Newburg Staff Writers-March 2, 2021 (4:00 PM) The tax filing deadline for Individuals, C Corporations, and most Trusts is quickly approaching. Please note that Newburg | CPA is working expediently on the returns for those clients who have already provided the materials to complete the preparation of their tax [...]
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: [...]
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What [...]
Newburg Staff Writers-February 15, 2021 (9:00 AM) A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The donor is generally responsible for reporting these gifts via an annual gift tax return (along [...]
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should [...]
Be sure to view the recorded webinar (link provided below), which took place Friday, February 5th at 1:00PM (EST). The webinar featured David Natan of Newburg CPA, Tim Quin of HUB International and Jeff Plakans of Commonwealth Payroll & HR, for a panel discussion moderated by HUB’s Marc Mingolelli, [...]
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to [...]
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it’s important to properly account for [...]
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric [...]
As a formal estate planning term, “tangible personal property” likely won’t elicit much emotion from you or your loved ones. However, the items that make up tangible personal property, such as jewelry, antiques, photographs and collectibles, may be the most difficult to plan for because of their significant sentimental [...]
