2022 Enhanced Business Meal DeductionJune 16, 2022

Here is a reminder for the 2022 enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct 100% of the cost of business-related food and beverages purchased from a restaurant. The deduction limit is usually 50% of the cost of the meal. Qualifying for the enhanced deduction. To qualify for the enhanced business …

New Deductions for College Related ExpensesJanuary 26, 2022

The New Jersey Division of Taxation has advised that there will be three new deductions available for college related expenses in the 2022 tax year for taxpayers with gross income of $200,000 or less. Taxpayers will be able to deduct up to: (1) $10,000 of contributions made during the year to a New Jersey 529 …

Plenty of Lessons Past and PresentJanuary 3, 2022

Plenty of Lessons Past and Present

By: William C. McNamara, CPA, CCIFP® What lessons and knowledge have we gained in 2021? A great question many business owners should consider. Believing that I have learned way more in hard times than good, 2021 was a very good year for learning. Simply getting it right out of the box has taught me little. …

Business 2021 Year-End Planning TipsDecember 7, 2021

Business Year-End Tax Planning

With year-end approaching, there isn’t much time left to make many moves that may help lower your business tax bill for 2021. This year’s planning is more challenging than usual due to the pending legislation that could increase corporate tax rates starting next year as well as increase business owner’s individual tax rates. Here are …

Individual 2021 Year-End Planning TipsDecember 7, 2021

Individual Year-End Tax Planning

With year-end approaching, there isn’t much time left to make many moves that may help lower your tax bill for 2021. This year’s planning is more challenging than usual due to the pending legislation that could, among other things, increase top tax rates on both ordinary income and capital gain starting this year. Here are …

Latest NJ Legislation NewsJuly 9, 2021

Latest NJ Legislation News

Below please find the most recent New Jersey legislation items outlined below.   The first outlines the appropriation for the NJ Homestead Benefit program, the second discusses a new deduction for higher education expenses effective January 1, 2022, and the third discusses an updated deduction effective January 1, 2021, for an increased pension/retirement income deduction. NJ …

IRS Delays Start of Filing Season to February 12, 2021January 15, 2021

The IRS announced on Friday January 15, 2021 that the tax filing season would commence on February 12, 2021. On that date, IRS will start accepting and processing individual tax returns. The IRS needs more time to prepare because of the recent tax legislation that took effect in late December. The tax filing deadline at …

Additional 2020 Economic Impact PaymentsJanuary 4, 2021

Additional 2020 Economic Impact Payments

You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s …

Deductibility of Business Meals Provided by Restaurants in 2021 and 2022January 4, 2021

Deductibility of business meals

You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the …