For years, Sean Duffy, CPA, CFP ® has been providing quality, personalized financial guidance to local individuals and businesses Sean Duffy, CPA, CFP ®'s expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements and financial planning
Sean Duffy, CPA, CFP ® is one of the leading firms in and throughout Westfield By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year
http://duffycpacfp.com/ Sean Duffy, CPA, CFP ® 533 South Ave Westfield, New Jersey 07090 Phone 908-889-4604 Fax 908-889-4607 firstname.lastname@example.org
Scotch Plains NJ CPA *********************************** Random Tax Facts for Businesses And Individuals
Credit for the Elderly or Disabled
With much more and much more United States residents earning money from overseas sources, the IRS reminds individuals that they need to report all this kind of income on their tax return, until it is exempt below federal law. U.S. residents are taxed on their worldwide income.
This applies regardless of whether a individual lives inside or outdoors the United States. The foreign income rule also applies regardless of whether or not the particular person receives a Form W-2, Wage and Tax Statement, or a Form 1099 (information return). Overseas source income consists of attained income, this kind of as wages and suggestions, and unearned income, such as interest, dividends, capital gains, pensions, rents and royalties.
An crucial point to keep in mind is that citizens residing outdoors the U.S. may be in a position to exclude up to $91,400 of their international supply income if they meet particular needs. Nonetheless, the exclusion does not utilize to installments produced by the U.S. government to its civilian or military employees living outdoors the U.S. Please contact us if you really feel you might have attained international income to discover much more!
With more and much more United States residents earning funds from international sources, the IRS reminds folks that they should record all these kinds of income on their tax return, until it is exempt below federal law. U.S. citizens are taxed on their globally income.
Deduction of State And Local Taxes
If you itemize your taxes, you may select to deduct express and nearby product sales taxes instead of condition and neighborhood income taxes. The American Jobs Creation Act of 2004 provides taxpayers this option for this year's tax returns.
IRS Publication 600, Optional Condition Gross sales Tax Tables, will aid you figure out your product sales tax deduction amount in lieu of saving receipts throughout the yr. Use your income level and quantity of exemptions to discover the sales tax amount for your condition. The table directions describe how to create an amount for nearby gross sales taxes if proper.
You may also add to the table amount any product sales taxes paid out on:
A motor car, but only up to the quantity of tax paid at the general product sales tax rate
An aircraft, boat, Home(including mobile or prefabricated), or Homeconstructing materials, if the tax rate is the exact same as the basic gross sales tax fee.
For instance, the Condition of Washington has a motor automobile product sales tax of .3 % in addition to the condition and local product sales tax. A Washingtonian who purchased a new automobile could add the tax compensated at the common product sales tax fee to the desk sum, but not the .3 % motor automobile product sales tax paid out. This is merely an example, get in touch with us to see if this is applicable to you! If you itemize your taxes, you may possibly select to deduct condition and neighborhood sales taxes as an alternative of condition and nearby income taxes. The American Jobs Creation Act of 2004 provides taxpayers this choice for this year's tax returns.
? Filing Deadline and Fee Choices Submitting Deadline and Payment Options
If you're attempting to beat the tax deadline, there are a number of choices for last-moment assist. If you will need a form or publication, you can get a hold of copies from the Forms web page on our website. If you discover you require much more time to end your return, you can get a 5 or six 30 days extension of time to file using Form 7004, Application for Automated Extension of Time to File Specific Business Income Tax, Information, Other Returns. And if you have difficulty paying your tax invoice, the IRS has several fee choices obtainable.
The extension will give you additional time to get the paperwork to the IRS, but it does not extend the time you have to spend any tax because of. You have to make an precise estimate of any tax because of when you obtain an extension. You can also ship a cost for the expected stability because of, but this is not necessary to get the extension. Nonetheless, you will owe interest on any quantities not paid by the March fifteen deadline, plus a late payment penalty if you have compensated significantly less than 90 % of your total tax by that date. If you're making an attempt to beat the tax deadline, there are a number of choices for final-moment assist. If you require a form or publication, you can obtain copies right here. If you locate you require a lot more time to complete your return, you can get a 6 thirty day period extension of time to file utilizing Form 4868, Utility for Automated Extension of Time to File U.S. Individual Income Tax Return. And if you have trouble spending your tax bill, the IRS has several cost options obtainable.
