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DECEMBER
How the Gift Tax Affects Large Gifts
Does the holiday spirit inspire your generosity? Are you thinking about making a large gift to your children
or grandchildren? Before you do, make sure you understand the tax consequences.
December 25th
Start Off the Year Right: Review Your Asset Allocation
One of the best ways to maximize the long-term performance of your investment portfolio is through proper asset
allocation. Asset allocation refers to how you divide your investments among the three key asset classes – stocks,
bonds and cash-equivalents. In other words, it means not putting all your eggs in one basket.
December 18th
Business Gift Giving: What's Deductible and What's Not?
During the holiday season, many business owners give gifts to customers to thank them for their business. In turn,
the Internal Revenue Service (IRS) offers business owners a deduction for the cost of the gifts.
December 11th
How to Stay Out of Debt This Holiday Season
The holiday season in America is truly a shopper’s delight. Advertising, gift displays, news about “hot” toys and
the appeal of cool gifts drive consumer demand. For many people, the result is overspending that has become an
unwelcome holiday tradition.
December 4th
NOVEMBER
SEPs Help Business Owners Boost Retirement Savings
If you're self employed and looking for a simple and efficient way to save for retirement, consider a SEP (Simplified
Employee Pension) plan, suggests the New Jersey Society of Certified Public Accountants (NJSCPA).
November 27th
Seven Facts You Need to Know About Keogh Plans
Self-employed individuals are on their own when it comes to saving for retirement. One option available to
them is the Keogh plan. These qualified retirement plans, although complicated, come with significant advantages.
Novermber 20th
How Much Do You Know About U.S. Savings Bonds?
For some people, U.S. savings bonds are what you give your newborn grandchild or your niece who just graduated
from high school. But according to the New Jersey Society of Certified Public Accountants (NJSCPA), savings bonds
could have a place in your own investment portfolio, particularly if you're looking for low-risk investments.
November 13th
Don't Underestimate the Benefits of a Roth IRA
Paying Taxes Now Can Have Advantages Later for Estate and Tax Planning Purposes
November 6th
OCTOBER
Five Easy Steps to Gain Control of Your Finances
Many people think about financial planning and taking control of their finances. Unfortunately, many of these
people fail to follow through."Most people 'shoot from the hip' when it comes to managing their finances,"
says Gail Rosen, CPA, of Martinsville. For extra motivation, consider these two things:
October 30th
Investment 101: Teaching Teens to Invest
Teaching your children about investing develops important skills that will benefit them throughout life, says
the New Jersey Society of Certified Public Accountants (NJSCPA). A good time to begin is when your child is a teenager.
Here's how to get started:
October 23rd
Year-End Tax Tips for Small Business Owners
Now is an opportune time to start thinking about year-end tax planning for your business. These six tax strategies,
brought to you by the New Jersey Society of Certified Public Accountants (NJSCPA), can be put into effect to reduce
your tax liability come April 15:
October 16th
Tax Increase Prevention and Reconciliation Act:
Although not as comprehensive as other tax acts, the recently passed Tax Increase Prevention and Reconciliation
Act of 2005 includes important tax changes. Some apply to 2006 and others take effect several years from now.
October 9th
Does Your Business Need a Document Management System?
Information. Your business depends on it. But can your employees easily locate the information they need when
they need it? In most companies, documents are stored in a variety of places - on networks, on individual PC hard
drives, on CDs and zip drives, in file cabinets and in desk.
October 2nd
SEPTEMBER
How to Benefit From Flexible Spending Accounts
There's good news for both employees with flexible savings accounts (FSAs) and those who declined to participate
in the past because of the use-it-or-lose it rule.
September 25th
How to Avoid Investment Scams
When it comes to investing, the old saying, "If it sounds too good to be true, it probably is," is
excellent advice. Yet statistics issued by the Federal Trade Commission (FTC) show that every year Americans lose
more than a billion dollars to fraudulent investments.
