Numbers Team LLC

05/25/2026

05/04/2026

11/11/2025

Happy Veterans Day!

04/16/2025

April 15th has come and gone. Where are the people who extended their returns? Or need more than tax prep??

609-941-2129

04/14/2025

Today is Monday, April 14, 2025

Tomorrow is Tuesday, April 15, 2025 or TAX DAY for individual, C-corp, and NJ S-Corp and NJ partnership returns.

We are still taking new clients for taxes BUT, if you contact me for the first time today or tomorrow, you will be EXTENDED and possibly need to pay something with the extension (the extension extends the date to FILE, not PAY (IF YOU OWE).

02/28/2025

If you watch TikTok videos, you know some people love to give tax and accounting advice.

If it sounds too good to be true, it is. For example, there's a good chance you can't put your infant to work at your trucking business without getting questioned.

Also, we, as accountants, are not keeping secrets from you. We want to see the best outcome on your return as well. There aren't "things your accountant isn't telling you".

Please speak with a real live accountant if you have any questions as they apply to YOUR situation.

02/26/2025

MEDICAL EXPENSE DEDUCTION EXPLAINED - NJ RESIDENTS

Your very well-meaning friends and family may have told you that deducting out of pocket medical expenses (OOP ME) is not worth it because you have to make a lot to even claim anything. NJ residents often don't consider that you may be able to claim OOP ME on your NJ return that you couldn't on your Federal return.

For the IRS, you may be eligible to deduct OOP ME exceeding 7.5% of income. The issue sometimes is, that amount, in combinataion with your other itemized deductions (mortgage interest, tax, donations) do not exceed your standard deduction, so you are better claiming the standard deduction.

HOWEVER, for NJ, if you have enough income, you can claim OOP ME exceeding 2% (lower than the Federal %) of income as its own deduction. You don't need to combine that amount with taxes, etc. as you do on your Federal return. Therefore, it may be worth it for you to go through your paperwork to see if you can claim any OOP ME on your NJ return.

PS - I have openings in the schedule for accounting, tax, audit/comp/reviews :)

02/21/2025

Happy Friday! We have some openings in the schedule for all services, including tax prep.

609-941-2129
[email protected]
https://numbersteamllc.taxdome.com/Make-an-appointment/

02/19/2025

MYTH: If I extend my return and pay it all by October 15th, I shouldn't have penalties.

RESPONSE: FALSE!

When you file for an extension for any return, it is extending to the time to FILE, not pay. There are 3 common penalties related to tax returns:

1. Penalty for late filing - if you file before the due date of the return or the extended due date of the return, you won't be assessed this penalty. Extending unitl 10/15 in this case just eliminates this penalty.

2. Penalty for late payment - You need to pay the balance due by the ORIGINAL due date of the return. For a 1040 or 1120, this would be April 15th. Any amounts paid after 4/15 will have this penalty assessed (a % of the balance). The taxpayer in this example will likely have this penalty assessed computed as being 6 months late.

3. Underpayment penalty - this is if you don't pay enough tax during the year. The IRS wants their money sooner rather than paying between 1/1/ and 4/15 for a 1040 or 1120 filer. Depending on the circumstances, the taxpayer in this example may be assessed this penalty.

This is a summarized explanation. More details are available on the IRS and state websites.

02/17/2025

If you filed early, the question on your mind might be: WHERE'S MY REFUND???

The answer is: I have no idea.

That's reassuring, right? Here's an explanation...

The tax preparer will know if the IRS and/or states accepted your return in their system, meaning their system checked the easy stuff, and they have moved it along to the next step. Once the return is in "accepted" status on our end, we have no idea what happens with it. We can guess, but we don't know for sure. The tax authorities review the returns a little more once they get them.

The AVERAGE time to get your refund is 21 days or less from the IRS, and about a month or less for states if you electronically file the returns. Add 2-3 weeks to those numbers for paper returns. If you don't see your refund within that timeframe, I wouldn't try to contact the IRS when it is 21 or 22 days exactly. Give it an extra week and look for a letter (because they contact the taxpayer and/or power of attorney with a letter if they have an issue) before you call.

If you want to check the status of your return, there is a way to find that online. If you call your accountant, we will search the same sites.

IRS: https://sa.www4.irs.gov/wmr/
NJ: https://www20.state.nj.us/TYTR_TGI_INQ/jsp/prompt.jsp
PA: https://www.mypath.pa.gov/_/
DE: https://tax.delaware.gov/rptp/portal/individual/checkrefundstatus/!ut/p/z1/jY_BCoJAFEW_pYVb33Msm9oNIZYJFWLabELDRkMdUdPfT7JNkNLb3cu5Bx5wCIAXYZuKsEllEWZ9vnDjisQxtB3FPV2ZiOxoLqmreQRPGvgDMHIMgf-1Hwf4tN4H_kZ0ihtri8S2PJcgOzBvfmZ2byAfYMJhAxeZjIZ3WRHpVACv4ntcxZX6rPo6aZqyXiuoYNd1qpBSZLF6k7mCvyaJrBsIvkkocy_AxyJrHTZ7AcMyQ8Y!/dz/d5/L2dBISEvZ0FBIS9nQSEh/

You may not see a status update until days after the return is filed, so be patient with them.