FIRM1040 - Tax & Accounting

FIRM1040 - Tax & Accounting We provide wealth-building tax expertise to mass affluent singles, power couples and small business owners so they can ultimately save enough for retirement.

FIRM1040 is a New Jersey-based CPA firm specializing in strategic tax planning and compliance for business owners and high-earning individuals. We work with S-corps, partnerships, corporations, and professionals with complex income to reduce tax exposure, improve clarity, and support long-term financial goals. Our approach goes beyond tax preparation. We provide proactive planning, entity structur

e guidance, and year-round advisory support designed to help clients keep more of what they earn and avoid costly surprises. FIRM1040 serves clients throughout New Jersey who value accuracy, transparency, and strategic guidance from an experienced CPA.

Waiting until tax season to plan your taxes could mean missing out on strategies that save you thousands.Early tax plann...
03/15/2026

Waiting until tax season to plan your taxes could mean missing out on strategies that save you thousands.

Early tax planning helps you identify deductions, avoid surprises, and make smart financial moves before deadlines hit.

Don't let procrastination cost you more than you think—start your tax strategy now to keep more of what you earn.

Schedule your free proactive tax planning session today to protect your wealth and gain clarity. www.firm1040.com

03/13/2026

Many business owners are surprised when their profits increase and their tax bill jumps even faster.

Here’s why.

When your business income grows, you don’t just pay income tax.

You may also trigger:

• Self-employment tax (15.3%)
• Higher marginal tax brackets
• Phaseouts of deductions like the Qualified Business Income deduction
• Additional state tax exposure

For example, a business earning $200,000 may owe significantly more tax if that income isn’t structured properly.

This is where proactive planning matters.

Strategies entrepreneurs often evaluate include:

• S-corporation elections to manage payroll taxes
• Retirement contributions through Solo 401(k)s
• Timing income and expenses between tax years
• Structuring owner compensation strategically

Tax compliance reports the past.

Tax planning shapes what happens next.

Most entrepreneurs think taxes are about filing returns.They’re not.Taxes are about timing, structure, and thresholds.Fo...
03/12/2026

Most entrepreneurs think taxes are about filing returns.

They’re not.

Taxes are about timing, structure, and thresholds.

For example:

If your business earns $200,000, the way that income is structured can change your tax outcome significantly.

Depending on entity structure, that income could be subject to:

• Self-employment tax (15.3%)
• Payroll taxes
• Qualified Business Income deduction limits
• State tax exposure

This is why planning matters.

With proper strategy, entrepreneurs may evaluate:

• S-corporation elections
• Retirement contributions through Solo 401(k)s
• Income timing between tax years
• Deductible business expense structuring

Tax compliance reports what already happened.

Tax planning determines what happens next.

Understanding that difference is where most savings occur.

03/10/2026

Life events change your tax exposure more than most people realize.

Selling a business, expanding operations, exercising stock options, or buying investment property can dramatically shift your tax outcome.

Here’s why planning matters:

When income spikes in a single year, it can trigger multiple layers of tax:

• Higher marginal income tax brackets
• Net Investment Income Tax (3.8%)
• Additional Medicare tax
• Phaseouts of deductions and credits

For example, selling a business without planning can trigger:

• Capital gains tax
• Depreciation recapture
• State tax
• NIIT

But with planning done before the transaction, strategies may include:

• Installment sale structuring
• Opportunity Zone reinvestment
• Charitable remainder trusts
• Timing of deductions or income recognition

The difference between reacting and planning can be hundreds of thousands of dollars.

Tax compliance reports the past.
Tax planning shapes the outcome.

If you want clarity on how current tax rules apply to your income and financial decisions:

www.firm1040.com

New tax rules are quietly changing how high earners should plan.Income thresholds shift.Certain deductions phase out.Cre...
03/09/2026

New tax rules are quietly changing how high earners should plan.

Income thresholds shift.
Certain deductions phase out.
Credits disappear faster as income rises.

If you don’t plan around those thresholds, you can end up paying more tax than necessary.

Smart tax strategy isn’t about finding random deductions.
It’s about structuring income, investments, and business decisions with the tax code in mind.

For many professionals and business owners, small planning decisions can mean thousands saved — or lost — each year.

If you want clarity on how current tax rules apply to your income and financial decisions, schedule a proactive planning session.

Tax law changes aren't just about rates—they reshape how executives receive compensation and benefits.Understanding thes...
03/07/2026

Tax law changes aren't just about rates—they reshape how executives receive compensation and benefits.

Understanding these shifts can protect your earnings and improve your financial strategy. Don't let surprises cut into your rewards.

Ready to navigate the new rules with confidence? Let's talk about what they mean for you.

Gain clarity on how current tax laws actually apply to your income and financial decisions. www.firm1040.com

Seniors, don't miss out on the new tax deduction designed just for you.Here's a simple step-by-step guide to help you cl...
03/06/2026

Seniors, don't miss out on the new tax deduction designed just for you.

Here's a simple step-by-step guide to help you claim it and reduce your tax burden this year. Understanding these steps can save you significant money and improve your financial clarity.

Need personalized help to get the most from your benefits? Reach out—let's make your taxes work smarter for you.

Gain clarity on how current tax laws actually apply to your income and financial decisions. www.firm1040.com

03/04/2026

The SALT deduction cap increase might seem like a win—but it's more nuanced than that.

While the new $40,000 limit offers relief compared to the previous $10,000 cap, your overall tax burden depends on how your state and local taxes interact with other deductions and income sources. For business owners, there's a strategic workaround to maximize deductions through pass-through entities—something many overlook.

Understanding these details can save you thousands. Need help navigating these changes? Let's talk strategy.

Gain clarity on how current tax laws actually apply to your income and financial decisions. www.firm1040.com

Payroll tax updates can feel overwhelming, but missing the details could cost your business more than you think.Here's w...
03/02/2026

Payroll tax updates can feel overwhelming, but missing the details could cost your business more than you think.

Here's what every business owner needs to know to stay compliant and improve tax outcomes:
• Understand which payroll taxes have changed and how they affect your liabilities
• Adjust your payroll systems promptly to avoid penalties
• Plan ahead with strategic tax advice tailored to your business

Need help navigating these changes? Reach out for a clear, actionable plan that protects your bottom line.

Gain clarity on how current tax laws actually apply to your income and financial decisions. www.firm1040.com

02/28/2026

The estate and gift tax exemption rules are shifting—and the clock is ticking.

Right now, you can shelter up to nearly $14 million per individual from estate and gift taxes. But that exemption is expected to be cut by half soon, drastically increasing potential tax liabilities.

If you're a high earner or business owner, proactive planning today can protect your wealth tomorrow. Let's talk strategy before the changes take effect.

Gain clarity on how current tax laws actually apply to your income and financial decisions. www.firm1040.com

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28 Valley Road
Montclair, NJ
07042

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Tuesday 9am - 9pm
Wednesday 9am - 9pm
Thursday 9am - 9pm
Friday 9am - 9pm
Saturday 9am - 9pm

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+19733397773

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