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Charitable donations – Cash vs In kind? Does a pledge count?

Based on numerous reports around three out of four Americans donate to charity on a regular basis. These donations if made to the appropriate organizations, tax-exempt organization by section 501(c)(3) of the Internal revenue code, then, you can deduct in your itemized deductions.  You can use the IRS tool for Tax Exempt Organization Search  Note

Impacted by a Ponzi scheme? You might be able to deduct the loss faster

In early January 2024, the IRS updated the post titled Help for Victims of Ponzi Investment Schemes which makes references to the 2009 related guidance. Note that this guidance was released a year after the Bernard Madoff scandal. In a normal case scenario if you have a loss in the value of a security (capital

Are you a visual person? Enjoy the 1) Tax burden by State and 2) American frustration with the tax system

If you are a visual person, probably, you are aware of Visual Capitalist, a website that contains great graphics in almost any topic (i.e. Economy, Wealth, Automotive, Healthcare, etc.). This website is always posting interesting graphs, tables and other visual elements. Recently, they posted two tax related ones that are worth mentioning: 1) What Frustrates

Victor Garrido, CPA, EA, our Managing partner, recognized as Forbes “Top 200 CPAs in America”

The Managing partner Victor Garrido has been recognized as one of the Top 200 CPAs in America in its first edition. As mentioned in Forbes, "CPAs are often called upon to fill the role of separating financial fact from fiction. A reliable CPA is a bodyguard for your accounting. And as with a bodyguard, the

By |2024-05-07T03:18:51+00:00May 7th, 2024|Categories: Business, Financial Education, Individuals|Tags: , , , |

Tax credits for college students

In the IRS Tax Tip 2022-123, the IRS reminds college students and any taxpayers that might claim them, that there are two education credits available for them: 1. American Opportunity tax credit Worth a maximum benefit of up to $2,500 per eligible student Only available for the first four years at a post-secondary or vocational

Employee Retention credit still available – Up to $26k per employee

The Employee Retention Credit (ERC) is a fully refundable credit that targets businesses with employees (w2s) in 2020 and 2021. These businesses must have been impacted by the pandemic, mainly either 1) reduction of sales (50% reduction in 2020 quarter versus 2019 quarter or 20% reduction in 2021 quarter versus 2019 quarter) or 2) partial

By |2022-06-03T15:47:29+00:00June 1st, 2022|Categories: Business, Financial Education|Tags: , , , , , , , , , |

Relevant sources to be informed in tax and accounting matters

Our partners and team members review daily articles, posts, etc. from  different sources (this is not a comprehensive list) and communications from other CPAs, EAs, accountants, and tax professionals. We have noted a faster pace of changes in the tax and accounting professional industry, with many examples in the recent years. Example 1 - Tax

By |2021-01-22T17:27:52+00:00January 23rd, 2021|Categories: Financial Education|Tags: , , , , , , |

Employee Retention Credit (Option if you do not get or apply for the PPP)

If you are not approved for the PPP or not applying for it, the Employee Retention Credit might be a great option for your business if you continue to have payroll costs. Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either:

By |2021-01-05T11:39:31+00:00April 26th, 2020|Categories: Financial Education|Tags: , , |

PPP for sole proprietors, independent contractors, and self-employed person

The Payroll Protection Program is available to sole proprietors, independent contractors, and self-employed persons, among other entities. There has been some confusion on this topic  and the clarification guidance was released around the same time the first round of PPP money ran out (April 15, 2020). Last Friday (April 23, 2020), there was signed a

By |2021-01-05T11:41:09+00:00April 26th, 2020|Categories: Financial Education|Tags: , , , |

NJDOL step by step document – Filing for unemployment for the self-employed (State of NJ)

Please, find attached a New Jersey Department of Labor (NJDOL ) step by step document - Filing for unemployment for the self-employed (State of NJ) UI_process_selfemployed final

By |2021-01-05T11:41:18+00:00April 26th, 2020|Categories: Financial Education|Tags: , |
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