12/22/2003 - The Tax Benefits Of Donating Property
Thinking about making a year-end charitable contribution? If so, keep in mind that tax-deductible donations are not limited to cash. According to the New Jersey Society of Certified Public Accountants (NJSCPA), many organizations accept gifts of used cars, computers, clothes, art and other types of tangible property. In return, taxpayers who itemize may qualify for a valuable tax deduction.
12/15/2003 - Family Foundations Can Help Maximize Charitable Giving
Family foundations are an option to consider, even if your name isn't Rockefeller. Establishing a family or private foundation allows your family to support a charitable cause, while integrating your family's tax and estate planning activities. The New Jersey Society of Certified Public Accountants (NJSCPA) points out that although foundations are tax-smart vehicles for making charitable gifts, they can be complex to establish and operate. Here is some information to help you understand how family foundations work and determine whether one will help you attain financial goals.
12/8/2003 - A CPA's Guide To Holiday Gift Giving
If you're looking for a gift that gives the term "holiday returns" a new meaning, consider some non-traditional gift options. Here are some gift ideas, courtesy of the New Jersey Society of Certified Public Accountants (NJSCPA), that are likely to provide a return on your investment as well as a lesson in personal finance.
12/1/2003 - Ten Tax Tasks For December
April 15 may be the most memorable tax date of the year. However, if you want to save on next year's taxes, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you start planning in December. Here are ten tasks to consider before year-end to minimize your 2003 tax bill.
11/24/2003 - When And Why You Should Update Your Will
Preparing a will is the best way to be certain your property is distributed according to your wishes. What many people don't realize is that keeping your will up to date is as important as having a will. That is why the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you review your will periodically, especially when changes to personal circumstances, your financial situation, or to the tax laws occur. Here are some situations that should trigger an immediate will review:
11/17/2003 - An Estate Planning Checklist Everyone Can Use
A carefully conceived estate plan can be one of the most important gifts you give to yourself and your loved ones. An estate plan provides peace of mind for you and gives clear direction to your loved ones about your wishes. It may also help you reduce or avoid estate taxes and preserve more of your hard-earned assets. The New Jersey Society of Certified Public Accountants (NJSCPA) outlines the steps you should take as part of the estate planning process.
11/10/2003 - A CPA's Primer On Reading The Financial Pages
Want to know how the mutual funds in your investment portfolio are faring? Thinking about purchasing some stock for your child's college fund? Consult any major daily newspaper and you'll find a wealth of information on the stocks, bonds, and mutual funds that are traded on American stock exchanges. Although the listings may look confusing at first, this primer from the New Jersey Society of Certified Public Accountants (NJSCPA) will help you understand what all those numbers mean.
7/28/2003 - What You Can And Can't Expect From Credit Counseling
Facing a stack of bills you can't pay? Tired of getting calls from irate creditors? Need help sticking to a budget? Serious about getting your spending under control? If you answered "yes" to any of these questions, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you contact a non-profit credit counseling service, such as the National Foundation for Consumer Credit (NFCC).
7/21/2003 - Check Your Credit Report
There's no denying it: errors can and do appear in credit reports. That's why the New Jersey Society of Certified Public Accountants (NJSCPA) says it's important to request a copy of your credit report at least once a year. You should also check your credit report several months in advance of applying for a mortgage or an auto loan, and before applying for a job or renting an apartment.
7/14/2003 - Teach Your Teenager How To Manage A Summer Salary
Summer jobs give teens new found freedom and money to spend. Just how well your teen handles his or her first paycheck may set a precedent for life. Here's some advice from the New Jersey Society of Certified Public Accountants (NJSCPA) that may help your teen make the most of his or her summer salary and develop a solid basis for future financial success.
7/7/2003 - Tax Implications Of Combining Business And Vacation Travel
If you're thinking of combining business with pleasure by adding a few days of vacation to your business trip, the New Jersey Society of Certified Public Accountants (NJSCPA) urges you to take the time to understand the tax implications. While tax law allows deductions for the business portion of your trip, you must bear the burden for personal expenses. Be aware, too, that Internal Revenue Service (IRS) rules differ depending on whether your destination is domestic or foreign. Here's what CPAs say you should know before finalizing any reservations.
6/30/2003 - Want to secure your childs future? Put your faith in a trust
Parents and grandparents wanting to make a substantial gift to a child should consider establishing a trust, recommends the New Jersey Society of Certified Public Accountants (NJSCPA). Trusts offer tax advantages and flexibility. For example, you can set up each trust to achieve a specific purpose and specify when the children actually gain access to the funds. Thus, you can be generous without giving up control.
6/23/2003 - Do's and Donts for managing your 401(K) plan
As more Americans recognize the need to take responsibility for their retirement, they are increasingly turning to employer-sponsored 401(k) retirement plans. These plans are one of the best ways to save for retirement. To help you make the most of your 401(k) plan, the New Jersey Society of Certified Public Accountants (NJSCPA) offers the following do's and don'ts.
6/16/2003 - Smart ways to use equity in your home
It used to be that owning a home was the American dream. These days, more and more homeowners are using the equity in their homes to pay for even bigger dreams, like down payments on vacation homes and college tuition. Despite the popularity of home equity loans and credit lines, the New Jersey Society of Certified Public Accountants (NJSCPA) cautions homeowners to understand how these lending options work before they turn their homes into checkbooks.
6/9/2003 - When You're Out Of Work: Health Care Coverage Alternatives And Advice
If you've lost your job, you no doubt have a number of important concerns, one of which is insuring yourself and your family against the high cost of health care. Although there are several options available, all of them are costly, particularly if you're accustomed to an employer's group plan. When it comes to health insurance, there is strength in numbers, says the New Jersey Society of Certified Public Accountants (NJSCPA). Group plans carry lower premiums, a significant portion of which is typically paid by the employer.
