Each year, approximately $300B is donated to nonprofit organizations in the United States. Since these contributions can be taken as deductions on individual tax returns, it is no wonder that the IRS has enacted some reporting standards for the acknowledgment of these contributions.
Manufacturing companies are still looking for ways to solve the persistent worker shortages that have plagued the industry for years. While the origins of the deficit are not entirely clear, it’s believed baby boomer retirement coupled with a high number of young workers with a college education, has helped to fuel the issue.
Fiduciaries can make certain elections after the year-end that could affect the prior year tax returns for the trusts and estates, as well as those of the beneficiaries. These elections must be made on or before the 65th day after the close of the taxable year, which is Thursday, March 5, 2020, for the year ending December 31, 2019.
Before meeting with your tax accountant, it’s essential to review a list of required items necessary to complete the filing. While each taxpayer is different, both individual and business, there are standard items required for each to prepare the returns.
Over the years, the estate planning game has changed for the majority of taxpayers. Due to the increased exemptions, only 1,800 decedents will be required to pay an estate tax in 2019, but the need for planning continues.
You might have a great idea for a new app, device or service, but if you do not invest the time and resources to properly set up a company, you might not reap the benefits. As in any industry, tech startups must pay close attention to six key business principles in order to build the foundation for a successful venture:
A thorough year-end tax plan should always address retirement because retirement contributions and distributions can significantly impact your tax return. This year, reviewing your retirement plan is especially important.
The passion for serving others is what drives most New Jersey nonprofit boards, leaders, and team members. Whether delivering social services to at-risk youth, career transition education for the unemployed, or providing food and shelter to the homeless, almost every community has a need to be filled.