Tracey & Tracey CPAs

02/02/2021

We want to remind all of our clients and followers of the importance in protecting yourself against phising scams. A good resource to help aid in recognizing and avoiding potential scams can be found on the Federal Trade Commission webpage

Scammers use email or text messages to trick you into giving them your personal information.

07/12/2018

Upcoming tax changes in New Jersey:
http://www.njcpa.org/stay-informed/advocacy/new-jersey-budget

04/18/2018

https://www.washingtonpost.com/business/economy/irs-electronic-filing-system-breaks-down-hours-before-tax-deadline/2018/04/17/4c05ecae-4255-11e8-ad8f-27a8c409298b_story.html?noredirect=on&utm_term=.71f954080a81

The agency’s electronic filing system came back online early Tuesday evening after being down most of the day.

03/12/2018

With new tax rates and new withholding tables in place for 2018, it is recommended that taxpayers take a look at the updated form W-4, Employee’s Withholding Allowance Certificate.

Among the groups who should check their withholding are:
* Two-income families.
* People with two or more jobs at the same time or who only work for part of the year.
* People with children who claim credits such as the Child Tax Credit.
* People who itemized deductions in 2017.
* People with high incomes and more complex tax returns.

In the IRS link below, you’ll find a Withholding Calculator. We suggest you use this tool to help you fill out the new form W-4 (also provided in the link).

As always, with any questions or needed guidance in this, or any tax matter, please give our office a call at 609-927-9305. We’re here to help!

The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

03/01/2018

With the new tax law in place for 2018, there will be several changes in education for both students and parents. In the article below, some key changes in education are broken down into categories ranging from parents of young children to graduate students.
http://blog.getintocollege.com/new-tax-bill-passed-what-does-tax-reform-mean-for-students-and-parents/

Additionally, we thought it would be helpful to highlight two of the tax credits mentioned: The Lifetime Learning Credit and The American Oppurtunity Credit. To see if you’re eligible for these credits, please see the attached information sheets from the IRS website.
https://www.irs.gov/credits-deductions/individuals/llc
https://www.irs.gov/credits-deductions/individuals/aotc

The new tax reform bill has passed both houses of Congress. What do the changes mean for students, parents, and colleges? Learn more.

01/24/2018

Meals and Entertainment Business Expenses Changes Under New Tax Law

The new tax law implemented many changes to the deductibility of meals & entertainment expenses. Some expenses are no longer deductible and some that were 100% deductible are now only 50%. Businesses should keep the new rules in mind as they plan their 2018 meals and entertainment budgets and should think about how they are coding items with they categorize expenses on their books.

See below for a chart comparing some of the rules before and after the Act. Stay tuned for other updates on changes with the new tax law.

01/21/2018

Please join us for our free shred day this Saturday, January 27th!

01/11/2018

Tax season is in full swing here at Tracey & Tracey! The IRS has announced that filing season will begin January 29, 2018. However, we can begin to prepare your tax return as soon as we receive all of your necessary 2017 tax materials. If you have any questions, feel free to give us a call at: (609)927-9305.

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.

11/20/2017

Need clarification on whether a worker should be classified as an Employee or an Independent Contractor (IC)? Provided in the article below, the Department of Labor (DOL) identifies six points of evaluation to help you determine your worker’s status.

It is also important to pay attention to filing deadlines for 1099s/1096 (see below) and penalties associated with late filing, which can quickly add up if you don’t pay attention.

*IRS Deadline Reminder: 1099-MISC IRS Deadline for 2017 is January 31, 2018*

There are a variety of reasons that an employer might want to classify a worker as an independent contractor (IC). The most compelling are usually the tax savings and the administrative time savings of not having to put that individual on the payroll. Often employers believe that if they hire a temp...