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Posts Tagged ‘NJ Tax’

Its Time to Review Your 2014 Deductions

Some itemized deductions are limited by a percentage of your gross income. An example is miscellaneous deductions. These provide a benefit only if your total outlay for costs such as investment fees and unreimbursed employee business expenses exceed 2% of your adjusted gross income. If you consistently […]

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Over 70½? Don’t Forget to Take Your Required Minimum Distributions

Did you celebrate your 70½th birthday in 2014? Do you have a traditional or rollover IRA? If both answers are yes, the deadline for taking the initial required minimum distribution from your retirement account is April 1, 2015. Required minimum distributions are the smallest amount you can […]

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There Are Tax Breaks When You Do Charitable Work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your […]

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Oops! You Forgot Something on Your Tax Return. Now What?

Whew! The rush is over once your personal income tax return is done for another year – or so you thought, right up until the moment you discover information you forgot to include. Now what? The action you take depends on the type of information you forgot. […]

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Are You Thinking of Going From Employee to Boss?

  For those who want to be their own boss, here is a warning. Your new job will require several different experts. Don’t try to be all of them. Many very top notch sales people have gone from salesperson to company owner only to find out they […]

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Dealing with Finances After the Death of a Spouse

The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease […]

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2015 HSA Contribution Limits Have Been Announced

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2015. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2015 contribution limit for individuals is $3,350; the […]

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Safeguard Important Records

  With the frequent occurrence of natural disasters, the IRS has issued a reminder to taxpayers to safeguard their records with a document backup plan. Backup records should be stored away from the original set. The IRS News Release suggests scanning original records and storing them in […]

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Should You Ask the Cost of a Gift?

Imagine this scenario: Your wealthy Uncle John is something of an art collector, buying paintings and sculptures from promising young artists.  When he retires, he moves into a small condo in a retirement community and has to downsize his art collection.  he gives away much of his […]

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Summertime Tax Tip

If you itemize tax deductions on your income tax return, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If a vacation […]

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