If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President. What […]

Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. The breakeven point is fairly easy to calculate using information from your company’s income statement. Here are the details. Analyzing your costs Breakeven can be explained in a few different ways. It’s […]

Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process — that is, an ongoing, idea-generating system aimed at adding value to your company’s bottom line. Let’s take a closer look at how […]

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by […]

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses […]

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the most significant changes. They generally apply to tax […]

This guide provides New Jersey veterans who have served our country with important information about federal and State program benefits, entitlements, and services available to them. New Jersey Property Tax Benefits Property Tax Exemption for Disabled Veterans War veterans and those who served in certain peacekeeping missions* are exempt from real estate taxes on their […]

The passage of the Tax Cuts and Jobs Act of 2017 sent people in highly taxed states scrambling to get their property taxes paid in 2017 before new limitations affected their deductibility in 2018. Will these property tax pre-payments be deductible in 2017? Well, that depends. New Jersey taxpayers need to be aware that the […]

Fraud costs companies 5% of their annual revenues each year, according to the most recent Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE). To illustrate what this means, the 2016 edition of the global fraud study reports that the median fraud loss among for-profit businesses was approximately […]