Abundant Wealth Planning LLC

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Mountainside New Jersey 07092

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  • Business
  • Abundant Wealth Planning LLC
  • Phone Number
  • 908-789-8407
  • Location
  • 1268 Poplar Ave
    Mountainside, NJ 07092
    United States of America

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Abundant Wealth Planning LLC Member Articles


Understanding The Basics of Estate Income Tax After The Death of a Loved One

There are many changes after the death of a loved one, including changes in tax obligations. Unfortunately, it's easy to be overwhelmed by these changes. There are new reporting...


Essential Tax Tips for Recently Divorced

For people that have combined their finances with their partner over the years, having to file your taxes alone might be a shock. However, there is enough information to make filing...


What To Do In Case of Non-compliance With The Tax Filing Deadline

If you can't file your federal income tax return by the due date, you can usually get more time by requesting an extension. To avoid penalties, you will need to complete Federal...


Does Credit Card Statement Suffice as Receipt for Taxes?

During tax filing, it is not compulsory to submit a receipt or any other paperwork to prove your deductions. However, when you get an audit deduction, you need to verify your expenses...


Essential Tips to Know About International Tax Planning

Every individual working and earning money offshores will always have to think about international taxes. This is reasonable as market globalization gave birth to a pretty complex...



How Does an LLC (Limited Liability Company) Pay Income Tax?

An LLC (limited liability company) is a form of business organization recognized by all states. Forming an LLC provides limited liability protection to owners (called "members")...


US Employment in Puerto Rico: Tax Implications You Should Know

The federal insurance Contribution Act (FICA), alongside FUTA (the Federal Unemployment Tax Act), made it compulsory for employers in Puerto Rico to pay taxes. As a result, employers...




ITIN Number (all you need to know)

Do I need an ITIN? If so, how do I get one? Does it expire? What do I need to know about ITIN and my tax return? These are frequently asked questions that arise each year as tax season...



How Certain Types of Pension Income Are Taxed

When planning your retirement, it's fun to contemplate all the trips, the golf courses, and the restaurant meals that lie ahead. You deserve it! However, many retirees ignore the...


The Coronavirus & Home Office Deductions

2020 was an extraordinary and challenging year. A Stanford University study found that around 40% of the U.S. workforce is now working full-time from home because of COVID-19. This...


IRS Voluntary Classification Settlement Program

The IRS' voluntary Classification settlement program offers taxpayers an opportunity to reclassify workers as "employees" for tax with the hope of getting limited tax...


An Insight into Tax Planning

We define tax planning as the process of analyzing a financial situation to make sure that you engage every essential and lawful element to make it possible to pay the minimum tax...



What are Medicare Taxes?

If you've ever taken time to look at your earnings statement from a job, you've probably noticed some tax withholding. As part of its general payroll taxes, the federal government...



Tax Concerns When a Nonprofit Organization Earns Money

The sole essence of a nonprofit organization is not to make money; instead, they fulfill other purposes as stated by the law: charities, scientific, educational, or literary. Considering...


Condemnation and Your Taxes

What happens when the government reaches out lawfully or forcefully to take over your private property? Does a property owner get compensation for the takeover, and if they do, what...


Understanding Premium Tax Credit Form 8962

People that do not have health insurance in 2020 will not be subjected to a penalty. Taxpayers need not report their health insurance on their return except either you or a member...


What is a Defined Benefit Plan?

A defined benefit plan is an employer-sponsored pension plan in which benefits are calculated using a formula that considers various factors, such as salary history and length of employment....


Understanding The Differences in Passive & Non-Passive Activities and Examples

Uncle Sam defines passive activities as a business venture you are not actively involved in. For the purpose of tax, income can be grouped into two categories according to the IRS...


Understanding Your Rights as a Taxpayer

Taxes are an integral part of any economy. As a responsible taxpayer, you are supposed to pay your taxes and file your returns on time. While these are important exercises, most people...


What Is Dividend Income and How to Report It

Uncle Sam believes that dividends are taxable income. As a result, no matter the amount, it is imperative you report them on your returns. Dividends can be considered as your...


Can You Claim Your Medical Expenses on Your Taxes?

If you or your family members have ever been to the hospital or had other expensive medical or dental bills, keep these receipts as they can help you lower your taxes. You can use...


Understanding Form 1099-CAP / Changes in Corporate Control and Capital Structure

Form 1099-CAP from the IRS is one of the series of the 1099 forms available from Uncle Sam. They use this to report transactions and payments from nonemployee. Whenever there is a...


