Understanding the Basics of Charitable Giving
There’s a reason why nonprofits devote so much time and energy to end-of-year fundraising campaigns. According to Network for Good, 30 percent of all charitable giving happens during the month of December. In fact, 12 percent of all giving happens in the final three days of the year. While many people are in a giving […]
Have You Reviewed Your Business Processes Lately?
When a customer calls your business with a question about your product or service, or a problem that needs to be resolved, what happens? Who fields that call? How is the call routed based on the customer’s question? What information should be collected? How is that information recorded and reported? Or does the person who […]
Are You Tracking Mileage and Travel Expenses the Right Way?
If there’s one task at tax time that most people don’t prepare for, it’s providing documentation that allows you to take deductions for mileage and travel expenses. Although IRS audits overall may be relatively rare lately, these deductions are almost always reviewed, so it’s safer to play by the rules. In some cases, the IRS […]
LLC or S Corp: Which Legal Entity Should You Choose for Your Business?
How you structure your business, or the type of legal entity you choose for your company, has implications that go far beyond taxes. It can impact how your business operates and grows, how it is financed, and the level of exposure to liability. This is why the LFL Veritas approach is always to consider business […]
Authorities Report Spike in IRS Scams and Ransomware Incidents
The Internal Revenue Service (IRS) continues to issue warnings about criminals who pose as the IRS and attempt to get people to send money, often using intimidation tactics to get what they want. They gather publicly available information from social media and other sources, and use that information to identify vulnerabilities. For example, the elderly, […]
What You Need to Know About New Jersey Tax Law Changes
Beginning January 1, 2017, New Jersey made some changes to its tax laws. Below are some of the key changes so you can understand their impact on you in the coming years. Sales Tax By now most of you have heard that NJ lowered its sales tax rates as part of the compromise to get […]
PA/NJ Reciprocal Tax Agreement Isn’t Going Anywhere
For nearly 40 years, the Pennsylvania/New Jersey Reciprocal Income Tax Agreement has made it possible for residents of New Jersey to work in Pennsylvania but only pay income tax to the state of New Jersey, and vice versa. Pennsylvania companies only withhold New Jersey income tax for New Jersey residents and report it to New […]
How to Lower Your Tax Bill by Using Section 179
Businesses have long used Section 179 of the IRS tax code to deduct the costs of equipment and software that they need to succeed. The federal government created this incentive to encourage companies to make the investments in their own growth. Rather than requiring property to be capitalized and depreciated, which means the deduction is […]