Marc Wasserman PC CPA

Marc Wasserman PC CPA We are a small firm dedicated to serving small businesses and high net worth individuals. We will C

📢 We’re Moving! 🚀We’re excited to announce that we’re moving to a new page!To stay connected and get our latest...
07/18/2025

📢 We’re Moving! 🚀

We’re excited to announce that we’re moving to a new page!
To stay connected and get our latest updates, please follow us here 👉 https://www.facebook.com/profile.php?id=61577880036693

Thank you for your support - see you on our new page! ❤️

The Big Beautiful Bill means higher deductions, permanent tax breaks, and less paperwork. More money in your pocket, les...
07/15/2025

The Big Beautiful Bill means higher deductions, permanent tax breaks, and less paperwork. More money in your pocket, less stress at tax time. Read our post to know more.

1, Higher Standard Deduction = More Money In Your Pocket
The standard deduction for 2025 has increased to
$15,750 for singles, $23,625 for heads of household, and $31,500 for joint filers.
This means more of your freelance income is tax-free, especially if you don’t have a ton of itemized deductions

2. Permanent 20% Qualified Business Income (QBI) Deduction
The 20% QBI deduction for pass-through income is now permanent.
If you’re a sole proprietor, LLC, or S-corp, you can keep deducting up to 20% of your freelance business profits, reducing your taxable income and giving you bigger savings every year.

3. Easier 1099 Reporting
The threshold for receiving a 1099-MISC form is now $2,000 (up from $600).
Less paperwork for side gigs and small freelance jobs, making tax time less stressful.

4. Tax Free Tips & Overtime
Tips and overtime pay are now exempt from federal income tax (up to $25,000 in tips, with some income limits).
Service-based freelancers - think gig workers, consultants, and creators—can keep more of what they earn in tips and overtime.

5. Expanded Write-Offs
Home office expenses, tech subscriptions, and even some professional development costs remain deductible.
New deductions for auto loan interest (up to $10,000) and expanded education/technology write-offs help freelancers invest in their businesses.

6. Bigger SALT Deduction
The cap on state and local tax (SALT) deductions is now $40,000 (up from $10,000).
Freelancers in high-tax states get more relief.

7. Better Financial Planning
With these changes made permanent, freelancers can plan ahead, invest in their businesses, and grow with more confidence.

🌐 cpafirmnj.com

In a world where tax rules never stop changing, you need more than just a tax preparer - you need a partner. At Wasserma...
07/08/2025

In a world where tax rules never stop changing, you need more than just a tax preparer - you need a partner. At Wasserman CPA, we’re here to handle the details so you can focus on what you do best.

💼 Individual & Corporate Taxation
📊 Bookkeeping & Payroll
✅ Audit & Attestation
🧩 IRS/State Resolution (98% success rate!)
🌍 Expat & International Taxation
…and so much more.

Join the Wasserman CPA family and experience financial solutions built around you — with integrity, expertise, and care.

👉 Ready to simplify your taxes? Contact us today!
🔗 https://cpafirmnj.com

Did you know a cost segregation study can help property owners accelerate depreciation and unlock HUGE tax savings? 🏢✨By...
07/03/2025

Did you know a cost segregation study can help property owners accelerate depreciation and unlock HUGE tax savings? 🏢✨

By reclassifying certain building costs, you can write off expenses faster — freeing up cash flow for new investments.

Is it worth it? For many, absolutely — especially for commercial or rental property owners.

✅ Want to know if this strategy is right for you? Follow us and book your consultation today!
🌐 cpafirmnj.com

Did you know you can rent out your home for up to 14 days a year and pay ZERO taxes on the income?✅ No reporting✅ No ded...
06/26/2025

Did you know you can rent out your home for up to 14 days a year and pay ZERO taxes on the income?

✅ No reporting
✅ No deductions
✅ No hassle

It’s called the 14-Day Rule, and it’s one of the easiest ways to make tax-free money - legally.

If you live near a major event or seasonal hotspot (think Super Bowl, Coachella, or a big conference), you can earn thousands in just two weeks and keep 100% of it.

Even business owners are using this by renting their home to their own company for retreats or meetings. 📈

Live in a high-demand area? This is your chance to cash in without the IRS taking a cut.

👀 Want to know how to use this strategy for your situation? Drop a comment or DM us!

🌐 https://cpafirmnj.com/

📝 Will You Pay Taxes on Money You Inherit?💼 Inheriting money or assets can feel like a blessing—but what about taxes? 🤔 ...
06/17/2025

📝 Will You Pay Taxes on Money You Inherit?
💼 Inheriting money or assets can feel like a blessing—but what about taxes? 🤔 Let’s break it down:

✅ No Federal Inheritance Tax!

The IRS doesn’t tax your inheritance directly. ✔️

⚠️ But Watch for State Taxes!

If the person you inherited from lived in:

📍 Iowa
📍 Kentucky
📍 Maryland
📍 Nebraska
📍 New Jersey
📍 Pennsylvania

…you might owe state inheritance taxes, depending on your relationship to them and the inheritance amount.

📊 Investment Income is Taxable!

If your inherited assets earn interest, dividends, or capital gains (like selling stocks or real estate), those profits can be taxed.

💡 Inherited retirement accounts (401k, IRA)? You’ll likely owe income tax on withdrawals (except Roth IRAs!).

🔍 Pro Tip:

A tax professional (like us!) can help you navigate these rules, minimize your tax burden, and make smart decisions with your inheritance.

