Aumack, Gregor & Associates

01/03/2025

HAPPY NEW YEAR!

Reminding you that 1099's are required to be filed by January 31st. Any independent subcontractors that your business paid more than $600 during 2024 should be issued a Form 1099 NEC.

The IRS recently reintroduced Form 1099-NEC, used to report non-employee compensation paid to independent contractors or freelancers. Here's how it works.

11/27/2024

With the holiday season upon us, you may be thinking about gifting a family member money and are curious if it will affect either of your tax returns. You will be happy to know, that the gift is non-taxable to the recipient and not a deduction for you. The 2025 annual gift tax exclusion is up to $19,000 per person!
Maybe your daughter needs some extra cash to do some home renovations or buy a new car; as a married couple you can each gift her $19,000 during the year for a total of $38,000 to help her out.
There is also no need to stress if you choose to (or need to) gift an amount greater than the annual exclusion amount. Your lifetime gift tax exclusion is $13.99 million.

BrightPersonal FinanceWealth ManagementTaxWhat You Need to Know About Gift Taxes in 2025CopyFacebookXTruthGettrLinkedInTelegramEmailSaveMost people don’t pay a gift tax because of the exceptionally large lifetime gift tax exclusion. Jack_the_sparow/ShutterstockBy Javier Simon11/23/2024Updated: 11/...

11/19/2024

Why wait until the day you apply for Social Security to find out what you will be receiving. Visit the Social Security website today and create an account. After creating an account, you can view your Earnings History, see how much you could receive at Early Retirement, 'Normal' Retirement, or Delayed Retirement. This is a great first step to start planning for retirement!

Provides information and links to Social Security's online services.

11/15/2024

The IRS offers a free online account to access your individual account information including current balance owed, tax payments made, tax records & transcripts, Identity Protection PIN and more. We recommend that every taxpayer create their own online account. Having access to this account let's you review your own IRS history and helps us help you should you run into any issues with the IRS.
Follow the link below to create your account today!

Sign in or create an online account. Review the amount you owe, balance for each tax year, payment history, tax records and more.

11/11/2024

Happy Veteran's Day! Thank you to all who have served.
Did you know you are eligible for a $6,000 exemption on your New Jersey Income Tax Return!? See the link below for more information.

New Jersey Division of Taxation, Income Tax Exemption for Veterans

03/04/2022

Wondering what to do on this fine Friday night? You can read this article about the IRS's new ruling on Paypal and Venmo sending out 1099s.

The IRS recently announced that payment apps such as PayPal, Venmo and CashApp will be required to issue 1099s to small businesses and self-employed persons. The problem is these taxpayers don't have accounting departments and professionals to rely on.

02/02/2022

There are not many places you'll read "IRS" & "Cool" in the same sentence but here we are 😎

The IRS has a cool feature where you can log in to your Online Account and access 5 years of filing history! Your account will show any balances you owe, you can make payments, access transcripts, view Stimulus Check Payments or Child Tax Credit Payments, view digital copies of certain notices, and more!

We highly recommend creating an account - follow the link below!

Get instructions on your online account. Review the amount you owe, balance for each tax year and payment history.

02/01/2022

📢TAX TIP OF THE DAY:

For those of you who received unemployment benefits during 2021: Unlike the prior year, there will NOT be a tax break on your unemployment income! The full amount of your unemployment will be taxed. If you didn't have enough withheld you might receive a smaller refund or even owe.

01/25/2022

As if the IRS wasn't already slow to reply, the pandemic put an unprecedented burden on the agency that they haven't been able to dig their way out of yet. This could be the hardest year yet dealing with the IRS BUT there are ways we can try to make it go as smooth as possible ..

Americans can start filing taxes today. But the IRS is still facing tax return backlogs and staff shortages.

01/25/2022

Looks like we haven't posted since July 😱
Took a small hiatus from posting to recharge our brains but we are back to keep you updated through tax season!

The only thing you missed is we are now MAT Accounting LLC.
Same location, same services, same Michael Tartza here for all your accounting questions!!

07/23/2021

https://www.cpapracticeadvisor.com/tax-compliance/news/21231483/top-questions-about-the-2021-child-tax-credit

The American Rescue Plan Act included changes to the child tax credit that were designed to benefit certain taxpayers; however, some of these changes are now causing confusion and anxiety for many. The American Institute of CPAs (AICPA) recognizes the ...

06/24/2021

https://www.journalofaccountancy.com/news/2021/jun/child-tax-credit-new-portal-opt-out-of-advance-payments.html

A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.