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New Jersey College Planning 908 889 4604

22nd December 2010
By Jessie Jenkins in Taxes
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http://duffycpacfp.com/page.jsp?content=Business&decider=sduffy2">07023 NJ Financial Planning

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
sean@duffycpacfp.com

Madison NJ Estate Administration
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Random Tax Facts for Businesses And Individuals



Selling Your Home

If you offered your main residence, you may be in a position to exclude up to $250,000 of achieve ($500,000 for married taxpayers filing jointly) from your federal tax return. To be eligible for this exclusion, your Homeshould have been owned by you and utilized as your primary Homefor a period of at least two out of the 5 many years prior to its purchase. If you and your husband or wife file a joint return for the year of the sale, you can exclude the acquire if both of you qualify for the exclusion. But both of you would have to connect the use test to claim the $500,000 maximum quantity.

To exclude acquire, a taxpayer should each personal and use the Homeas a principal residence for two of the 5 many years prior to the purchase. The two a long time may possibly consist of 24 full months or 730 days. Short absences, this kind of as for a summer vacation, count as periods of use. Deliver us a message for much more!
If you marketed your principal home, you may possibly be in a position to exclude up to $250,000 of acquire ($500,000 for married taxpayers submitting jointly) from your federal tax return.


Equally, right after a divorce, a lady who had taken her husband's name and had created that transform known to the SSA ought to speak to the SSA if she reassumes a previous title.

It's effortless to inform the SSA of a title transform by filing Form SS-five at a nearby SSA office. It normally requires two weeks to have the transform verified. The form is obtainable on the agency's Net web site, www.ssa.gov, by calling toll free of charge 1-800-772-1213 and at nearby offices. Alternatively, make sure you get in touch with us as we can be of even higher support with your spousal scenario. Newlyweds and the lately divorced should make certain that names on their tax returns match those registered with the Sociable Safety Administration (SSA). A mismatch in between a title on the tax return and a Sociable Safety quantity (SSN) could unexpectedly improve a tax invoice or decrease the size of any refund.



Are you anticipating a tax Refund from the Internal Revenue Service this yr? If you file a full and precise paper tax return, your Refund really should be issued in about 6 to 8 months from the date IRS gets your return. If you file your return electronically, your Refund really should be issued in about half the time it would acquire if you filed a daily news return - even faster when you select immediate deposit.
-800-829-3676).

Your company is needed to withhold federal income, Social Safety and Medicare taxes and to report the appropriate amount of your earnings to the Sociable Security Administration (which will have an effect on your rewards 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 properly reported!
Do you work at a hair salon, barber shop, casino, golf program, hotel or restaurant or drive a taxicab? The tip income you obtain as an worker from those services is taxable income, advises the IRS.

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based mostly enterprise activities. The deduction is limited to income arising from certified production actions in complete or in component primarily based in the United States. ·Manufacturing based in the United States,·Selling, leasing, or licensing objects that have been manufactured in the United States,·Selling, Leasing, or licensing motion photos that have been produced in the United Says,·Construction providers in the United States, such as constructing and renovation of residential and commercial properties,·Engineering and architectural companies relating to a US-primarily based construction project,·Software development in the United Says, including the improvement of video games.

If you have a company that falls into any of these categories and you are not looking at this deduction, you could be missing out on a useful tax break. Contact us to see if this deduction is for you.
If your company is engaged in a qualifying manufacturing exercise you might be in a position to consider a tax deduction for your U.S. based company actions.




? Information About IRS Notices
Information about IRS notices

It's a minute any taxpayer dreads. An envelope arrives from the IRS - and it's not a Refund check. But don't panic. Several IRS letters can be dealt with simply and painlessly.

The observe you receive typically covers a extremely distinct problem about your consideration or tax return. Most correspondence can be handled without calling or visiting an IRS office, if you follow the directions in the letter or discover. Nevertheless, if you have concerns, call the phone quantity in the upper proper-hand corner of the notice, or name the IRS at one-800-829-1040. Have a duplicate of your tax return and the correspondence available when you call so your accounts can be readily accessed.

If you do not recognize with the correction the IRS made, it is important that you respond as requested. Write an explanation why you disagree, and consist of any documents and information you wish the IRS to contemplate. Allow at least 30 days for a response.

Be sure to preserve copies of any correspondence with your data. It's a second any taxpayer dreads. Numerous IRS letters can be dealt with simply and painlessly.


? Charitable Contributions

Your donations can include up to a good tax deduction for your company or your personal taxes if you are a member of a flow-by means of company entity and itemize deductions on IRS Form 1040, Schedule A.

Right here are a handful of Tips to assist make certain your contributions shell out away from on your tax return:

IRS.gov has an exempt group search characteristic to aid you see if an organization is certified. Alternatively, speak to us for more!
When getting ready to file your federal tax return, don't forget your contributions to charitable organizations. Your donations can add up to a good tax deduction for your corporation or your personal taxes if you are a member of a circulation-through company entity and itemize deductions on IRS Form 1040, Schedule A. }
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