Strategic Tax Advice, LLC

01/10/2025

Featured Articles for January 2025 - https://www.strategictaxadvice.com/newsletter.php

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Unlocking the Potential Benefits of ESOPs
- Wouldn’t it be great if your employees worked as if they owned part of the company? An employee stock ownership plan (ESOP) could make that a reality.

Prepare for Resilience with a Business Continuity Plan
Companies without a disaster recovery or business continuity plan need only consider the aftermath of recent hurricanes. News reports estimated property damages from Hurricane Helene alone last year to be more than $59.6 billion, plus disruption of untold businesses and services.

4 Key Tax Questions About 2025 Taxes
- Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.

Tax Tips
- Married Filing Separately: When It May Make Sense
- A Better Way to Help with Tuition
- Business Mileage Rate Is Up for 2025

Tax Due Dates
January 15
Employers: Deposit nonpayroll withheld income tax for December 2024 if the monthly deposit rule applies.

Individuals: Pay the fourth installment of 2024 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income tax through withholding.

January 31
Employers: File 2024 Form W-2 (Copy A) and transmittal Form W-3 with the Social Security Administration.

Employers: File a 2024 return for federal unemployment taxes (Form 940) and pay any tax due if all the associated taxes weren’t deposited on time and in full.

Employers: Report Social Security and Medicare taxes and income tax withholding for the fourth quarter of 2024 (Form 941) if all of the associated taxes due weren’t deposited on time and in full.

Employers: Provide 2024 Form W-2 to employees.

Businesses: Provide Form 1098, Form 1099-MISC (except for those with a February 18 deadline), Form 1099-NEC and Form W-2G to recipients.

Individuals: File a 2024 income tax return (Form 1040 or Form 1040-SR) and pay the tax to avoid penalties for underpaying the January 15 installment of estimated taxes.

Take a look at our Tax Tips page. Strategic Tax Advice, LLC is a full service tax, accounting and business consulting firm located in the Mid-Atlantic region.

01/12/2023

The STA Tax Team:

Chris J. BoWell, CPA
Matt J. Clark, CPA
Ryan L. Shears, CPA

01/08/2023

Feature Articles from our Jan 2023 Newsletter:

- Getting Ready for the 2023 Tax Filing Season
- Individual Taxpayers: Tax Changes for 2023
- Businesses: Important Tax Changes in 2023
- Highlights of the Secure 2.0 Act of 2022

Make sure to subscribe to get these articles emailed to you monthly.

Take a look at our Tax Tips page. Strategic Tax Advice, LLC is a full service tax, accounting and business consulting firm located in the Mid-Atlantic region.

10/06/2022

For all you NJ Residents:

Check your mail over the next few days for the new 2019 NJ ANCHOR property tax relief program letter. You will need information in this packet to complete the application if you qualify to receive the benefit.

1. When is the application deadline?
The deadline is December 30, 2022.

2. Who is eligible for the ANCHOR program?
ANCHOR eligibility is as follows:
- Homeowners with incomes of $150,000 or less will receive $1,500.

- Homeowners with incomes more than $150,000 and up to $250,000 will receive $1,000.

- Renters with incomes of $150,000 or less will receive $450.

3. How do I apply?
Eligible homeowners can apply online, by phone, or upload or mail a paper application and necessary attachments using our electronic filing system. (WE SUGGEST YOU COMPLETE IT ONLINE)

Eligible renters can apply online, or upload or mail a paper application and necessary attachments using our electronic filing system (no phone option).

We suggest to everyone that meets all of the requirements to apply online at the link below. It should take about 5 mins to complete
https://www1.state.nj.us/TYTR_Saver/jsp/common/HBWelcome.jsp

Others that do not have internet access can apply by phone: 1-877-658-2972

Note you will need information off your 2019 New Jersey 1040 Tax Return > specifically line 29 - "New Jersey Gross Income"

If you are a client of ours, we ask that you email us over the confirmation number upon submission of the online/phone application.

If you have not received the letter yet or think you might of trashed it by mistake, you can attempt to look up your ID number and PIN online at the link below.

https://www20.state.nj.us/TYTR_Saver_Email/jsp/SaverEmailLogin.jsp

For any other general questions about the program please go to the link below:
https://www.state.nj.us/treasury/taxation/anchor/index.shtml

01/18/2022

Income tax time is just around the corner, the IRS will start accepting individual e-filed tax returns on January 24th, 2022 and has already begun accepting business e-filed tax returns. A lot has changed this tax season. Make sure you are not overpaying on your taxes or missing out on any individual/business tax credits that you might qualify for! $💸$

If you or anyone you know is looking for tax and accounting help this year, please make sure to reach out!

07/14/2021

If you received unemployment benefits in 2020, and filed your tax returns prior to the implementation of The 2021 American Rescue Plan which went into effect at the end of March 2021, you would not have received the exclusion of benefits up to $10,200 per recipient.

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

The IRS began processing these refunds today via direct deposits.

If I filed your tax returns for 2020. You can review the tax summary email I sent you to see if I commented on the exclusion of benefits. If not and you met the requirements listed above be on the lookout for the additional refund.

Note if you did not receive unemployment benefits in 2020, or if you did and you filed post March 2021, or your tax liability before this adjustment was already $0, this is not applicable to you.

IR-2021-71, March 31, 2021 — To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue P...