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Posts Tagged ‘Tax Planning’

Financial tips to follow when a spouse dies

The death of a spouse is emotionally and financially devastating. Making decisions of any kind is difficult when you’re vulnerable and grieving, but having a plan to follow may help. Here are suggestions for dealing with financial tasks. Wait to make major decisions. Put off selling your […]

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Are You Saving for Retirement?

While retirement plan contribution limits have not increased for 2016, taking full advantage of allowable contributions and any amounts your employer matches is still a good idea. Contributions you make to employer-sponsored retirement plans reduce your taxable income because your employer deducts the amount you specify from […]

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Adjust Your Mileage Reimbursements for 2016

Standard mileage rates for deductible vehicle expenses have decreased from the 2015 rates. Here are the rates to use to calculate 2016 reimbursements and deductions. Business. Starting January 1, the rate is 54 cents per mile for the use of a vehicle for business purposes. That’s down […]

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Tax tips for that first job

Out of school and into the workforce. If the expression describes you or a family member this summer, filling out Form W-4 properly can make your first job less taxing. Here’s why: The amount of federal income tax withheld from your wages depends on how you complete […]

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Track use of your vacation home to maximize tax breaks

If you own a vacation home (some boats and recreational vehicles also qualify) that you also rent out to others, keep track of who uses it during the year to maximize your tax breaks. * Meet the rules and receive tax-free income. If your home is rented […]

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Check Your Tax Withholding for 2015

  It’s tax season, and it may be a good time for you to review your tax withholding. Withholding too much tax from your wages isn’t a smart financial move. Review how much you’re having withheld in 2015 to see if it matches the actual tax liability […]

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Does your Business Make Use of Your Financial Statements?

Many small business owners pay too little attention  to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement. […]

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The IRS has Issued a “Nanny Tax” Reminder

    The IRS reminds taxpayers not to overlook their responsibilities under the “nanny tax.” If you employed a housekeeper, nanny, gardener, or other household worker in 2014, you may have payroll tax obligations, commonly called the nanny tax. These payroll taxes apply if you paid a […]

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Mandatory Paid Sick Leave Ordinances for Certain Businesses

In addition to NYC, Jersey City, and Newark the below municipalities have passed paid sick leave ordinances. This needs to be in effect come early January and each infraction could cost up to $2,000 in fines. East Orange, NJ The city council of East Orange passed a […]

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Women and Retirement

  Women need to save more for their retirement than men do. Statistics show that women live longer than men, but earn less than men during their working years (which are often fewer due to time taken off for child rearing). According to the Census Bureau, 57% […]

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