Round Table NJ

Round Table NJ Are you looking for more business in the Mercer County Area? We can help you grow your business! We Meet Every Thursday Mornings From 8:00am To 9:00am At The Robbinsville Fire House.

Meetings Start Promptly On Time. Networking Before And After The Meeting Is Strongly Encouraged. Cost For A Yearly Membership is only $100. Non Refundable. Cost Is Pro-rated For Those Who Join At Different Times Of The Year. We Ensure That Only One Company Or Service Is Represented At A Time In The Group.

Operating as usual

12/27/2021

5 Tips For Early Preparation

Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund.

There are five easy ways to get a good jump on your taxes long before the April 15 deadline rolls around:

Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don't forget to save a copy for your files.
Get the right forms. They're available around the clock on IRS.gov in the Forms and Publications section.
Take your time. Don't forget to leave room for a coffee break when filling out your tax return. Rushing can mean making a mistake — and that can be expensive!
Double-check your math and Social Security number. These are among the most common errors on tax returns. Taking care on these reduces your chances of hearing from the IRS.
Get the fastest refund. When you file early, you get your refund faster. Using e-filing with direct deposit gets you a refund in half the time as paper filing.

12/22/2021

Wishing my staff and their families, my clients, friends and family a very Merry Christmas! May the Joy and Peace of this season be with you and your families for the entire year.

The office will be closed on December 24-26 and will reopen on Monday morning, December 27.

God bless us all!

12/20/2021

Foreign Income

With more and more United States citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law. U.S. citizens are taxed on their worldwide income.

This applies whether a person lives inside or outside the United States. The foreign income rule also applies regardless of whether or not the person receives a Form W-2, Wage and Tax Statement, or a Form 1099 (information return).

Foreign source income includes earned income, such as wages and tips, and unearned income, such as interest, dividends, capital gains, pensions, rents and royalties.

An important point to remember is that citizens living outside the U.S. may be able to exclude up to $108,700 for 2021 and is projected to be $112,000 for 2022, of their foreign source income if they meet certain requirements. However, the exclusion does not apply to payments made by the U.S. government to its civilian or military employees living outside the U.S. Please contact us if you feel you may have earned foreign income to learn more!

12/15/2021

What are the advantages of prepaying a mortgage, and should I if I can?

It is highly recommended that you prepay as much of your mortgage as possible every month, which will drastically reduce the total amount that you pay.

However there are times where this could be disadvantageous.

If you are in a situation where you don't have funds to cover three to six months of expenses, it is recommended that you save that amount before you pay additional amounts on your mortgage.

If you have a large amount of credit card debt, over the long run, you will save more money by knocking down those high interest loans first.

There also may be times where that money would be more wisely invested in the market, depending on the expected rate of return versus how much you would save in early payments.

12/13/2021

I have been getting a lot of calls lately about tax returns not processed by the IRS and refunds not received as of yet. I know it is frustrating, but the IRS is significantly behind in the processing of returns, both paper and electronic. I learned today from "Accounting Today" that the IRS has approximately 9 million paper returns that are unprocessed and over 5 million electronic and paper returns that are in process.

Members of Congress have inquired of the IRS about their plan to get this backlog reduced or eliminated prior to the start of the 2022 tax season. There has been no response so far.

I am not optimistic about the catch-up at this point because Congress has still not dealt with the latest tax legislation which will impact 2021 returns. They do not anticipate passing the bill until after the new year, which will delay the opening of the tax return processing season.

Stay tuned for updates

12/08/2021

Capital Gains and Losses

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. The IRS says when you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only your capital losses on investment property, not personal property.

While you must report all capital gains, you may deduct only your capital losses on investment property, not personal property. A “paper loss” — a drop in an investment's value below its purchase price — does not qualify for the deduction. The loss must be realized through the capital asset's sale or exchange.

Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term. For more information on the tax rates, refer to IRS Publication 544, Sales and Other Dispositions of Assets. If your capital losses exceed your capital gains, the excess is subtracted from other income on your tax return, up to an annual limit of $3,000 ($1,500 if you are married filing separately). Unused capital losses can be carried over indefinitely to future years to net against capital gains, however the annual limit still applies.

Capital gains and losses are reported on Form 8949, Sales and Other Dispositions of Capital Assets, summarized on Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040, Schedule 1. Accounting and planning for the sale and purchase of capital assets is usually a very complicated matter, so please contact us so that you may receive the professional advice you deserve.

12/06/2021

Plug-In Electric Vehicles (PEVs)

I have been getting a lot of questions lately about PEVs and the credits. Here is a brief summary for your information.

For vehicles acquired after December 31, 2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500.

The credit is available only to the original purchaser of a new qualifying vehicle, and the vehicle must be placed in service in the same year the credit is being claimed on the return. If the qualifying vehicle is leased the credit is available only to the leasing company. Also, the vehicle must be used primarily in the United States.

Additional conditions regarding qualified manufacturers and phase out rules may also apply in determining credit eligibility. To find out whether your car qualifies for the Qualified Plug-in Electric Drive Motor Vehicle tax credit, you can go to the IRS.gov website and search for "plug-in vehicles" or contact us for more information.

12/02/2021

Gig workers: Here comes an estimated tax deadline

If you’re a gig worker or otherwise self-employed, and you don’t have taxes withheld from a paycheck, you likely have to make quarterly estimated tax payments to the IRS. Be advised that the fourth quarter 2021 estimated tax payment deadline for individuals is coming up on Tuesday, January 18, 2022.

A pay-as-you-go system

If you do have some withholding from paychecks or payments you receive but you receive other types of income such as Social Security, prizes, rent, interest and dividends, you may still have to make estimated payments. And if you fail to make the required payments, you may be subject to a penalty as well as interest.

Generally, you need to make estimated tax payments for 2021 if you expect withholding to be less than the smaller of 90% of your tax for 2021 or 100% of your 2020 tax. (The applicable amount is 110% of your 2020 tax if your 2020 adjusted gross income was more than $150,000, or $75,000 if married filing separately.)

Sole proprietors, partners and S corporation shareholders generally must make estimated tax payments if they expect to owe $1,000 or more in tax when filing a tax return.

Quarterly due dates

If you’re new to estimated tax payments, be prepared to submit them throughout the year. The due dates are typically April 15, June 15, September 15 and January 15 of the following year. However, if the date falls on a weekend or holiday, the deadline is the next business day.

Estimated tax is calculated by factoring in expected gross income, taxable income, deductions and credits for the year. The easiest way to pay estimated tax is electronically through the Electronic Federal Tax Payment System. You can also pay estimated tax by check or money order using the Estimated Tax Payment Voucher, or by credit or debit card.

Seasonal businesses

Most individuals make estimated tax payments in the four installments. You simply determine the required annual payment, divide the number by four and make four equal payments by the due dates.

However, you may be able to make smaller payments during some quarters under an “annualized income method.” This can be useful to people whose income isn’t uniform over the year, perhaps because of a seasonal business. You may also want to use the annualized income method if a large portion of your income comes from capital gains on the sale of securities that you sell at various times during the year.

The correct amount

Estimated tax payments are just like paying a traditional tax bill in that you want to fulfill your obligation without overpaying the federal government. Contact our firm with any questions you may have about setting up estimated tax payments or using the annualized income method.

11/29/2021

Budgeting for baby

Babies bring joy and excitement. They also bring substantial adjustments to the family budget! According to U.S. News and World Report, after adjusting for inflation, it costs about $267,233 in 2021 dollars to raise a baby to age 18 (based on previously published Bureau of Labor Statistics data). That’s a daunting number, to be sure. Fortunately, there are some things you can do to, shall we say, pacify the challenge.

