News and Announcements

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.

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.

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.