we'll delve into specific steps tailored for Cranford residents to streamline their tax preparation process and, ultimately, alleviate the stress associated with tax season.

Jan 01, 2023
How Planned Giving Can Benefit You and Your Heirs

Planned giving is a popular option that individuals use to better manage their estate and plan for their legacy after death. But what exactly is planned giving, and how does it benefit you and those that you choose to leave your estate to? While planned giving is more complex than can be covered in one article, we’ll touch on the basics of it below. If you have further questions about planned giving and how it can benefit you and your heirs, contact our accountants at Demian & Company CPAs today.

Dec 15, 2022