April 15th may have come and gone but personal finances extends far beyond tax season. All too often individuals see it as a time to avoid “money talk” yet planning ahead can help with both short term and long term goals. Here are some areas you should continuously consider:
- Follow realistic savings and budgeting strategies uniquely designed to your resources and goals
- Bolster financial strengths while mitigating weaknesses through proper planning
- Keep an eye on future financial milestones (i.e. new home, college funding, retirement planning, etc.)
- Incorporate flexibility when budgeting to account for the unexpected
- Continuously monitor and adjust budgets and savings strategies regularly
These are just some of the ways you can create greater peace of mind and the good news is you don’t have to do it alone. CPAs, including our team at RS&Co., is here to help with internal checks throughout the year.
Many businesses take a breath after March 15th when 4th quarter taxes and 1st quarter estimates are no longer weighing heavily. However despite what may seem like a reprieve, it is also a good time for reflection and planning ahead for next month, quarter and even year. Considerations might include…
- Implementing a retirement plan
- Utilizing tax-free fringe benefits
- Evaluating business entity type
- Strengthening business banking relations
- Establishing a line of credit
These are just some of the areas companies can assess in order to optimize their business planning. Other internal checks including a year-over-year review of 1st quarter. How do profits compare? Are there any dramatic changes expected in revenue or expenses?Should credit cards be used for payments to improve cash flow?
All these questions and more center around one core premise – it’s never too early to start planning – and a member of the RSCO team is available to help.
Is your property assessed correctly? Is the Township using an outdated value? Why does it matter? Simply put… Higher assessment = Higher Taxes.
Whether it is a home, business or investment, property owners are often faced with this question and it is not uncommon for old or inaccurate values to be used. Good news ~ There is possible relief.
Property owners can file a tax appeal and for most of New Jersey the deadline is April 1st. The downside is that the onus of proving the assessed value vs. market value is unreasonable lands solely on the property owner. Having an expert appraiser to navigate the process is a key first step. Not only will they have access to sales data with in the municipality, they can help prepare reports for tax appeal filings and testify on the owner’s behalf with the latest sale and lease comparables.
If you are concerned that your property assessment is exaggerated or have questions, please contact any member of our team. We will help provide you with one of our NOW! network members.
As 2018 ends and the new year begins, it is once again tax time. For clients of RS&Co. that means you will be receiving a personalized 2018 Tax Organizer to get started. It includes:
- Personalized list of tax documents
- Directions for preparation and forwarding
- Engagement Letter for our services
- Client contact information form
Once you receive the 2018 Tax Organizer, please review and contact us if you have any questions or needs.
At RS&Co., we recognize not everyone who reads this e-newsletter is a client. We also know not all accounting firms are the same. This personalized tax organizer is just one of the ways RS&Co. helps ease and streamline what can be a stressful time of year. For those interested in learning more about our individual and business tax services, please contact any member of our team.
Not often do we think of the words “good news” when it comes to the IRS. But for those committed to putting money aside for retirement, the IRS is preparing a gift for 2019. On November 1st, they announced cost of living adjustments and changes to pension plan dollar limitations that impact those taking advantage of retirement-related benefits.
It has been five (5) years since we have last seen a change in annual contribution limits to an IRA. This will increase from $5,500. to$6,000. There will also be an increase for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, which will rise from $18,500. to $19,000.
In a year when the new tax code went into effect, these are just some of the highlights and changes as we look ahead to 2019. For how such changes will impact you, please contact us at (856) 273-1282.
What Medicare advice do you give your employees when they turn age 65?
For Douglas Lubenow, RHU, CLTC and his team at the Lubenow Agency/Senior Advisors, LLC, they are frequently asked to consult with companies and employees when they turn 65. Some of the questions include:
- Do I need to sign up for Medicare?
- Does my spouse need to sign up for Medicare at age 65?
- Is an employer allowed to move active employees off the group plan at age 65 if they are eligible for Medicare?
- Is an employer allowed to pay for an employee’s Medicare premiums?
With summer unofficially in the past, time to get back to business. Key on the list – Q3 estimated federal, state and/or local taxes.
Not all individuals are required to make quarterly payments. For example those with wages making up the majority of their income, the tax withheld should be sufficient. On the other hand, individuals who are self-employed or have a large amount of investment income could be subject to potential underpayment penalties if adequate quarterly estimated taxes are not paid. This year, the 2018 tax reform adds a new twist.
For more information or to schedule an individual review, please contact:
Joseph P. Greenfield, CPA