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Tag: TaxTipTuesday

2014 Year End Tax Update

  In case you didn’t hear the news, Congress extended all of the tax breaks that ended in 2013… for just one more year. While this leaves the future hazy at least it gives us a little bit of time in 2014 to make some adjustments. Here is a run down of the extended tax breaks for...  Read More
Doing Good and Lowering Your Tax Bill

Doing Good and Lowering Your Tax Bill

  2014 is about to end and you might be thinking about how to lower your tax bill. Given the holiday season, you might also be thinking about how to do some good in the world. There’s still time to do both! Charitable contributions can be an effective tool to lower your tax bill...  Read More

Miss America Pageant Plays Accounting Games

Being a South Jersey native and growing up in Atlantic City, the Miss America Pageant was always an exciting thing.  I even got to be in the Miss America Parade in high school with the marching band.  But it wasn’t until seeing this John Oliver piece that I really gave it much t...  Read More

How to Fully Deduct Business Gifts

Many business owners might not be aware of this, but gifts that your business gives out to vendors, customers, or other business associates are only tax deductible up to $25 per year, per recipient. This means that if you were thinking of passing out expensive bottles of wine (or tequ...  Read More

Why Not to Pull Money Out of Retirement Accounts Early

Hopefully, you have been doing the responsible thing and putting away a nice little nest egg in retirement plans such as pensions, profit sharing plans and individual retirement accounts (IRAs). If you did, resist the urge to take money out of those accounts before your turn 59½. For...  Read More

When Outsourced Payroll Goes Bad

Usually when you work with a payroll company, the last thing you expect is for them to not send your tax payments into the IRS. Unfortunately, in a recent court case, when a payroll company declared bankruptcy, that is exactly what happened. In this particular case, when the payroll c...  Read More
Teachers can deduct up to $250 for out-of-pocket classroom expenses.

Back To School-Tax Savings For Teachers

  It’s back to school time! As everyone is busy getting ready to head to class, I want to remind the teachers out there that they have a special educator expense deduction. Eligible educators can deduct up to $250 of any unreimbursed expenses paid for books, supplies, computer eq...  Read More
bitcoin not cash

Bitcoin-It Isn’t Cash

  Bitcoin is a new, virtual currency created in 2009. Transactions are made without banks, without fees, and without giving your real name. Exchange Bitcoins via mobile apps or computers, similar to sending cash digitally (like PayPal). Some big companies, such as Dell, Expedia,...  Read More

Contractors vs. Employees

When companies are hiring there is often a question of whether they are bringing on contractors or employees. Sometimes it is easy to figure out, like when you use an outsourcing company or a subcontractor. Other times it can be more difficult to determine, such as hiring a remote emp...  Read More

Is Your Business Just a Hobby?

What’s the difference between a hobby and a business?  According to the IRS, it is whether or not you are trying to make a profit.  If you are not trying to make a profit and just want to write off the cost of your hobby, then you are subject to the “hobby loss rules.̶...  Read More