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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.

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.

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.

The holiday season is here, and that means the New Year is just around the corner. While you probably already have a long list of things to do before the ball drops on New Year’s Eve, there’s one other thing you should add to that last: meeting with a CPA. Why is it so important to meet with a CPA before the New Year rolls around? Keep reading to find out.

As we approach the holiday season, many people will be considering what charitable organizations they’d like to contribute to, and how much they’re going to give. Some people give to the same charities every year, while others may vary which causes they support. Still others may be considering making a significant donation for the very first time. Whichever situation you may be in, it’s important to consider whether or not your donation to any charity will be tax deductible. How can you tell if your donations are tax exempt? Keep reading to learn a few things to check before you donate.

The right time to start thinking about this year’s tax return is at the start of the year. Aside from that, however, the best time to start thinking about it is right now. Disregarding your taxes—and how every financial decision you make impacts those taxes along the way—typically results in you paying far more in taxes than you should. If tax planning hasn’t been a priority for you so far this year, don’t worry; there are still a few things you can do before the end of the year to save on taxes. Keep reading to learn what they are.

When it’s time to get your taxes done, it’s important to understand the different types of professionals that are qualified to help you, and the qualifications that they hold. Different types of tax professionals can provide you with a different level of service and expertise on your tax return. CPAs in particular are the most highly qualified individuals for handling tax planning and preparation. Keep reading to learn more about how working with a CPA differs from working with a tax preparer on your return.

If you were unprepared to file your tax return in April, you likely requested a tax extension. This pushed your new filing deadline out to October 17th (as October 15th falls on a Saturday this year). However, that deadline is now little more than two weeks away, and if you haven’t yet filed, you won’t have the option of extending your due date again. So, it’s extremely important that you not miss this deadline, and the best way to ensure that doesn’t happen is by starting to prepare now. Keep reading to get some tips on how to get yourself—and your tax return—ready before the deadline.

When you’re a business owner, you have to wear many hats. At times you’re a manager, and at other times you’re a customer service representative. Sometimes you handle the marketing, and sometimes you might find yourself troubleshooting your equipment and playing an IT tech. But the one hat a business owner should never try to wear is that of tax advisor. Even if you’ve always prepared your personal tax return in the past, a business tax return is a different matter altogether, and you should never try to file it on your own. Keep reading to find out why.

If you filed a business tax extension back in March, you received an additional six months to complete and submit your business tax return. While that might sound like plenty of time, your new tax deadline is now just 2 weeks away, on September 15th. If this deadline snuck up on you, you’re not alone. However, it’s incredibly important that you not allow the deadline to pass you by without filing your tax return. Missing the business tax deadline can have some consequences for your company and cost you thousands in additional fees and penalties. Keep reading to learn more about the types of penalties your company could face.

The majority of income-earners in the United States receive a paycheck on a regular basis that already has taxes taken out for them. However, those who have untaxed income often have to calculate and submit payments to the IRS on a quarterly basis in order to ensure that they’re not charged with underpayment penalties when filing their tax returns. Keep reading to learn what you should know about making quarterly tax payments for your business.

The Employee Retention Credit (ERC) was implemented in 2020 as part of the CARES Act, and benefited both employers and employees by rewarding businesses with a refundable tax credit for keeping workers on the payroll despite business downturns. Most businesses now have more or less returned to normal operations, and required business closures and restrictions for COVID-19 abatement have been lifted in most areas. This has led many business owners to wonder if they can still claim an ERC on their tax returns in 2022. Keep reading to learn more about the ERC, the time periods it applied to, and how to claim your business’s credit.

Understanding existing tax laws can be difficult enough. However, if you’re hoping to plan and prepare for your taxes in advance, it’s also important to be aware of potential changes to tax laws and how they might impact your tax situation. As tax advisors, we strive to keep proposed changes to tax laws on our radar so that we can appropriately advise clients. These potential changes are outlined in the US Department of the Treasury’s “Green Book,” which includes the current administration’s proposed budget for the coming year. Here’s what you need to know about the Green Book, the proposed tax legislation it includes, and how those changes might impact you.

When a family member passes away, their tax returns are probably the furthest thing from your mind. Unfortunately, amid the grieving process, there are many other processes that must get underway and details that must be attended to. We understand that filing your own taxes can be complicated enough; filing for a deceased loved one can be even more difficult, not only in terms of the process itself, but in the emotions that it can bring up as well. Here’s what you should know about filing taxes for a deceased loved one.

At Demian & Company CPAs, we’re far more than a tax preparation firm. As a full-service tax professional, the service we offer to our clients goes beyond April 15th, and includes many types of support that can help you to save money on your taxes and relieve some of the burden related to tax returns and tax debt. Keep reading to learn about some of the ways we can help you with your taxes, even after your tax return is filed.

Understanding who you pay your taxes to seems pretty simple: you pay both the federal and your local state government. While this may be true for many people, for those who earn income in multiple states, understanding who you’re supposed to report your income to can get complicated pretty quickly. If you earn income in another state, do you have to pay taxes to that state? Will your state of residence still tax the income? What about products sold online to customers in other states? Keep reading to learn more about how out-of-state income is taxed, and contact us to get expert guidance on handling this complex tax situation.

You might feel like tax season barely wrapped up—and you’d be right. However, now is the best time to start thinking about your 2022 taxes and taking steps to prepare for filing your next return. Planning ahead and preparing well in advance of the year’s end can have numerous benefits for you. But how can you start working towards a better tax situation for your 2022 return? Here are a few things you can do right now.

If you use any of the IRS’s online tools—including the Child Tax Credit Update Portal, receiving copies of your tax transcript, and viewing payment agreements with the IRS—the way you access those tools will be changing soon. As of summer 2022, you’ll have to create an account using a third-party identity verification company called ID.me, and that may require submitting a selfie. Here’s what you need to know.

Last year, more than 30 million taxpayers had their tax returns delayed after filing. Could the same thing happen to you this year? Whether you’ve already filed and are waiting for your return to be processed, or you’re still waiting to file, you might be wondering just how long it’s going to take for your return to be finalized. Due to long-time staff shortages, as well as the added work that came from distributing stimulus checks and advanced child tax credit payments, the IRS is running more behind than usual. Here’s what you need to know about the IRS backlog, and the likelihood of your return being delayed this year.

If you’re expecting a tax refund, you likely want to see that money as soon as possible. Unfortunately, as tax season is drawing to a close, some delays are probable. However, there are some things you can do to minimize the likelihood of delays—primarily, avoiding common mistakes that will require further review with the IRS. Here are a few mistakes that are likely to occur this year. Double check all calculations and reported amounts in these areas to help you avoid delays with your refund.

Many business owners and self-employed individuals expressed concern when a new tax law came into effect at the start of 2022. This new law impacts the way income from PayPal, Venmo, Zelle, and other digital payment platforms is reported to the IRS. This has led to worries about nontaxable income being reported, and other issues that would impact your tax liability. Keep reading to learn what you need to know about these changes.