Check your insurance

Life and disability insurance are critical. Life insurance provides financial protection if an income-earner in your family dies. Term insurance can be a cost-effective option. It offers protection for a specific period, such as 20 years (at which point many children will be relatively self-sufficient, and the loss of income less harmful). Of course, you’ll also need to ensure that your will names a guardian to look after your children in case of your death while they’re still minors.

Disability insurance provides financial protection if a breadwinner becomes disabled and no longer can earn a living. While some employers offer disability insurance, the policies often don’t provide enough income to cover all expenses. And Social Security disability benefits might not offer the protection you expect. For instance, to obtain the benefits, the breadwinner typically must be unable to work at any job. So, consider purchasing your own policy that will pay if you can’t continue in your current job. The distinction might make a difference.

Review tax breaks

Eligible parents can receive a valuable Child Tax Credit. And if you pay a caregiver to watch your baby so you can work, you may be able to claim the dependent care credit. For 2021, depending on your income, this can be up to 50% of eligible childcare expenses, up to $8,000 for one child, or $16,000 for two or more. The caregiver typically can’t be a dependent, your spouse or a parent of the child.

Another option is a dependent care Flexible Spending Account (FSA). This is an employer-sponsored program that allows parents to set aside up to $10,500 (for 2021) pretax annually (up to $5,250 if you’re married and file separately) to cover qualified childcare expenses. It’s important to note that you can’t use both the credit and the FSA for the same expenses.

Start saving for college early

The sooner you start saving for your baby’s education, the more you can leverage the value of compounding. If you save $200 per month starting at your baby’s birth and earn a 6% return, you’ll have nearly $78,000 in 18 years!

One of the best options, potentially, is a Section 529 education savings plan. It allows you to save for college expenses, as well as K-12 tuition expenses. Contributions aren’t tax-deductible for federal purposes, but many states offer tax benefits. Withdrawals used for qualified education expenses (limited to $10,000 per year for K-12 tuition) aren’t subject to federal income tax, and typically not subject to state income tax.

Get expert advice

Whether you have a baby on the way or your family expanded earlier in the year, it’s important to make sure you’re taking the right steps to ensure your child’s financial security. We can offer advice to help you evaluate various options and maximize your tax savings.

11/24/2021

As I sit here today, I find so many things that I am thankful for, both personal and professional. I am truly blessed and thankful.

Wishing all of our staff and their families, our clients and our friends and family a Happy and Blessed Thanksgiving.

Our office will be closed for Thanksgiving and Friday, November 26. The office will reopen on Monday, November 29.

11/22/2021

Refinancing Your Home

Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.

Generally, for taxpayers who itemize, the “points” paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid. However, points paid solely to refinance a home mortgage usually must be deducted over the life of the loan.

For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to be made over the life of the loan. This information is usually available from lenders. Taxpayers may deduct points only for those payments made in the tax year. For example, a homeowner who paid $2,000 in points and who would make 360 payments on a 30-year mortgage could deduct $5.56 per monthly payment, or a total of $66.72 if he or she made 12 payments in one year.

However, if part of the refinanced mortgage money was used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid. Also, if a homeowner is refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully deductible at pay off.

Other closing costs — such as appraisal fees and other non-interest fees — generally are not deductible. Additionally, the amount of Adjusted Gross Income can affect the amount of deductions that can be taken. Please contact us if you've recently refinanced, and we can be a big help!

11/17/2021

Selling Your Home

If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years.

To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the two years before the current sale.

If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion. But both of you would have to meet the use test to claim the $500,000 maximum amount.

To exclude gain, a taxpayer must both own and use the home as a principal residence for two of the five years before the sale. The two years may consist of 24 full months or 730 days. Short absences, such as for a summer vacation, count as periods of use. Longer breaks, such as a one-year sabbatical, do not.

If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disaster resulting in a casualty to your home, or an involuntary conversion of your home. Send us a message for more!