Wage Cap for 2021 Rises for Social Security Payroll Taxes

From the beginning of 2021, the highest earnings that will apply to the SS (Social security) payroll tax will rise from 137,700 to 142,800 dollarsAccording to the increase in the national...


How Taxation of Foreign Investments Works

Diversification in this present world is way more than having shares in a series of companies. Several investment experts recommend having investments in various parts of the globe....


How To Collect a Bigger Refund

Are you sure that you’ll collect your full refund this Tax year?  Misfiling your taxes or not being aware of the opportunities available to you can result in a smaller refund...


Tax Implications of Renting a Room in Your Home

Owning a vacation home or a main dwelling in a location frequented by vacationers opens you up to income options like vacation rental, or temporary rental.  With online markets...


Premium Tax Credit

Due to the Affordable Care Act (ACA), millions of Americans are entitled to a premium tax credit that helps pay for health coverage. This question and answer explain who qualifies...


What Is a Withholding Tax?

A withholding tax is an amount that an employer takes from its employees' wages and pays it directly to the government. The amount withheld is an income tax credit that the employee...


Small Businesses Deductible Expenses

There are many different expenses that small businesses are allowed to deduct on their annual tax returns. These deductions vary from business to business; however, the standard deductions...


How to Estimate Your Tax Bracket

Getting your taxable income is not a straightforward process. You have to sum all your income from various sources and remove your allowable deductions. For people that want to avoid...


How Bonuses Are Taxed

Quite a lot of companies hand out bonuses as rewards and incentives for work done through the years. Employees that have contributed their quota towards the advancement of the firm...


How to Retire Without a Mortgage

There are many expenses you will likely be faced with on retirement. One of the biggest is housing. Carrying mortgage debt to your retirement might be uncomfortable as you are on a...


Understanding Form 8888 and all it Entails

The Internal Revenue Service (IRS) Form 8888 is designed to allow taxpayers to divide their tax refunds into different financial accounts – up to three. It also helps them buy...


What to Expect During an IRS Audit

While the chances of being audited are slim, there is a possibility. The higher your income, the higher the probability of getting an audit. Many people dread an IRS audit; however,...


A Brief History of US Taxes

You know the saying that says, "Nothing is certain in life except death and taxes." While this may be true, taxes tend to be more complicated and extremely inconsistent....


Hobby, Trade, or Business in the United States? Why it is important to know the difference

Everyone seems to have side hustles these days, but is your side hustle a hobby, trade, or a business? Even if you consider your hobby business in the United States, the IRS may disagree...


Get To Know Heroes Act and What It Means For You

To help consumers weather the economic downturn caused by the current COVID-19 pandemic, federal stimulus checks directed by the CARES Act in March are distributed which most of the...


Why You Should Pay Your Taxes Early

In late January of every year, the IRS will start accepting your annual income tax filing. From year to year, the specific date will vary; on January 27, 2020, the IRS began to take...


The Benefits of Defined Pension Plan to Small Business

As a small business owner, it might be a smart move creating pension plans for your employees. In this article, you will know the benefits it will give to both you and your employer. Small...


The Secret to Earning Bitcoin Tax-Free

You’ve probably heard of rumors going around saying cryptocurrency returns are going to be used to fund early retirements. However, there may be one important thing you may have...


How to Protect Your Financial Health If You Have Student Loans

Student loans have become a main concern on the 2020 Presidential campaign track and these loans are a huge part of the discussion about Millennials and Gen Z’s financial possibilities....


The Tax Refund Schedule: When will you receive the tax refund?

You've done the hard work, filed your taxes, and now expect a refund. It's time to wait. But how many days, weeks or months do you have to wait? It depends. We will explain...


Tips for Smart Retirement Investments

Many people spend their adult years working and saving for retirement. But after hanging up your hat, you don't necessarily have to stop at savings and investments. However, the...


IRS Extends Filing Deadline and Unlimited Tax Deferral

As the number of COVID-19 confirmed cases continues to increase in the United States, the federal government is taking steps to reduce the impact on taxpayers. In particular, the Internal...


IRS Red Flags: What are they?

IRS lacks funds and employees and that is the reason why most of the tax returns are being ignored. However, according to a report from Kiplinger, if you have foreign assets, income...


When is the Best time to claim social security benefits?

The Ideal Age in Filing for a Social SecurityDetermining the perfect time to file for Social Security is not easy. You will get your money sooner if you file early but as a result,...


Tax Deductions: Is Education Fees Deductible?

Going to college seems to be more expensive each year. The preparation, schooling, internship, and accommodation of a student attending a four-year public establishment cost a fortune....


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