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Mountainside New Jersey 07092
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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...
Posted by Abundant Wealth Planning LLC on 06/18/2021
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...
Posted by Abundant Wealth Planning LLC on 06/11/2021
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...
Posted by Abundant Wealth Planning LLC on 06/06/2021
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...
Posted by Abundant Wealth Planning LLC on 05/30/2021
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...
Posted by Abundant Wealth Planning LLC on 05/24/2021
Young Americans struggling with debt could have nasty additional tax surprises this year.From the need to pay taxes on canceled debt to reduced deductions for non-repayable loans,...
Posted by Abundant Wealth Planning LLC on 05/19/2021
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")...
Posted by Abundant Wealth Planning LLC on 05/07/2021
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...
Posted by Abundant Wealth Planning LLC on 04/30/2021
In general, home improvements are not tax-deductible, but there are three main exceptions: capital improvements, energy efficiency improvements, and health-related improvements.If...
Posted by Abundant Wealth Planning LLC on 04/27/2021
Saving for retirement as an entrepreneur can be complicated and expensive, but it doesn't always have to be. If you are an entrepreneur, several retirement accounts can be easily...
Posted by Abundant Wealth Planning LLC on 04/21/2021
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...
Posted by Abundant Wealth Planning LLC on 04/09/2021
All businesses have to pay different types of taxes, some easier to understand than others. Corporate taxes are of different types: federal, state, and local.There are also different...
Posted by Abundant Wealth Planning LLC on 03/28/2021
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...
Posted by Abundant Wealth Planning LLC on 03/22/2021
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...
Posted by Abundant Wealth Planning LLC on 03/09/2021
The IRS' voluntary Classification settlement program offers taxpayers an opportunity to reclassify workers as "employees" for tax with the hope of getting limited tax...
Posted by Abundant Wealth Planning LLC on 03/01/2021
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...
Posted by Abundant Wealth Planning LLC on 02/23/2021
The IRS has updated and revised its revenue procedures governing determination letters, letter ruling, and other guidelines, including guidelines on employee benefit plans. These income...
Posted by Abundant Wealth Planning LLC on 02/17/2021
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...
Posted by Abundant Wealth Planning LLC on 02/12/2021
When my friend doesn't pay me for a meal we promised to split the bill, it's called losing a friend's trust. When my employer does not reimburse a business expense that...
Posted by Abundant Wealth Planning LLC on 01/31/2021
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...
Posted by Abundant Wealth Planning LLC on 01/27/2021
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...
Posted by Abundant Wealth Planning LLC on 01/19/2021
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...
Posted by Abundant Wealth Planning LLC on 01/07/2021
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....
Posted by Abundant Wealth Planning LLC on 01/01/2021
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...
Posted by Abundant Wealth Planning LLC on 12/26/2020
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...
Posted by Abundant Wealth Planning LLC on 12/21/2020
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...
Posted by Abundant Wealth Planning LLC on 12/15/2020
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...
Posted by Abundant Wealth Planning LLC on 11/30/2020
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...
Posted by Abundant Wealth Planning LLC on 11/25/2020
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...
Posted by Abundant Wealth Planning LLC on 11/19/2020
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....
Posted by Abundant Wealth Planning LLC on 11/09/2020
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...
Posted by Abundant Wealth Planning LLC on 10/29/2020
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...
Posted by Abundant Wealth Planning LLC on 10/22/2020
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...
Posted by Abundant Wealth Planning LLC on 10/15/2020
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...
Posted by Abundant Wealth Planning LLC on 10/01/2020
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...
Posted by Abundant Wealth Planning LLC on 09/28/2020
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...
Posted by Abundant Wealth Planning LLC on 09/18/2020
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...
Posted by Abundant Wealth Planning LLC on 09/14/2020
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...
Posted by Abundant Wealth Planning LLC on 08/30/2020
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...
Posted by Abundant Wealth Planning LLC on 08/24/2020
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,...
Posted by Abundant Wealth Planning LLC on 08/20/2020
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....
Posted by Abundant Wealth Planning LLC on 08/07/2020
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...
Posted by Abundant Wealth Planning LLC on 07/24/2020
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...
Posted by Abundant Wealth Planning LLC on 07/17/2020
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...
Posted by Abundant Wealth Planning LLC on 07/16/2020
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...
Posted by Abundant Wealth Planning LLC on 07/09/2020
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...
Posted by Abundant Wealth Planning LLC on 06/23/2020
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....
Posted by Abundant Wealth Planning LLC on 06/23/2020
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...
Posted by Abundant Wealth Planning LLC on 06/15/2020
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...
Posted by Abundant Wealth Planning LLC on 06/15/2020
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...
Posted by Abundant Wealth Planning LLC on 05/17/2020
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...
Posted by Abundant Wealth Planning LLC on 04/03/2020
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,...
Posted by Abundant Wealth Planning LLC on 04/03/2020
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....
Posted by Abundant Wealth Planning LLC on 02/27/2020
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