Address

1049 US Highway 130
Robbinsville, NJ
08691

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Our 'Products' Are Our Members!


Joe Amato - Joe Amato Photography
Casandra Myernick- Rue Insurance
John Daily
Walter Dandridge - Guardian Life Insurance
Linda Dilts
Laura Fabbro - Doctors Express
Charlene Laws - Your Home and I, LLC
John Pavlovsky - John S. Pavlovsky, Jr., CPA
Ty Robinson - Edward Jones

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We meet every Thursday morning from 8:00am To 9:00am at the Robbinsville Fire House, with the exception of the Thursday following the Mid-Jersey Chamber of Commerce Breakfast Meeting (the first Wednesday of the month). Meetings start promptly. Networking before and after the meeting is strongly encouraged. The cost for a yearly membership is only $100 and there is a one-time $100 non-refundable initiation fee. Membership is limited to only one service provider in the group at a time (ie. only one CPA; only one realtor)

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Comments

Was great seeing my friends from Round Table NJ this morning on zoom. Only a few able to make today, looking forward to next week’s meeting. Mike Graff was also here.
Our January 24th meeting will be held at the Smires and Associates Office in Bordentown located on the corner of Farnsworth Ave and Burlington Street. Join us at 8:00 am for networking and an opportunity to meet some great business people.
Great networking event last night at the Blend Bar & Bistro. It was nice to see everyone and have a some great food. Wish I could have stayed for the games. Looking forward to next week's meeting on the 17th. Have a great weekend.
Just joined this GREAT networking group!!! Memory Makers Studio & Trophies #trophies #awards #apparel #engraving
For those who serve Bucks County as well - Please join the Bucks County Long Term Care Consortium for a Member Mix and Mingle! Thursday, October 4th from 4:30pm-6:30pm El Barrio Restaurant - Southampton, PA Come and join current and prospective members and Learn what the Bucks County Long Term Care Consortium is all about. We do ask that you RSVP, and maybe consider a sponsorship. Admission is complimentary. Please bring business cards. Admission includes one adult beverage (Cash bar after) and refreshments. For more information please contact: Melanie Basil, Membership Chair [email protected] 215-364-1111 We hope to see you there - Together we can make a difference in our community and the clients we serve! Want more information on the consortium? Please visit: https://bucksltc.org/F
Great presentation by Sue Begent from The CoCreation Zone today on the The Five Critical Steps in Business Building. I learned a lot of interesting points. Nice turnout also by the members and many new opportunities to explore!
Wonderful presentation by Casandra Myernick with Rue Insurance! Be ready with Rue! Home, Auto and More! Casandra Myernick Schnorbus Personal Risk Advisor [email protected]
Today Walter Dandridge and I had a one-to-one and discussed some new opportunities for our clients. There are some interesting new services coming on the horizon that will be provided by a combination of our members. Networking at its best. Stay tuned for more updates.
The Law Offices of Scott D. Bloom helps families and caregivers navigate through the Financial, Logistical and Legal aspects of a person's Care or Transition situation. If you find yourself asking, 'I just don't know what to do' when it comes to understanding the options your loved one may have - we are here to help. Licensed in New Jersey and Pennsylvania, with complimentary consultations delivered directly to you. Estate Planning - Estate Administration/Probate - Asset Preservation - Medicaid Planning - Trust Preparation - Crisis Management - Care/Transition Planning - Guardianship Proceedings - Veteran's Benefits Planning - Estate Planning Documents Please visit our website for more information or contact the office today. Law Office of Scott D. Bloom 855-992-6337 [email protected]
We had a great exchange of ideas today. Can't wait for the meeting rotations and some of the new ideas to kick in. Thanks to everyone that attended.
Great night of networking last night at the Trenton Thunder game with members of Round Table NJ and our guests. Nice to see everyone at the game. Hope everyone enjoyed it as much as I did.