September 18th
Investor: Know Thyself
Thoughtful Self-Analysis Provides the Best Foundation for Selecting Good Investments Most investments don't
come with a guarantee. To understand investing, you also need to nderstand risk - or as investment advisors say
- your "risk tolerance."
September 11th
Save Fuel, Taxes and the Environment with a Hybrid
If rising gas prices have you thinking about buying a more fuel-efficient car, you'll want to learn more about
the tax credit available to Americans who buy qualifying hybrid vehicles. Hybrids combine an electric motor with
a gasoline-powered engine, producing fewer emissions.
September 5th
AUGUST
New Jersey's Estate Taxes and How They Can Affect You and Your Family
Information about estate taxes, labeled by critics as "death taxes," has become very confusing. Changes
in the federal tax laws and misinformation are the primary causes. To complicate matters, in New Jersey there is
an "inheritance tax" or, under certain circumstances, an estate tax.
August 28th
Estate Planning Terms You Need to Know
The first step in planning for what will happen to your assets when you die is mastering some key estate planning
terminology and concepts.
August 21st
Back-to-School Basics: Qualify for the Hope and Lifetime Learning Credits
If you have a student heading off to college, you'll want to do some homework to see if you qualify for the
Hope credit or the Lifetime Learning credit. According to the New Jersey Society of Certified Public Accountants
(NJSCPA), these two education tax credits can help defray education expenses for you and your family.
August 14th
Vacation Homes Come with Tax Benefits
Tax breaks can make owning a vacation home more affordable. If you're looking to claim the most tax breaks
possible, you need to carefully track the amount of time you and your family spend at your vacation home.
August 7th
JULY
Disaster Preparation Can Save Your Business
There is no way to prevent your business from suffering losses that result from a sudden and unexpected disaster.
But there are steps you can take now to plan for the worst.
July 31st
How to Create an Ethical Culture in Any Size Business
In today's fast-paced, competitive and demanding business environment, employees in both small and large businesses
can find themselves facing difficult ethical dilemmas.
July 24th
Five Advantages to Incorporating Your Business
Owning a small business can be a risky venture. One way to limit your personal liability is by incorporating
your business, reports the New Jersey Society of Certified Public Accountants (NJSCPA).
July 17th
Every Family Business Needs a Succession Plan
There's a widely published statistic that indicates only one-third of family-owned businesses survive the transition
to the second generation.
July 10th
Hiring Your Children: Good for Them and Good for Your Business
If you're a business owner, it can be good business to hire your children. And even if you are not a business
owner, you can apply business principles to summer job opportunities that will pay off for our children in the
long run.
July 5th
JUNE
Eight Ways to Be Better Prepared for Life's Financial Emergencies
Jobs are suddenly outsourced. Accidents happen. People get sick. While it's uncomfortable to think about things
that could trigger a financial disaster in your life, now is the best time to take action and be prepared. And
the very first step to take? Write stuff down.
June 26th
Tax Planning For Newlyweds
Marriage brings many joys and a few unexpected challenges, such as filing your taxes together. By starting
now, well in advance of tax season, completing your first tax return as husband and wife will go more smoothly.
June 19th
Financial Tips: CPAs' Gift to College Graduates
Graduation for millions of college students means its time to trade in books and binders for bills and budgets.
The New Jersey Society ofCertified Public Accountants (NJSCPA) provides the following advice to help college graduates
become financially independent.
June 12th
Hiring a Summer Household Helper?
If you've hired someone to care for your children this summer - or for the full year - you may have to pay
employment tax. These taxes, referred to collectively as the "nanny tax," actually apply to any household
employee who works in your home or on your property.
June 5th
MAY
How to Make Your Retirement Nest Egg Last
With many individuals living 20 to 25 years or more in retirement, there’s an increased likelihood that you could
outlive your retirement nest egg. According to the New Jersey Society of Certified Public Accountants (NJSCPA),
the best way to ensure a financially secure retirement is to carefully manage your retirement savings and withdrawal
strategies.
