Gideon Adler & Co., CPAs

10/11/2024

In case you've wondered about the intelligence of AI... DON'T

07/05/2024

SmartBoard - Anyone aware of a school selling used SmartBoards?
Or a dealer that can help me? (send referral to [email protected] or 201.791.6696)

12/28/2023

You may have seen or heard that your business can pay $13,850 W2 wages to your under-18 children with
a) no soc sec exp to your firm;
b) no soc sec exp to the children;
c) with Federal Standard Deduction of $13,850 they will not pay Federal Tax;
d) then fund their Roth IRA with $6,500 which will grow tax-free and not require RMDs.

My complaint about this strategy is that most small/family businesses are Sch C or LLC with no payroll. So the administrative cost of implementing a W2 payroll exceeds the tax-free benefits.

After my kids filed, organized, cleaned, and actually earned the wages, I paid them. My firm does have W2 payroll already in place. It took me over 4 hours with the help of customer support to implement this.

And I had to spend 3 more hours to find a Financial Institution that would open a Roth IRA for minors, not so easy. And still in process...

And now I need to transfer the funds....

01/26/2023

The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program replaces the Homestead Benefit.

01/26/2023

GET $1500 from NJ “Anchor Benefit”:
NJ is giving $1500 to homeowners or $450 to renters with 2019 NJ-AGI (line 29) under $250,000
Deadline to apply February 28, 2023

https://www.nj.gov/treasury/taxation/anchor/index.shtml

The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program replaces the Homestead Benefit.

01/13/2023

IRS efile will open on Jan 23. But we suggest you wait until you get your Correct 1099s from Brokers.

Be patient and prudent,

Two thirds of households received income-tax refunds last year, IRS statistics show.

01/11/2023

GOOD NEWS: We can now continue to lie, cheat, and steal from our Government with unabashed shame. Our Republican House of Representatives rescinded $70Billion out of the $80Billion that Biden allocated to the IRS.

In one of the first votes since Kevin McCarthy became House speaker, the chamber voted to rescind more than $70 billion in funding to the IRS.

10/21/2022

2023 Changes for 401 K and IRA

IR-2022-188: 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 Internal Revenue Service (IRS) sent this bulletin at 10/21/2022 12:05 PM EDT IRS Newswire October 21, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around T...

10/21/2022

IR-2022-188: 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 Internal Revenue Service (IRS) sent this bulletin at 10/21/2022 12:05 PM EDT IRS Newswire October 21, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around T...