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DECEMBER
Tax Benefits of Charitable Giving
If giving to your favorite charity is at the top of your list this holiday season, make sure you obtain tax
advice as well. While the greatest reward for donating to a charity may be knowing that you've helped to make the
world a better place, your generosity also earns you valuable tax deductions. The New Jersey Society of Certified
Public Accountants (NJSCPA) explains how to make tax-savvy donations and qualify for tax-saving deductions.
December 6th
Online Banking: Should You or Shouldn't You?
Does being able to check the balance in your checking account at 2:00 a.m. have a certain appeal? How about
having your mortgage payment made while you're vacationing in Europe? Online banking and bill payment comes with
many conveniences, but it's not for everyone, reports the New Jersey Society of Certified Public Accountants (NJSCPA).
December 13th
Eight Key Questions to Help You Manage Your Retirement Portfolio
Invest adequately and regularly, diversify your portfolio, and keep tabs on your investments. According to
the New Jersey Society of Certified Public Accountants (NJSCPA), these time-tested principles of investing are
key to managing a retirement savings portfolio. To help you put these principles into action, the NJSCPA suggests
that you address the following eight questions.
December 20th
NOVEMBER
Tax Breaks Available for Those Who Serve Their Country
With Veterans Day approaching, now is an appropriate time to review the tax benefits available to members of
the Armed Forces who serve our country. President George W. Bush signed into law the Military Family Tax Relief
Act of 2003 in November of last year. The benefits of the act range from helping military personnel manage the
costs of homeownership and dependent care to education costs and travel expenses. Highlights of the act follow,
provided by the New Jersey Society of Certified Public Accountants (NJSCPA).
November 1st
Making the Most of Severance Pay
Layoffs, downsizing, restructuring - the effects of losing a job can be devastating. To soften the blow, many
employers offer severance packages to displaced workers. Severance provides pay, in addition to other benefits,
when a worker loses his or her job. The New Jersey Society of Certified Public Accountants (NJSCPA) explains that
it can include wages, continuation of benefits, outplacement services, and other types of compensation and assistance.
November 8th
Job Hunting Costs: What You Can and Can't Deduct
Did you know you may be able to deduct certain costs associated with looking for a new job? It's a fact, says
the New Jersey Society of Certified Public Accountants (NJSCPA). What's more, even if you don't find a job or if
you get terrific offers but decide to stay with your current employer, the deduction rules still apply. Of course,
you must meet certain eligibility guidelines and itemize your deductions.
November 15th
How Safe Is Your Money: FAQs About FDIC Insurance
The FDIC (Federal Deposit Insurance Corporation) was established by the U.S. Congress in 1933 to protect depositors
against loss in the event an FDIC-insured bank fails. If that happens, FDIC insurance covers deposit accounts up
to the insurance limit. Here, the New Jersey Society of Certified Public Accountants (NJSCPA) answers some frequently
asked questions about FDIC insurance.
November 22nd
Understanding the Risks of Debit Cards
Debit cards are quickly replacing cash and checks as a convenient way to pay for purchases. While quick and easy,
they are not without risk, so be sure to take necessary precautions. Here is what the New Jersey Society of Certified
Public Accountants (NJSCPA) says you need to know to manage your use of debit cards.
November 27th
OCTOBER
Fraud Prevention Steps for Small Businesses
Small businesses are not immune to employee theft and fraud and, in some ways, may be more vulnerable than
larger companies. The trusting, familial characteristics that make a small business a pleasant place to work, at
times contribute to an environment conducive to fraud. According to the New Jersey Society of Certified Public
Accountants (NJSCPA), the best way to prevent fraud is to create and enforce effective controls in all areas of
potential exposure. Here are eight steps to get you started.
October 4th
Protect Customer Data with a Privacy Policy
As the Internet becomes a prime resource for buying products and services and for conducting financial transactions,
there is growing concern about how companies collect, share and sell customer information. In particular, consumers
want to be sure the information they provide via a website will not be used by unauthorized third parties.
October 11th
How to Protect Yourself Against Identity Theft
The Federal Trade Commission reports that more than a half-million Americans are victims of identity theft each
year. Identity theft occurs when someone, without your permission, uses your name, Social Security number, credit
card number or other identifying information, to commit fraud.
