It is important for people to save money regularly, beginning as soon as possible. Doing so can develop a healthy habit that assists you in the future. No one can predict the future. Saving money can help to make sure you are financially secure and have a safety net in the event that you meet […]
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In 2017, a new tax legislation was enacted. This rewrites many sections of the tax code. However, the one part that remained the same is the tax on net investment income. However, there are different ways you can minimize the impact by taking timely action. Net Investment Income Usually, the net investment income tax is […]
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When a couple becomes serious or gets married, they often join their finances. If this decision is made, it is important for them to keep good financial standing together and not hinder one another. In order to do so, it is important for a couple to make financial goals together. These goals can make it […]
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Maintaining good finances throughout life is a very important thing to do. It allows individuals to have a good credit score, which is a three-digit number that proves how likely they are to repay any debts they may accrue during their life. A credit score has the ability to affect lives in many ways. It […]
Read MoreIt has been a year since President Trump signed into law the Tax Cuts and Jobs Act (TCJA). As outlined below, these sweeping new tax provisions are complex and extra time and resources are required to ensure we properly report each applicable tax situation. Tax Forms Have Changed and/or Have Additional Schedules. To accommodate the many changes […]
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The Treasury Department and the IRS have issued final regulations and three related pieces of guidance, implementing the new and very complicated qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to […]
Read MoreDespite the government shutdown, the IRS has confirmed that it will process tax returns beginning Jan. 28, 2019, and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this […]
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1099 FORMS ARE NOT OPTIONAL – THEY’RE REQUIRED BY LAW- Werdann DeVito LLC wanted to provide this reminder to ensure that you meet your obligation for all 2018 payments to unincorporated individuals and businesses of $600 or more (rents, services, prizes, attorney fees, etc.). The IRS is increasingly focusing their attention in this area since it […]
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The New Jersey Tax Amnesty program begins Nov. 15, 2018, and ends Jan. 15, 2019. During this period, taxpayers have the opportunity to file past tax returns and/or pay back taxes along with half of the interest due and no penalties as of Nov. 1, 2018. Amnesty only applies to individuals or businesses with outstanding […]
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If you have recently retired from the workforce, you are entering an exciting new chapter of your life. After working hard for so many years, it is important to spend time figuring out a plan for the next stage of life. One of the factors that are important to take into consideration is how your […]
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