📲 DM me for a personalized inheritance tax review!
cpasouthjersey.com

📌 Lost your EIN? Here's how to find it:✅ Check your IRS confirmation letter (CP 575)✅ Review past tax returns (Forms 104...
06/05/2025

📌 Lost your EIN? Here's how to find it:

✅ Check your IRS confirmation letter (CP 575)
✅ Review past tax returns (Forms 1040, 1065, 1120, etc.)
✅ Look at business licenses or permits
✅ Contact your bank—your EIN may be on account documents
✅ Call the IRS Business & Specialty Tax Line: 800-829-4933

🌐 cpasouthjersey.com

🚫🧾 Is there a special tax on overtime? Nope—not under federal law. But the myth still hangs around.Here’s the truth:👉 Al...
06/03/2025

🚫🧾 Is there a special tax on overtime? Nope—not under federal law. But the myth still hangs around.

Here’s the truth:

👉 All overtime earnings are taxed just like your regular wages.

There’s no separate “overtime tax”—but people often feel the pinch due to how marginal tax brackets + withholding work.

That said... 👀

💬 There’s growing chatter about changing the rules. Some proposed policies aim to reduce or eliminate taxes on overtime to encourage folks to work extra shifts without the extra tax hit. Nothing’s law yet, but it’s a conversation happening at multiple levels.

📌 For now: Overtime = taxable. But the future? Could be a different story.

🕒💰 “Why does overtime feel so heavily taxed?”Let’s break it down: it’s not the overtime—it’s how our tax system works. 👇...
05/30/2025

🕒💰 “Why does overtime feel so heavily taxed?”

Let’s break it down: it’s not the overtime—it’s how our tax system works. 👇

📊 Marginal Tax Rates:

The U.S. taxes your income in chunks. If your overtime bumps part of your income into a higher bracket, only that part gets taxed at the higher rate—not your whole paycheck. No penalty for working extra hours!

💸 Withholding & Refunds:

Your employer might withhold more from overtime checks, making it look like you’re losing more to taxes. But don’t stress—what’s withheld isn’t always what you owe. Many folks get that money back at tax time. 🧾💵

📍 State Taxes Vary:

Some states might hit harder than others. So if you’re wondering why your overtime feels taxed to death, your state’s rules might be playing a role.

Bottom line? Overtime feels taxed more, but it’s all part of the system—and chances are, you'll see it balance out later. 💼✨

🌐 cpasouthjersey.com

Running a restaurant is tough - don’t let taxes make it tougher.Let us help you keep more of what you earn.🌐 cpasouthjer...
05/26/2025

Running a restaurant is tough - don’t let taxes make it tougher.
Let us help you keep more of what you earn.

🌐 cpasouthjersey.com

🍁 Headed to Canada for a little maple syrup, moose spotting, and majestic views? 🇨🇦 Good news: most tourists don’t have ...
05/23/2025

🍁 Headed to Canada for a little maple syrup, moose spotting, and majestic views? 🇨🇦 Good news: most tourists don’t have to worry about Canadian income taxes—so long as your trip is purely for fun! 🧳✨

🚫 No taxes for:

✅ Sightseeing
✅ Visiting family
✅ Attending short events
✅ NOT earning money

But if you’re mixing in a little biz with your pleasure—like performing, speaking at a conference, doing remote work for Canadian clients, or even promoting products as an influencer—you could owe Canadian income tax. Yep, even if it’s just one gig! 💼📸🎤

Heads up: You’ll also see GST or HST added to most purchases (restaurants, hotels, souvenirs). Sorry—no big tax refunds there. 🍔🛍️🏨

📑 Pro tip: Tax treaties between Canada and the U.S. might reduce what you owe or prevent double taxation. But every situation is unique!

If you’re not sure whether your side hustle or short-term work counts, don’t guess—talk to the pros. We’ve got you. 💼👨‍💻

🌐 cpasouthjersey.com

✈️ Visiting the U.S.? You Might Be a Taxpayer Too 🇺🇸💸The U.S. may be your dream destination—but if you're earning while ...
05/20/2025

✈️ Visiting the U.S.? You Might Be a Taxpayer Too 🇺🇸💸

The U.S. may be your dream destination—but if you're earning while you're here, the IRS wants to know.

🎯 The rule is simple:

🧳 Just sightseeing? No tax.

🎤 Earning income? You could owe.

Here’s when taxes do apply:

🎭 Performing or working (artists, athletes, speakers)

🏡 Earning rental income from U.S. property

📈 Profiting from U.S. investments

📅 Staying long enough to meet the Substantial Presence Test

🛡️ There’s good news, though—TAX TREATY RELIEF IS POSSIBLE.

Canada and many other countries have treaties with the U.S. that help:

✅ Reduce or eliminate withholding taxes

✅ Prevent double taxation

✅ Clarify who gets to tax what

📄 You might need to file:

🔹 Form 1040-NR (non-resident return)

🔹 W-8BEN (to claim treaty benefits)

🔹 Form 8233 (for service-related exemptions)

If you’re unsure where you stand, you’re not alone—the rules are complex, but the right guidance makes all the difference.

📲 Contact Wasserman CPA for expert advice on cross-border tax issues. Let us help you stay compliant, and keep more of what you earn.

🔗 cpasouthjersey.com

Address

105 Creek Crossing Boulevard
Hainesport, NJ
08036

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 9am - 1pm

Telephone

(609) 265-1590

Website

http://wasserman.tumblr.com/, http://twitter.com/marc_wasserman

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