May 29th
Key 2006 Tax Breaks Make Saving for Retirement Sweeter
Contributing to a retirement savings account remains one of the best ways to cut your tax bill and help ensure
a secure retirement. The New Jersey Society of Certified Public Accountants (NJSCPA) points out that there are
a number of tax changes for 2006 that can help you to boost your retirement savings:
May 22nd
Reverse Mortgages: The Pros and Cons of Cashing In
A reverse mortgage can be a powerful tool for converting home equity into cash that can help you make ends meet.
However, reverse mortgages also present financial risks
May 15th
The Financial Side of Buying Your First Home
It’s spring, the time of year when “for sale” signs pop up on lawns as quickly as wildflowers. If you’ve been
thinking about buying your first home, you probably know that it’s likely to be one of the biggest investments
you’ll ever make.
May 8th
Homeownership, Capital Gains and the Tax Impact of Selling a Home
At a time when many homeowners in the “Baby Boom” generation are thinking about selling a family home and moving
to a smaller residence, it’s important to consider the tax implications. “Generally speaking, the rules are straightforward
and most homeowners won’t be taxed on the first $250,000 of increased value when they sell a home,” says Kenneth
Bagner, CPA.
May 1st
APRIL
Straight Talk on Medicare Part D Available as Deadline for Full Benefit Approaches -- Information
Available to Assist Eligible Recipients and Caregivers
The upcoming "deadline" for Medicare Part D benefits provides one more bump in the road to implementation
for this complicated benefit program. Missing the deadline will not prevent eligible seniors from enrolling in
the future, but it will reduce the amount of the benefit they receive. Experts at the New Jersey Society of Certified
Public Accountants (NJSCPA) are encouraging eligible seniors to enroll in the program before May 15 to receive
their full benefits.
April 24th
Have You Overpaid Your Taxes? Tweak Your W-4
According to Internal Revenue Service (IRS) statistics, the agency issued refunds to more than 100 million
taxpayers who overpaid their 2004 taxes. If you received or expect to receive a refund, the New Jersey Society
of Certified Public Accountants (NJSCPA) recommends that you adjust the amount of taxes your employer withholds
from your paycheck.
April 17th
Tax Audits Shouldn't Worry the Well-Prepared Taxpayer -- Many Returns Are Randomly Selected
for Examination
Receiving a tax audit notice from the Internal Revenue Service (IRS) will never be a cause for celebration,
but it's not necessarily a cause for alarm either. Sometimes, according to the tax experts at the New Jersey Society
of Certified Public Accountants (NJSCPA), having a tax audit is just the luck of the draw.
April 10th
Automatic Tax-Filing Extension Is Good News for Procrastinators
If you need more time to file your 2005 tax return, you are in luck. Most taxpayers can get an automatic six-month
tax return filing extension under revised rules issued by the Internal Revenue Service (IRS), reports the New Jersey
Society of Certified Public Accountants (NJSCPA).
April 3rd
MARCH
Deductible Investment-Related Expenses
Do you invest in stocks, bonds or mutual funds? If so, you may be able to deduct certain expenses related to
your investments. To be deductible, the expenses must be ordinary and necessary and related to the production of
taxable income or for the management of property held for the production of income, reports the New Jersey Society
of Certified Public Accountants (NJSCPA).
March 27th
Tax Breaks That Help When Disaster Strikes
When disaster strikes, taxes are probably not on your mind. Yet it is reassuring to know that when your property
is damaged, destroyed or stolen, you may qualify for tax relief for losses not covered by insurance. To assist
victims of property loss or damage in understanding the tax breaks that may be available to them, the New Jersey
Society of Certified Public Accountants (NJSCPA) explains the casualty loss tax deduction and how to claim it.
March 20th
No Sweat Tax-Filing Tips
As the April 15 deadline looms, many taxpayers find themselves facing unnecessary stress about filing their
2005 tax returns. By following a few "no sweat" tax-filing tips, the New Jersey Society of Certified
Public Accountants (NJSCPA) says you can get through the process without too much anxiety.
