News and Announcements

Stimulus cheques are a mainstay of the family economy for many households in the United States. Thanks to these types of payments, many families have very large financial relief to be able to pay bills, pay for housing and buy food. It is a huge help that makes life easier in general.

Most people have to commute to and from work each day, but for business owners, there is a chance that you’ll have to do a lot more driving than that. Business owners often drive long distances to have meetings with clients, attend industry conferences, check on various worksites or additional business locations, and so on. This type of business-related driving is actually deductible on your tax return, either using a standard deduction rate per mile, or by calculating your actual fuel and maintenance costs. The standard mileage rate changes each year, and for 2023, has increased to 65.5 cents per mile. Keep reading to learn all you need to know about this increase and how to claim the deduction.

Tax season can be a daunting period for South Plainfield, NJ residents, given the intricate web of rules and regulations. However, mastering the intricacies of local tax laws and implementing effective strategies can turn this taxing time into a manageable and potentially rewarding experience. In this comprehensive guide, we'll explore specific steps tailored for South Plainfield residents to streamline their tax preparation process and, ultimately, ease the stress associated with tax season.

Tax Season 2023: Why Your Tax Refund May Be Lower This Year

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.

For the second year in a row, the IRS has issued sharply higher new depreciation limitations for passenger automobiles. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers.

Throughout the decades, millions of Americans had small amounts from their paychecks withdrawn—before taxes were deducted—and invested the money in retirement plans.

Some users of digital wallets and e-commerce platforms must start reporting small transactions, sowing fears among small-business owners.

The New Jersey minimum wage is rising to $14.13 an hour for most employees on Jan. 1, 2023.  It is rising $1.13 an hour from the current rate of $13 an hour.

Stimulus cheques are a mainstay of the family economy for many households in the United States. Thanks to these types of payments, many families have very large financial relief to be able to pay bills, pay for housing and buy food. It is a huge help that makes life easier in general.

Waiting for a tax refund can be a hassle, but fortunately, there are a couple of things that a taxpayer can do to speed up the process.

For the second year in a row, the IRS has issued sharply higher new depreciation limitations for passenger automobiles. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers.

The Internal Revenue Service is issuing a warning for 2023: You likely won’t receive as large a tax refund as you have in the past

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.

Form 5695 is used to apply for tax deductions of certain residential energy credits. There are a couple that are deductible in 2023.

According to NewsBreak.com, "millions of New Jersey residents will receive a stimulus payment of $3,000 to help families in this challenging time."

Setting up your online IRS account now could pay dividends when it comes time to file your 2022 tax return.

The Internal Revenue Service has released a preliminary list of electric vehicles that qualify for the U.S. federal government’s tax incentives for clean vehicles - and even the automakers find the IRS's new EV incentives complicated. Not to worry! Everything will be okay.

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

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.

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.