Top Legal and Financial Services in Westville, NJ 08093
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Family Tax Services LLC
By kbordell January 03, 2011
Family Tax Service is fast, efficient and so knowledgeable! I moved to NJ 4 years ago and used a different local business my first year. I didn't like them at all and they were so difficult to deal with. I support local businesses and once I found Family Tax Service, I haven't gone anywhere else! Ray and his staff are wonderful! Best tax experience in South Jersey!!! ...read more
Family Tax Services LLC
By F Jackson April 27, 2010
Friendly accurate service, The owner is very knowledgable I would recommend. ...read more
Family Tax Services LLC
By Anonymous January 12, 2010
I asked them to complete mu IFTA report for my trucking company.They had never done one before. they accuratly completed it in one day. This is not the first time I used this company. I love dealing with them. ...read more
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IRS TIp on Gifting
IRS Tips on Gifting If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax. Nontaxable Gifts.The general rule is that any gift is a taxable gift. However, there are exceptions to this rule. The following are nontaxable gifts:Gifts that do not exceed the annual exclusion for the calendar year,Tuition or medical expenses you paid directly to a medical or educational institution for someone,Gifts to your spouseGifts to a political organization for its use, andGifts to charities. Annual Exclusion.For 2015, the annual exclusion is $14,000. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a charity. If you give a gift to someone else, the gift tax usually does not apply until the value of the gift exceeds the annual exclusion for the year. No Tax on Recipient.Generally, the person who receives your gift will not have to pay taxes on it. Gifts Not Deductible.Making a gift does not ordinarily affect your taxes. You cannot deduct the value of gifts you make (other than deductible charitable contributions). Forgiven Debt and Certain Loans.The gift tax may also apply when you forgive a debt or give a loan that is interest-free or below the market interest rate. Gift-Splitting.You and your spouse can give a gift up to $28,000 to a third party without making it a taxable gift. You can consider that one-half of the gift be given by you and one-half by your spouse. Filing Requirement.You must fileForm 709, United States Gift (and Generation-Skipping Transfer) Tax Return, if any of the following apply:You gave gifts to at least one person (other than your spouse) that amount to more than the annual exclusion for the year.You and your spouse are splitting a gift. This is true even if half of the split gift is less than the annual exclusion.You gave someone (other than your spouse) a gift of a future interest that they can’t actually possess, enjoy, or from which they’ll receive income later.You gave your spouse an interest in property that will terminate due to a future event. For more information, seePublication 559, Survivors, Executors, and Administrators. You can view, download and print tax products onIRS.gov/formsanytime. Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are yourTaxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov. IRS YouTube Videos: ...read more
By Family Tax Services LLC April 01, 2011
Tax cuts extended delay refunds
If you itemize deductions, that refund check may come later this spring. In a lump-of-coal announcement on the eve of Christmas Eve, the IRS announced that, due to last-minute maneuvering on Capitol Hill, the agency won't be ready to process more than 50 million returns until mid- to late-February. Since most returns demand refunds from the IRS, the delay means millions of taxpayers will have to wait to get their money back. When Congress okayed a big tax bill last week, attention focused on the extension of the Bush tax cuts, a payroll tax holiday and restoration of the federal estate tax. But at the IRS, there was plenty of angst about a group of retroactive tax changes that affect the 2010 returns. The agency is scrambling to make changes to forms and reprogram computers. But on Dec. 23, the agency admitted that it won't be ready on time to accept returns affected by the changes. Who is affected? The delay applies to all 50 million or so taxpayers who itemize deductions. Since Congress restored the opportunity for taxpayers to choose between deducting state income taxes or state sales tax, the IRS has to revise the Schedule A — the form used by itemizers. It won't be ready to go until mid-February at the earliest. Millions of non-itemizers will be impacted, too — those who can claim the $250 deduction available to teachers and teachers' aides who spend money for classroom supplies or the deduction for up to $4,000 of qualified college costs. These "above-the-line" deductions expired at the end of 2009 but were reinstated retroactively by the legislation President Obama signed December 17. If you are among the two-thirds of taxpayers who claim the standard deduction rather than itemizing — and you don't benefit from the above-the-line write offs mentioned above — then you can file as soon as you have your W-2 wage reporting form and any other tax paperwork you need. If you file by mid-January, you should have your refund long before the IRS opens the filing season for taxpayers affected by the delay. ...read more
By Family Tax Services LLC December 26, 2010
Child Tax Credit Reduced
This coming year the child tax credit will be reduced from$1000 to 500 ...read more
By Family Tax Services LLC November 11, 2010