Tax
Estate Planning Pitfalls to Avoid
Despite having good intentions, many people fail to make an estate plan. But if you don’t develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan could lead to family conflicts and lengthy legal battles. Plus, you’ll miss out on opportunities for…
Read MoreWant to Trade? In a Down Economy, Bartering Might be Worth Considering
Remember when you were a child. You didn’t have much cash, so when you wanted something a friend possessed, you’d find something you owned and offer it up the with an eager “Trade you!” Well, trading, or bartering, has grown up. Businesses sometimes find trading an item or a service to be beneficial. And bartering,…
Read MoreThe CARES Act Provides Some Retirement Plan Flexibility
If you’re like many Americans, you plan carefully to save enough money for a comfortable retirement. But events outside of your control can affect your retirement plans. The COVID-19 crisis is such an event. For example, if you’re experiencing economic hardship due to the pandemic you might need to withdraw funds from your retirement accounts…
Read MoreHomebuyers: Can You Deduct Seller-Paid Points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying…
Read MoreTemporary Allowance of NOL Carrybacks Creates Refund Opportunity
For businesses that experience losses this year, a provision of the Coronavirus Aid, Relief, and Economic Security (CARES) Act may deliver a welcome cash flow boost. The act temporarily lifts restrictions on net operating loss (NOL) carrybacks. This allows businesses to offset losses against income earned in previous years and claim a tax refund. No…
Read More3 Year-End Tax Planning Tips
The year 2020 has been a tumultuous one, and an unusual one for taxpayers. As the year draws to a close, year-end tax planning may be more important than ever before. Here are three strategies to consider. One or more may fit into your tax plan. 1. Make substantial gifts to your family Gifts to…
Read MoreNew Jersey Pass-Through Business Alternative Tax
On September 2, 2020, Nisivoccia Principal, Glenn Schwier, CPA, JD hosted a webinar on the New Jersey Pass-Through Business Alternative Tax. Glenn provided an overview on the law and discussed the potential impact it has on businesses. Watch the full webinar below.
Read MoreQuestions and Answers About Deferral of the Social Security Payroll Tax
On August 8, 2020 President Trump issued a Presidential Memorandum directing the U.S. Treasury to allow withholding of the employee’s 6.2% portion of the Social Security payroll tax to be deferred between September 1, 2020 and December 31, 2020. The deferral is restricted to “any employee the amount of whose wages or compensation, as applicable,…
Read MoreBack-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education tax…
Read MoreUpcoming Tax Opportunities Deadlines
An IRA or certain other retirement plan owner or beneficiary who has already received a distribution of an amount that would have been an RMD in 2020 but for the 2020 RMD waiver rule or the SECURE Act, which increased the age at which RMDs must begin from 70½ to 72 after 2019, the recipient…
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