March 13th
Tax Breaks Get Better with 2006 Inflation Adjustments
For 2006, more than 35 tax benefits have been modified to keep pace with inflation. These new figures don't affect
the return you're filing for 2005, cautions the New Jersey Society of Certified Public Accountants (NJSCPA), but
you should keep them in mind for this year's tax planning. Here is an overview of the more common ones:
March 6th
FEBRUARY
Deductible Medical Expenses You Can’t Afford to Overlook
When you have health problems, medical expenses can quickly add up, even if you have health insurance.
That is why it’s important to understand the rules for deducting qualified medical and dental expenses. According
to the New Jersey Society of Certified Public Accountants (NJSCPA), if you itemize your deductions, you may be
eligible to deduct un-reimbursed medical, dental and vision care expenses for yourself, your spouse and your dependents.
February 28th
Maximize Your Tax Benefits for Care of Children and Dependents
Caring for children or other dependents can be costly. Government has recognized this, and addressed it in
several ways through the tax code. If you have children or are providing a significant amount of economic support
for someone such as an aging parent, here are a few areas to be sure you check when working on your taxes.
February 21st
Ask the Right Questions to Claim Business Travel Deductions
Despite email, faxes, teleconferencing and videoconferencing, there are times when business travel is essential
to your business. Such travel can be expensive, but you can offset the costs with a little help from Uncle Sam.
To understand the rules governing business travel deductions, the New Jersey Society of Certified Public Accountants
(NJSCPA) suggests you ask yourself the following questions:
February 14th
Business Entertainment: What’s Deductible and What’s Not
In today’s competitive market, small business owners need to do more than keep a close watch on the bottom line,
they need to take steps to improve it. Taking charge of taxes is a good first step. For example, the New Jersey
Society of Certified Public Accountants (NJSCPA) advises small business owners to deduct qualified business entertainment
expenses. Here’s how to claim the deductions you deserve:
February 7th
JANUARY
Bank Smart: Follow These Banking Basics
Despite the various sophisticated personal cash management options available, most people continue to use banks
for their basic financial needs. Whether you choose to do most of your banking at your local branch or prefer to
bank online, it's important to know the basics so you can make the most out of the services available to you. Here
are some tips for banking smart, brought to you by the New Jersey Society of Certified Public Accountants (NJSCPA):
January 30th
Ten Smart Ways to Avoid Identity Theft
The phone rings and it's a collection agency demanding payment on an overdue account you didn't know you had.
Or perhaps you notice purchases on your credit card statement that you didn't make. Identity theft can happen to
anyone, reports the New Jersey Society of Certified Public Accountants (NJSCPA), and it's important to take steps
to protect personal information.
January 23rd
How to Raise Your Credit Score
Credit scoring is a method lenders use to make lending decisions. Your credit score is a numeric value based
on the information in your credit report. It tells lenders how likely you are to repay loans and credit card bills
on time. It affects whether you can get credit and how much you pay for that credit. In general, the higher your
credit score, the more likely you are to be approved and pay a lower interest rate on new credit, notes the New
Jersey Society of Certified Public Accountants (NJSCPA).
January 16th
Life's Financial Emergencies: What You Can Do to Prepare
Many people plan for anticipated expenses, like paying for college and saving for retirement. Yet, when unexpected
financial emergencies occur, individuals often find themselves unprepared. A job loss, serious illness, divorce
or natural disaster can happen to anyone. Fortunately, there are steps you can take to prepare for a financial
crisis. According to the New Jersey Society of CPAs, having an emergency fund and adequate insurance top the list
in times of urgency.
January 9th
New Year, New Financial Records:What to Keep and for How Long
Personal financial records are a necessary part of our lives, but it's easy to get overwhelmed by the volume
of papers that can accumulate. According to the New Jersey Society of Certified Public Accountants (NJSCPA), January
is an excellent time to get your financial records in order. Here is some advice to help you determine what you
should keep and what you should purge from your files:
Janaury 2nd
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