Trump's Tax Plan includes a Qualified Business Income (QBI) Deduction. This deduction gives up to a 20% deduction on certain business income and uses sometimes complicated formulas. This deduction [...]
People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit [...]
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are [...]
The Tax Cuts and Jobs Act, signed Dec. 22, 2017, changed some laws regarding depreciation deductions. Do you have questions? Call me: 732-673-0510. Businesses can immediately expense more under [...]
Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Questions? Concerns? Call me on (732) 673-0510. Important Update! NY SUPREME COURT ORDERS CPA TO PROVIDE [...]
Weds., May 30, 2018, 6pm LBI - Ocean County Library 217 S Central Ave Surf City, NJ 08008 RSVP to: chriswhalencpa@gmail.com Get my memos in your inbox by clicking [...]
Listen to this informative interview with Chris Whalen, CPA as he discusses the 2018 tax changes with Joel Markel. Get my memos in your inbox by clicking here ---> http://eepurl.com/7rJdT [...]
This memo has been updated. Please click here to read the latest NJ Amnesty Information -----> Memo – NJ Amnesty Letter – Did You Get One? Do you, or [...]
It is extremely rare that the IRS, or any state, will reduce your tax liabilities when you have the ability to pay them in the future. The radio and [...]
Listen to this informative interview where Chris Whalen, CPA discusses: Cryptocurrency NJ Refunds Delayed Checking The Adequacy of Your Payroll Deductions Unreimbursed Expenses Get my memos in your inbox [...]
Some NJ refunds are severely delayed this year. I have inquired with The Division of Taxation several times, but they have yet to give me a definitive reason why. [...]
NOTE: If viewing this memo on a phone or tablet, use landscape mode. I was featured in an article for ROI-NJ on Crypto (Virtual) Currencies and Income Taxes. Page [...]
Purposefully not reporting or misreporting your Crypto related income is Tax Evasion at a minimum, and Tax Fraud at worst. I follow many crypto podcasts, forums and newsletters and [...]
In response to a court order, Coinbase is reporting information on some of its users. If you have crypto transactions you haven't properly accounted for over the past several [...]
If you are going to attempt to use the IRS Website to establish an installment plan, I urge to call me before you start so I can give advice [...]
We have seen an uptick in mortgage rates and this has people believing they can afford less of a house. This is quite often untrue, as the tax savings [...]
Watch my Youtube interview with Styxhexenhammer666 "A Chat With Chris Whalen, CPA Re: Trump Tax Plan, SALT, Income Tax Brackets, etc" Get my memos in your inbox by clicking [...]
Red Bank, NJ — I wanted to warn taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. I will also provide a [...]
Red Bank, NJ — With the 2018 filing season in full swing, I wanted to offer taxpayers some basic tax and refund tips to clear up some common misbeliefs. [...]
NOTE: If viewing this memo using a phone or tablet, use landscape mode. Mortgage Insurance Premium (MIP) treated as qualified residence interest has been extended to 2017 so they [...]
President Trump's Tax Reforms will mean lower taxes for most of us. Part of this process is the changing of the payroll tax tables for the federal income tax [...]
This memo has been superseded. The legislation did pass extending this deduction into 2017. Please click below to read the updated memo. Tax Memo – Mortgage Insurance Premiums ARE [...]
There are many ways to pay your federal taxes. The best and most efficient method is to pay your taxes using a direct debit from a bank account when [...]
Are you concerned or confused about how to account for your crypto currency transactions for tax purposes? My firm specializes in analyzing these. Contact us so we can prepare [...]
Under tax reform, starting in 2018, each of your qualifying children may qualify for a Child Tax Credit of up to $2,000. That is double what it was in [...]
Topics: Case Study - Family of 4, Two Parents, Two Children, 100K of wages, renters wondering if buying a home is worth it. SALT Deduction Limitations, Mortgage Interest, Home Equity [...]
All of us should have a REAL PERSON to contact in the significant areas of our lives shown below. If you have NO contact, or only a customer service [...]
FACTS: Family of 4, Two Parents, Two Children, 100K of wages. In 2017 they were renters. This case study will analyze and compare the same financial facts based on the [...]
FACTS: Family of 4, Two Parents, Two Children, 230K of wages, homeowners with itemized deductions. Are you concerned about how the new law will impact your family's or business’ [...]
Hello and Happy New Year! Tax Season is here again! Tax Preparation Checklist OVERVIEW I prepared this checklist to assist you in gathering your end-of-year income tax information. [...]