Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000 | info@capaldireynolds.com
My parents gave me a gift of $100,000. How do I pay the taxes due?
The good news is that you don’t owe any taxes on gifts that you receive. Gifts are not considered income for either federal or New Jersey income tax purposes. However, if you are making a gift, contact your accountant about any reporting requirements.
Many small businesses are taxed as S corporations because of tax benefits, such as the ability to avoid corporate tax on certain business earnings. Unlike C corporations, S corporations generally do not pay federal income taxes at the corporate level. Alternatively,...
Medical practices often face complex decisions regarding income and expense distribution among physicians. These decisions not only impact financial sustainability but also influence workplace dynamics and overall morale. This article delves into the essential...
The cannabis industry has come a long way in the last several years. Even though there are tax implications at the federal level as cannabis is still considered a controlled substance., there are now 38 states that have legalized cannabis/marijuana for medical and/or...
Our Firm again collected gifts for the Atlantic County Toys for Kids for the holidays. Thanks to the efforts of our volunteer extraordinaire, Maureen Wild, we outdid ourselves this year. Atlantic County Toys for Kids is run by a retired Atlantic County Sergeant. With...
If you’ve inherited an Individual Retirement Account (IRA), understanding the rules surrounding withdrawals is essential. The SECURE Act and SECURE Act 2.0 have introduced changes that impact how and when beneficiaries must withdraw funds. Whether you're inheriting as...
In September of 2023, we reported on the existing and pending legislation offering property tax relief to New Jersey homeowners and tenants . A Stay NJ Task Force was appointed to develop recommendations for “establishing and funding uniform property tax relief to all...