October 18th
Ten Steps to Safeguard Your Computer
Today, more than ever, small-business success relies on information - from financial data and customer records
to marketplace performance indicators and trends. With much of that data being stored electronically, safeguarding
your computers is vital to your business success. According to the New Jersey Society of Certified Public Accountants
(NJSCPA), the following steps can help to protect your company's information systems from internal and external
threats.
October 25th
SEPTEMBER
Do You Have What It Takes to Make the Entrepreneurial Leap?
Many people dream of starting their own business. But working for yourself is not as easy as it seems. Before
you take the big leap, it's a good idea to honestly assess whether you have the characteristics and skills it takes
to make it on your own. According to the New Jersey Society of Certified Public Accountants (NJSCPA), the following
traits are important for those who are thinking of striking out solo.
September 6th
Beginner's Guide to Self-Employment Taxes
Being your own boss may mean saying good-bye to office politics and long commutes, but you will not escape
paying taxes. Self-employment taxes, which are similar to the FICA (Federal Insurance Contributions Act) taxes
that wage earners pay, provide funds for Social Security benefits (old age, survivors and disability insurance)
and Medicare benefits (hospital insurance). The New Jersey Society of Certified Public Accountants (NJSCPA) offers
the following overview of self-employment taxes so you can better understand your tax liability.
September 13th
Get Educated on Section 529 College Savings Plans
College education costs continue to spiral upward. For many families, Section 529 plans are a sensible and
tax savvy way to meet future education expenses. According to the New Jersey Society of Certified Public Accountants
(NJSCPA), you should be familiar with the two types of Section 529 plans, both of which are sponsored by individual
states: prepaid tuition plans and college savings plans.
September 20th
Borrowing Wisely for College
When it comes to saving for a child's education, most parents have the best of intentions. But with the rising
cost of tuition and the downward trend in the economy, many parents are coming up short. Borrowing is becoming
a reality for many parents. Here is some advice from the New Jersey Society of Certified Public Accountants (NJSCPA)
for borrowing wisely.
September 27th
AUGUST
Assessing Life Insurance Policies
Life insurance can be vital to protecting your family's financial future and can also help you manage some
immediate expenses. The most common goal for life insurance is to provide income replacement for a surviving spouse
and dependents. However, life insurance can also be earmarked for paying estate tax settlement costs, shifting
wealth to the next generation, or benefiting favored charities. Whatever the ultimate purpose, life insurance can
be a complex product. To get the best coverage, the New Jersey Society of Certified Public Accountants (NJSCPA)
suggests you shop around and compare company quality, coverage and costs.
August 2nd
Why You Need Disability Insurance
One can never anticipate when tragedy will strike. Whether it is a car or household accident or a diagnosis of
heart disease or a herniated disc, unanticipated misfortunes are the reason it makes sense to have disability insurance.
This type of insurance replaces a portion of your income in the event injury or illness renders you unable to work,
reports the New Jersey Society of Certified Public Accountants (NJSCPA).
August 9th
Is Your Homeowner's Insurance Up to Date?
The best advice about homeowners insurance can be summed up in a simple rule: buy the best you can afford and update
your coverage every year - or sooner if you've completed a major renovation or upgrade. The New Jersey Society
of Certified Public Accountants (NJSCPA) offers the following specifics for protecting your home and personal possessions
from fire, theft, and other casualties.
August 16th
How Personal Liability Insurance Can Protect You
In today's litigation-rampant society, having sufficient insurance coverage to protect your assets is essential.
For some people, the New Jersey Society of Certified Public Accountants (NJSCPA) says this may mean purchasing
personal liability insurance.
August 23rd
Health Insurance Options for the Self-Employed
Finding and paying for health insurance is one of the most pressing concerns for self-employed workers. Although
the cost of medical coverage is climbing, there is some good news. According to the New Jersey Society of Certified
Public Accountants (CPAs), you can now deduct 100 percent of health insurance premiums that you pay for yourself,
your spouse and dependents, up to certain limits. And since it's an above-the-line deduction, you're eligible even
if you don't itemize.
