Wurdemann, Pinto & Co. LLC

03/05/2025

Some gifts can be made tax-free without using up any of your $19,000 annual gift tax exclusion or $13.99 million lifetime exemption. Specifically, you can pay an unlimited amount for someone else’s tuition or medical expenses. To be tax-free, the payments must be made directly to the qualified educational institution or health care provider. Understanding the nuances of federal gift tax law can help keep taxes to a minimum - that's where we come in! Give us a call at (201) 343-3180 today.

03/04/2025

Yep, it's true. While standard deductions may provide welcome tax breaks, there are a few scenarios where you may not be qualified to take it. Some examples include: if you are married filing separately and your partner chooses to itemize and then you must also itemize; you are filing a return as a trust, estate, or partnership; your returns cover a period less than a year due to accounting changes; or you are considered a ‘nonresident alien’ or ‘dual-status alien’ in the US. These can be tricky to work out on your own. Fortunately, we are just a call away – (201) 343-3180! Contact us for tax help today.📝

03/03/2025

If you're making an IRA contribution - no matter the amount and timing - you're on the right track to boost your retirement savings. If you forgot to make a 2024 contribution by December 31, it may not be too late! You can make a 2024 contribution to a traditional or Roth IRA up until the tax filing deadline of April 15, 2025. For more guidance on IRAs, give us a call at (201) 343-3180.

02/28/2025

In business, debt is a necessary part of the process. It can actually help you to grow and provide capital to seize new opportunities. However, it’s important to remember that not all debt is good. https://bit.ly/4edvKL2

📞: (201) 343-3180

In the world of business, debt is often a necessary tool. It can fuel growth, enable expansion, and provide the capital needed to seize new opportunities. However, not all debt is created equal. As a business owner or manager, it's crucial to understand the difference between good and bad debt, and....

02/26/2025

Businesses can deduct “ordinary and necessary” expenses they incur in the course of operations. If your business claims higher-than-average deductions for your industry, it might be a red flag that triggers an IRS audit. You could have to prove that certain expenses are ordinary and necessary by providing invoices, receipts, contracts and other documentation. Organizing your expense records to stand up to IRS scrutiny doesn't have to be complicated. Let us handle your numbers so you can focus on what matters - running your business. Schedule an appointment with us today at (201) 343-3180.

02/25/2025

It's advisable to begin saving money in a retirement account as soon as you can to increase your nest egg. The longer you put off saving, the less time your assets have to grow. Now may be a good time to discuss your retirement plans with a qualified financial advisor like us. We’d love to help you! Contact us today at (201) 343-3180.

02/24/2025

If in 2025 you give money or property worth more than the $19,000 annual gift tax exclusion to someone other than your spouse, you may have to pay gift tax. Your gift can still be tax-free if you haven’t used up your lifetime gift and estate tax exemption, which is $13.99 million for 2025. If gift tax is due, usually the giver is responsible for paying it rather than the recipient. Even though recipients aren’t subject to any immediate tax implications, they may have to pay capital gains tax if they sell their gifted property in the future. Need help? You came to the right place - (201) 343-3180.

02/21/2025

Part of securing your family’s financial future is estate planning. As a married couple, this step not only manages your assets, but also ensures that your loved one are properly taken care of reflecting your shared financial goals. Remember it is a collective effort that involved thoughtful consideration of future aspirations. https://bit.ly/3Vh0nto

📞: (201) 343-3180

Embarking on the journey of estate planning as a married couple is a pivotal step toward securing your family's financial future. It's not just about managing assets; it's about creating a legacy that ensures your loved ones are taken care of. In this blog post, we'll explore essential estate planni...

02/19/2025

Getting audited by the IRS can be stressful for a business owner. So it's important to be aware of potential audit red flags when filing your tax return. Reporting lower income than similar businesses in your industry or reporting significantly lower income than you reported in recent tax years can be a red flag for the IRS that you might be underreporting income. Our team can help you file your tax return correctly and with ease and we’ll ensure you claim every tax break you’re entitled to. Contact us today at (201) 343-3180 for your initial consultation.

02/18/2025

Extra! Extra! Read all about it! The standard deduction amounts for 2025 have increased due to inflation. Don’t navigate the complicated tax world alone – let us be your guide!🔦Contact us at (201) 343-3180.

02/17/2025

Each year, the IRS and the Social Security Administration make adjustments that affect taxes, benefits and retirement contributions. If you have any questions, feel free to contact us at (201) 343-3180.

02/14/2025

The type of savings account you choose can actually make a difference in how your savings grow. Did you know that? That’s one reason why knowing the different types of savings accounts available to you is so important in order to make informed decisions that align with your financial objectives and savings goals. https://bit.ly/48y0Rjp

📞: (201) 343-3180

When it comes to saving money, choosing the right type of savings account can make a significant difference in how quickly your savings grow and how easily you can access your funds. With various options available, it’s essential to understand the features, benefits, and potential drawbacks of eac...

02/12/2025

Under federal tax law, you can give a certain amount of money or assets annually without incurring gift tax. The 2025 annual gift tax exclusion is $19,000 (up from $18,000 in 2024). This means you can give up to that amount to as many people as you like tax-free. You must report gifts beyond the exclusion to the IRS on Form 706, but these gifts might still be tax-free under your lifetime gift and estate tax exemption - which is $13.99 million for 2025. Have questions? Contact us at (201) 343-3180.

02/11/2025

Did you know the 2025 contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is $23,500? That’s up from $23,000 for 2024. The limit on annual contributions to an IRA remains $7,000. (Those age 50 or older can make additional catch-up contributions.) Questions about what else has changed this year? Contact us at (201) 343-3180.

02/10/2025

As a business owner, it's important that you classify workers correctly as either employees or independent contractors because misclassifying them could trigger an IRS audit. If you treat workers as independent contractors but the IRS considers them to be employees, the tax agency may impose back taxes, interest and penalties. If you're looking for personalized, in-depth tax assistance when classifying workers, you've come to the right place. Contact us today at (201) 343-3180 to set up your first consultation.

02/07/2025

Regardless of whether you have a sprawling mansion or not, estate plans are for everyone because we all have possessions worth protecting. Understanding just what assets matter in an estate plan is the first step in helping you to make informed decisions and cover all your bases.

Estate planning is a crucial aspect of financial management that ensures your assets are distributed according to your wishes after you pass away. While it's easy to assume that only the wealthy need estate plans, the truth is that everyone has assets worth protecting and distributing thoughtfully.....

02/05/2025

Reminder: Those who are blind or 65+ years of age are entitled to an additional standard deduction amount. The exact amount depends on your filing status and other personal details.🧾Not sure if you’re eligible? Don’t fret – we are here to help you out! Contact us at (201) 343-3180 to get started on your tax assistance today.

02/04/2025

Take control of your finances today with an expert in accounting services! Whether you’re a small business owner or an individual looking for accounting support, we’re here to simplify your financial journey and help you turn your vision into value! Contact us now at (201) 343-3180 for a free consultation and start building a stronger financial future.