Child Tax CreditOctober 17, 2022
The New Jersey Division of Taxation has advised that starting with the tax year 2022, eligible New Jersey residents can claim a refundable child tax credit on their New Jersey Resident Income Tax Return (Form NJ-1040). The credit amount can be up to $500 for each dependent child age 5 or younger at year-end that …
With IRS Funding Secured, Treasury Chief Outlines 6-Month PlanSeptember 16, 2022
The IRS is poised to course-correct from COVID-19 setbacks impacting customer service and uncollected taxes from top earners, according to the top Treasury Department official, who announced targets for next filing season using additional appropriations from the Inflation Reduction Act (PL 117-169). Speaking at the IRS’ New Carrollton, Maryland, facility on September 15, Treasury Secretary …
Eligible NJ Residents Encouraged to Apply for Tax ReliefSeptember 13, 2022
The New Jersey Division of Taxation has issued instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program and these instructions are being mailed out to eligible residents. Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with incomes more than $150,000 and not more …
Inflation Reduction Act: What’s in It for Construction CompaniesAugust 24, 2022
With the Inflation Reduction Act now signed into law by President Joe Biden, it’s time to wrap our heads around what it means for businesses, individuals, and our country at large. Construction companies, in particular, could see some opportunities stemming from the bill’s focus on green energy, but those opportunities will certainly come at a …
2022 Enhanced Business Meal DeductionJune 16, 2022
Here is a reminder for the 2022 enhanced business meal deduction. This is particularly important for small business accounting and tax planning. 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 …
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
By: William C. McNamara, CPA, CCIFP® Construction accounting team 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 …
Business 2021 Year-End Planning TipsDecember 7, 2021
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 tax 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 …
Individual 2021 Year-End Planning TipsDecember 7, 2021
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 tax 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 …
2021 Update of Business Meals, Travel Meals and Entertainment ExpensesOctober 14, 2021
By: Peter Pfister, CPA BUSINESS MEALS: Since January 1, 1994, business meals have been deductible at 50% of their cost. Reacting to the pandemic a tax law change now allows for a 100% business meal deduction for meals purchased from a restaurant for 2021 and 2022. Per IRS Notice 2021-25, “the term “restaurant” means a …