6/2/2003 - SIX LIFE INSURANCE MYTH-BUSTERS
When it comes to life insurance, there are plenty of common misconceptions that can result in inadequate coverage and unnecessary financial hardship for families who suffer the loss of a loved one. The New Jersey Society of Certified Public Accountants (NJSCPA) dispels some of these myths and offers advice on the best way to protect your family.
3/31/2003 - The "Why" and "How-To" Of Filing Taxes Electronically
Accuracy, speed, and security are among the chief benefits of electronically filing your income tax return, reports the New Jersey Society of Certified Public Accountants (NJSCPA). With e-file, there is no need to submit a paper return to the IRS and even payments and refunds can be transmitted electronically.
3/24/2003 - Don't be an IRS Audit Target: Avoid Waving Red Flags
When it comes to income tax deductions, you should certainly claim those you deserve. But also keep in mind that too many deductions, as well as other problems like math errors, can attract the attention of IRS auditors. To be prepared to address IRS inquiries, the New Jersey Society of Certified Public Accountants (NJSCPA) provides a look at some 'red flags' that may cause the IRS to take a second look at your tax return.
3/17/2003 - Tax Breaks For People With Disabilities
People with disabilities are eligible for a number of tax breaks, reports the New Jersey Society of Certified Public Accountants (NJSCPA). These include tax deductions and credits that can offset some of the costs associated with managing a physical or mental disability. Additionally, certain income is tax free to qualified disabled individuals. If you or someone you know suffers from a disability, take the time to understand how the tax law may help to ease some financial burdens.
3/10/2003 - Families Can Benefit From Child and Dependent Care Credit
Would you like help paying for child care? The child and dependent care tax credit benefits families who, in order to work or look for work, pay someone to care for a dependent child under age 13. The credit also covers care of a spouse or a dependent of any age who is physically or mentally incapable of self-care.
3/3/2003 - Earned Income Tax Credit Gives Relief To Lower-Income Workers
Uncle Sam offers tax relief to low-income families, especially those with children, in the form of the Earned Income Credit (EIC). In 2002, reports the New Jersey Society of Certified Public Accountants (NJSCPA), several tax law changes make the EIC more valuable and easier to qualify for. That's because credit amounts and income-eligibility limits have been increased for inflation and benefits have been expanded for married families. Here are some of the frequently asked questions to help you determine if you meet the criteria and how you can claim the credit.
2/24/2003 - Qualified Dependents Can Save You Tax Dollars
Are you taking advantage of all the dependency exemptions you’re entitled to? If you have children living at home, it’s easy to identify your dependents. However, when an extended family lives together under one roof, or a family supports someone living elsewhere, identifying dependents gets more complicated. According to the New Jersey Society of Certified Public Accountants (NJSCPA), here’s what you need to know about making the most of your dependency exemptions this tax season.
2/10/2003 - Get Smart: Earn Tax Credits for Education
Attending college or taking courses not only makes you smarter, it may also save you valuable tax dollars. Two tax credits – the Hope Scholarship Credit and the Lifetime Learning Credit - are available to many middle-income taxpayers. According to the New Jersey Society of Certified Public Accountants (NJSCPA), these credits reduce your tax bill dollar for dollar, making them more valuable than deductions, which reduce the amount of income on which you are taxed. Basically, a $1,000 tax credit saves you $1,000 in taxes.
2/3/2003 - To Itemize or Not to Itemize: What You Need to Know to Make the Right Decision
Each year, when you file your income tax return, you can choose between itemizing or claiming the standard deduction. Itemizing allows you to deduct your actual allowable expenses while the standard deduction provides a flat amount to be deducted from your adjusted gross income. According to the New Jersey Society of CPAs (NJSCPA), a large percentage of taxpayers may be paying more in taxes than they need to because they take the standard deduction. Here’s how to ensure you’re not one of them.
1/27/2003 - Get Tax Smart in 2003: Itís All About Planning
For the smart consumer, tax planning is a year-round event, and there is no better time than now to start work on your 2003 tax strategy, advises the New Jersey Society for Certified Public Accountants (NJSCPA). Advanced planning helps to ensure that you take maximum advantage of opportunities to reduce your taxes, particularly those strategies that may take a few months to implement.
1/13/2003 - When It Comes to Tax Returns, Know What Youíre Signing
There is no better time than Women’s Financial Health Week, held January 13-17, to remind women of their tax rights. While tax issues are important to both men and women, Women’s Financial Health Week is dedicated to educating women about planning for financial situations. According to the New Jersey Society of Certified Public Accountants (NJSCPA), one of the most serious tax mistakes any spouse can make is to sign a joint return without carefully reviewing and thoroughly understanding every item.
1/6/2003 - Surviving Divorce: How To Protect Yourself Financially
When you divorce, you not only dissolve a marriage, you also dissolve a financial connection. For women who have not had much experience in money matters, the financial aspects of ending a marriage can be overwhelming. In coordination with Women’s Financial Health Week, held January 13-17, the New Jersey Society of Certified Public Accountants (NJSCPA) offers the following advice to help women going through a divorce protect their financial future.
We currently have individuals licensed to offer securities in the states of New Jersey, California, Connecticut, Washington D.C., Delaware,Florida, Maryland, Nevada, Pennsylvania, Texas and Wisconsin and to offer investment advisory services in New Jersey, Connecticut, Delaware, Florida, Maryland North Carolina, New York, Pennsylvania, Texas and Wisconsin. This is not an offer to sell or provide investment advisory services in any other state or jurisdiction. Securities offered through 1st Global Capital Corp., Member FINRA/SIPC. Investment advisory services offered through 1st Global Advisors, Inc.