How the Mandatory Business Registration for Employers Will Impact Your Business New Jersey is making significant efforts to help secure the financial futures of its citizens with the launch of a new retirement savings program, RetireReady NJ. As part of the New Jersey Secure Choice Savings Act, N.J. businesses with 25 or more employees that have been in business for two or more years and do not currently have a… Read More »Are You RetireReady NJ?
Are you sending your child or dependent to a daycare or summer camp? If so, you may be eligible for the Child and Dependent Care Credit, a tax credit designed to help parents and guardians offset the cost of child care and for dependents. The credit applies to expenses paid for the care of a qualifying individual so that the taxpayer (and spouse, if filing jointly) can work or look… Read More »Tax Credit Can Be Child’s Play
While it may be appealing to take a photo of your tax documents and upload these images as jpgs and gifs to our secure online portal, we’ve been experiencing issues such as inaccessibility and corrupted files. Therefore, we are asking our clients to share tax documents as PDFs. There is no need for you to have a scanner at home. Your Smart phone or tablet (ipad) can easily digitize… Read More »Create a PDF and Share Your Tax Documents Easily
New Federal Beneficial Ownership Information (BOI) Reporting Requirement for U.S. Businesses New rules under the Corporate Transparency Act (CTA) now require many U.S. businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Department of the Treasury. The information would include who, directly or indirectly, exercises substantial control over a reporting company or own at least 25 percent… Read More »New Federal Beneficial Ownership Information Reporting Requirement for U.S. Businesses
When calculating your taxes for the year, the IRS allows you to deduct dollar-for-dollar a certain amount from your total income before arriving at your taxable income. The amount of the deduction depends on whether you take the standard or itemized deduction. The IRS allows you to take whichever deduction is more beneficial for your situation, regardless of which deduction you used in the past. Standard DeductionThe standard deduction is… Read More »Standard Deduction Vs. Itemized Deduction
Are you looking to open a business, or maybe even already own a business, and want to know what taxes you’ll be responsible for throughout each year? Here we have a guide of some of the most common taxes that businesses should keep on their radar. Please note that this list is not exhaustive of all taxes your business may be liable for, and it’s important to plan with your… Read More »Common Business Taxes
Here at Eiger, Lang & Company, we encourage all our clients to register for an Online Account with the IRS. Having an IRS online account is a safe and easy way for taxpayers to view specific details about their federal tax account. There are many features that are included with an IRS online account, such as accessing tax records, making and viewing payments, viewing or creating payment plans, viewing your… Read More »The Benefits of Creating an Online IRS Account
After most taxpayers file their annual tax returns, they usually don’t think about their taxes again until the next filing season. But what happens if you get a letter in the mail from the IRS, the State of New Jersey, or another state taxing authority during the year? The first step: don’t panic! There are a variety of reasons that you may have received a tax notice, and in most… Read More »I Received a Tax Notice. Now What?
In 2022, the State of New Jersey introduced the ANCHOR program, which looked back at taxpayers’ residency and income in 2019 to provide property tax and rent relief to residents of NJ. Now, NJ has begun mailing the 2020 NJ ANCHOR Program information to eligible homeowners and renters. You may be asking what steps you need to take next. We are here to outline those steps for you. If you… Read More »2020 NJ ANCHOR Program Updates
With the signing of the Inflation Reduction Act on August 12th, 2022, the tax credit for the purchase of electric vehicles got a nice makeover. Under the previous rules, certain qualified vehicles purchased offered a tax credit of up to $7,500 to eligible taxpayers. The amount of the credit was determined by various factors including the capacity of the battery used to power the vehicle and how many vehicles the… Read More »Inflation Reduction Act – Tax Credit for Electric Vehicles