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Passaic Accounting Tips

When should I deduct a credit charge?

You can deduct a credit charge in the year it was charged, rather than when you pay the bill. So if you charge a deductible expense on December 20th, but don't pay the credit card bill until January 17th, you should take the deduction for the prior year.

I can't afford to pay my taxes now. What should I do?

If you owe money on your tax return but you can't afford to pay it, don't fail to file timely. Instead, file the return timely and enclose what you can afford. Many taxpayer's do not realize that the penalty for "Failure to File" is 10 times greater than "Failure to Pay."

I was issued a 1099. What's my best course of action?

If you have self-employed income or you were issued a form 1099, you should strongly consider making a SEP contribution rather than and IRA contribution. A SEP contribution (Simplified Employee Pension) is fully tax deductible and can usually be larger in amount than an IRA. Further, the SEP gives you other options an IRA doesn't.

I took some courses this year to improve my work skills. Can the cost of those be deducted?

You can deduct certain educational expenses. In general if the education is required by your employer or is to improve your skills in your existing profession you can write it off. Nowadays, with the need for higher education to secure employment, this is a deduction that can save big bucks and should not be overlooked.

What should I do about charitable contributions?

If you make a charitable contribution of $250 or more, you should obtain written acknowledgement from the charity and keep it with that year's tax file. You do not have to enclose the receipt with your filing to the government. This is an ever changing area of the tax law.

What do I need to claim an exemption for my child?

If you have a child you must have his/her social security number in order to claim an exemption. This is true regardless of your child's age. You can contact Social Security at 1-800-772-1213. Make your life easy and just fill out the forms in the hospital when your child is born.

Though we try to answer the most common accounting questions here, there are always more questions when it comes to your personal finances. Give us a call so that we can answer all your questions based on your own financial situation and your needs.

Phone: (973) 389-1966


Passaic Accounting Services

Passaic Tax Management Services
Our tax preparation experts have many years of experience preparing taxes for our clients in the Paterson, Clifton, Passaic area, you can feel confident that your taxes are in the best of hands.

Passaic Accounting Services
As your business expands we are here to ensure that our services help you know where you were, where you are and where you will be. Our accounting specialists will guide you through planning your business strategies to help you grow.

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Events

  • 13th Annual Tax Update
    San Diego, CA
  • Tax Accounting Meeting
    New York, NY
  • Finance Summit
    New York, NY
  • Tax Aspects of Commerce
    Washington, DC