August 30th
JULY
IT Checklist for Small Businesses
Whether your company makes old-fashioned oatmeal cookies or new fangled widgets, technology can automate processes,
streamline financial recordkeeping, manage databases, update mailing lists and more. But finding and maintaining
the right computer system can be a challenging task. To help small business owners leverage technology effectively,
the New Jersey Society of Certified Public Accountants (NJSCPA) offers the following guidance . . .
July 26th
Disaster Recovery Planning for Small Businesses
It's a matter of survival. All businesses - regardless of size - should have a disaster recovery plan, according
to the New Jersey Society of Certified Public Accountants (NJSCPA.) In the event of a disaster, a recovery plan
is critical for getting the business back up and running as quickly and as cost-effectively as possible.
July 19th
Financial Planning: Recovering After Disaster Hits
The weeks and months following a disaster can be both confusing and difficult. Whether it is a personal crisis,
such as losing your home to fire or flood, or a national tragedy like September 11th, there are many financial
issues and personal concerns to address. The following advice from the New Jersey Society of Certified Public Accountants
(NJSCPA) can help you through a crisis.
July 12th
Ten Worst Credit Card Mistakes
Used properly, credit cards offer significant safety and convenience benefits. But mistakes with your credit can
cost you dearly - in time and money and in terms of your credit rating. To help you avoid costly credit card errors,
the New Jersey Society of Certified Public Accountants (NJSCPA) highlights the most common credit card mistakes
and how to avoid them.
July 7th
JUNE
Planning to Sell Your Business? CPAs Answer Your Questions
Should I sell my business? It's a question almost every successful business owner eventually needs to address.
For those who have invested a great deal of time, energy, and resources in their business, the decision to sell
may be difficult and the negotiation extremely stressful.
June 28th
Mid-Year Tax Savings Checklist for Small Business Owners
Many small business owners make the mistake of not thinking about taxes until it's time to file their returns.
But tax planning is an ongoing process, and now is an opportune time to take some steps to lower your 2004 tax
bill.
June 21st
What You Need to Know About Establishing Credit
If you are trying to establish credit for the first time, you're likely to find yourself in a Catch 22 situation
- you need credit to establish a credit history, but you can't get credit without a credit history.
June 14th
College Graduate: How to Get Debt Under Control
Diplomas in hand, many college graduates begin their journey in the real world strapped down by debt. For many
students, the accessibility of college credit cards combined with impulsive purchasing habits result in substantial
debt by graduation.
June 7th
MAY
Pros and Cons of Borrowing Against Your Home
Obtaining a home equity loan or line of credit provides access to cash and a boost to your tax deductions,
but if not used wisely, it may put your financial well being at risk. The New Jersey Society of Certified Public
Accountants (NJSCPA) outlines the pros and cons of tapping your home equity
May 31, 2004
Tax Advantages of Owning a Vacation Home
Whether your vacation home is an oceanfront manor or a small cabin in the woods, it can provide significant
tax advantages. How often you use the home and how much you rent it are the primary determinants of your vacation
home's tax treatment. The New Jersey Society of Certified Public Accountants (NJSCPA) explains what you need to
know to gain maximum tax advantage from your vacation property.
May 24, 2004
Insuring Your Home-Based Business
Whether you're a writer, a masseuse, or a computer consultant, if your business is based in your home, it is
important to consider its insurance needs. Don't make the common mistake of thinking that your homeowner's policy
covers it, advises the New Jersey Society of Certified Public Accountants (NJSCPA). Most homeowner's policies cover
only $2,500 worth of business equipment on your premises and offer no business-related liability protection.
May 17, 2004
Tax Implications of Selling Your Home
Careful planning is the key to keeping most of the profit from the sale of your residence. Under current law,
a married couple filing a joint return can exclude from income up to $500,000 of the gain made on the sale of their
principal residence. For a single person, the amount of tax-free gain can be up to $250,000.
May 10, 2004
Must-Ask Mortgage Questions
Finding the right mortgage is just as important as finding your dream home. If you're in the market for a mortgage,
you probably have a lot of questions. To help you on the road to homeownership, the New Jersey Society of Certified
Public Accountants (NJSCPA) answers the most common questions regarding home mortgages.
May 3, 2004
APRIL
The Tax Challenges of Hiring Household Employees
If you hire someone to care for a child or an elderly relative or to perform household duties, you could be
taking on a new role - that of an employer. As an employer, you may be required to withhold and pay Social Security
and Medicare taxes, and possibly Federal and state unemployment insurance, according to the New Jersey Society
of Certified Public Accountants (NJSCPA). The answers to the following questions can help you determine your responsibility
and avoid penalties.