Refund, Where's My Refund?
Are you anticipating a tax Refund from the Internal Revenue Service this yr? If you file a total and precise daily news tax return, your Refund ought to be issued in about 6 to 8 months from the date IRS gets your return. If you file your return electronically, your Refund ought to be issued in about half the time it would consider if you filed a newspaper return - even more rapidly when you choose direct deposit. -800-829-3676).
If you obtain $20 or more in Tips in any 1 30 days, you ought to report all your Tips to your company. Your workplace is needed to withhold federal income, Interpersonal Safety and Medicare taxes and to report the right quantity of your earnings to the Sociable Safety Administration (which will have an effect on your advantages when you retire or if you grow to be disabled, or your family's advantages if you die). Get in touch with us so your wages are correctly reported! Do you work at a hair salon, barber store, casino, golf program, hotel or restaurant or drive a taxicab? The tip income you acquire as an employee from individuals services is taxable income, advises the IRS.
********************************** Tax Tips for Companies
Organizational and Begin Up Expenses
Have you just started out a new business? Did you know bills incurred just before a company starts functions are not allowed as current deductions? Typically, these begin up charges should be amortized more than a period of 180 months beginning in the month in which the company commences. Luckily congress passed a invoice letting businesses deduct up to $five,000 currently with the harmony amortized more than 180 months. If you want to deduct a larger portion of your begin up price in the first 12 months, a new company will want to begin operations as early as feasible and hold away incurring some of those expenses right up until after company starts. Have you just began a new enterprise? Did you know expenses incurred before a business begins functions are not permitted as existing deductions?
? Refund, Where's My Refund? Refund, Where's My Refund?
Are you anticipating a tax Refund from the Internal Revenue Service this yr? If you file a full and accurate paper tax return, your Refund ought to be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your Refund ought to be issued in about fifty percent the time it would acquire if you filed a newspaper return - even quicker when you select immediate deposit.
You can have a Refund check mailed to you, or you might be able to have your Refund electronically deposited immediately into your financial institution accounts. Direct deposit into a financial institution accounts is a lot more safe simply because there is no check to get lost. And it takes the U.S. Treasury less time than issuing a paper check. If you put together a paper return, fill in the direct deposit information in the "Refund" area of the tax form, making sure that the routing and accounts numbers are accurate. Incorrect numbers can trigger your Refund to be misdirected or delayed. Direct deposit is also obtainable if you electronically file your return.
A couple of words of caution - some monetary institutions do not permit a joint Refund to be deposited into an person account. check with your financial institution or other monetary institution to make sure your direct deposit will be acknowledged.
You may possibly not obtain your Refund as rapidly as you predicted. A Refund can be delayed for a selection of causes. For instance, a identify and Social Safety number listed on the tax return may not match the IRS records. You might have failed to sign the return or to contain a essential attachment, this kind of as Form W-2, Wage and Tax Assertion. Or you might have produced math mistakes that need additional time for the IRS to appropriate.
To check the position of an anticipated Refund, use "Track My Refund" an interactive instrument accessible on our hyperlinks web page. Simple online guidelines manual you via a procedure that checks the standing of your Refund right after you supply identifying information from your tax return. Once the information is processed, outcomes could be a single of a number of responses. Are you expecting a tax Refund from the Internal Revenue Service this yr? If you file a total and correct daily news tax return, your Refund really should be issued in about six to 8 months from the date IRS gets your return. If you file your return electronically, your Refund ought to be issued in about 50 percent the time it would acquire if you filed a daily news return even quicker when you pick immediate deposit. }