April 26, 2004
Independent Contractor or Employee? How To Tell the Difference
Classifying workers appropriately is an important risk management activity for any business. The New Jersey
Society of Certified Public Accountants (NJSCPA) points out that employers who misclassify employees as independent
contractors may find themselves liable for back payments of employment taxes in addition to stiff penalties and
interest payments.
April 19, 2004
Get More from Your Job with These Qualified Transportation Fringe Benefits
The cost of commuting to and from your regular place of work is never a deductible expense. However, employees
who work for companies that provide qualified transportation benefits can reduce their commuting costs, reports
the New Jersey Society of Certified Public Accountants (NJSCPA). This benefit, which is available under the Transportation
Equity Act for the 21st Century, permits employees to set aside pre-tax income to pay for qualified transportation
expenses.
April 12, 2004
Test Your Tax Knowledge: How Will You Fare This April?
If you felt like an April fool this tax season because you procrastinated, didn't quite understand the tax laws
or kept poor records, now is the time to prepare yourself for the 2004 tax year. The New Jersey Society of Certified
Public Accountants (NJSCPA) provides the following true and false test to help you gauge your understanding of
tax rules impacting your 2004 return.
April 5, 2004
MARCH
Tax Deductions for Those Who Don't Itemize
The New Jersey Society of CPAs (NJSCPA) has some good news for taxpayers who don't itemize: You may still qualify
for above-the-line deductions that can reduce your tax bill. Above-the-line tax deductions get their name because
they are taken above the line for your adjusted gross income (AGI) on the first page of your tax return.
March 29, 2004
Answers To Taxpayers' Questions About E-Filing
Are you ready to join the more than 50 million Americans who are expected to file their taxes electronically
this year? According to the New Jersey Society of CPAs (NJSCPA), IRS e-file is an accurate, fast and safe alternative
to filing a paper tax return. The NJSCPA provides these answers to some common questions about e-file.
March 22, 2004
Deducting Business Car Expenses
Operating a car for business can be expensive, so it's important to take advantage of the available tax breaks.
Here's what the New Jersey Society of CPAs (NJSCPA) says about deducting costs related to the business use of your
car.
March 15, 2004
Business Meals and Entertainment Expenses: What You Can and Can't Deduct
Taking current and prospective clients and customers out to dinner, the theater, or a baseball game can make
good business sense - and provide you with a valuable tax deduction. According to the New Jersey Society of CPAs
(NJSCPA), there are two separate tests you must meet to deduct 50 percent of the cost of business meals and entertainment
expenses.
March 8, 2004
How To Make the Most Of the IRS Website
Need a tax form in a hurry? Have a question about itemized deductions? Want to know where your tax refund is?
Now you can get easy access to tax information on www.irs.gov, one of the most frequently visited websites in the
world.
March 1, 2004
JANUARY
Get Educated On Education Tax Credits And The Tuition Deduction
When it comes to reducing your tax liability, the more questions you ask, the more you can learn and save.
The following frequently asked questions and the responses provided by the New Jersey Society of Certified Public
Accountants (NJSCPA) will give you an understanding of how the college tuition deduction and education tax credits
work so you can determine your eligibility for claiming them on your 2003 return
January26, 2004
A CPA's Guide To Smart Recordkeeping
In the event of a personal or financial emergency, having organized records will save time, money and frustration.
According to the New Jersey Society of Certified Public Accountants (NJSCPA), the key is knowing what to keep,
where to keep it, and for how long. Here's some guidance to help you get and stay organized in 2004.
January 19, 2004
Rev Up Your Retirement Savings In 2004
With the stock market under performing in recent years and interest rates at historic lows, many investors
have seen their retirement nest eggs dwindle. But according to the New Jersey Society of Certified Public Accountants
(NJSCPA), making retirement savings a priority can help you rebuild your nest egg.
January 12, 2004
Resolutions To Take Charge Of Your Financial Life
Taking a fresh look at your finances in January gives you the opportunity to implement savings strategies
all year. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following checklist to help
you assess and take charge of your financial future.
January 5, 2004
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