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MAS Bookkeeping & Income Tax Service LLC

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South Orange, NJ
MAS Bookkeeping & Income Tax Service LLC

File your Government Returns Electronically, Bookkeeping Services Computerized and Online Cloud. Payroll all Quarterly and Annual Reports.

12/04/2018

Tax Amnesty
Imagine No Penalties, Reduced Interest on Back Taxes. Due Date January 15, 2019, After due date you will not qualify for Tax Amnesty, penalties and collection fees will be reinstated, full interest will be due on remaining balances. And a 5% Amnesty Penalty will be implemented for all outstanding balance covered by the eligible period. The Amnest cannot be waived or abated. If you owe taxes and didn't receive a notice call. MAS Tax 973 378 5536 to settle the tax debt before January 15, 2019.

03/04/2017

IRS Identity Verification Letters
As part of their fight against tax Identity Theft the IRS will send an individual a letter (letter 4883c) when they believe a return that was filed in the individual's name may not have been filed by that individual. The Letter 4883c asks the individual to call a toll-Free IRS Identity Verification telephone number to verify their identity.
In order to expedite the identity verification process the individual should have the following available when the call. Copy of letter 4883s, copy of 2015 tax return, copy of 2016 federal return, any supporting documents such as W2s, 1099s, sch C etc.
Once verified, It will take approimately 9 weeks to complete. If you don't call the IRS will consider the return invalid and that they have not filed a 2016 return.

12/06/2016

Medical expenses aren't the only thing that you can try to lump together to get a larger deduction. You may also be able to prepay property taxes, real estate taxes or home mortgage interest in order to get a larger deduction this year.
Charitable contribution, this may be the easiest way to reduce your tax bill in the 2016 if you itemize taxes, as you have the freedom to make these donations at any time and can also decide the amount that you wish to give. If you were planning on making a charitable dontaion in January consider making it now so that you can get a deduction against the higher rate that you are paying now.

12/06/2016

Donald Trump's stunning election upset. Will most likely mean lower taxes for the top 1% earners in this US and much smaller tax cuts for the lower and middle classes. Some fear that his tax plan will only increase the growing gap between the super rich and the rest of the poplulation. It may also increase the budget deficit and drain money from health care and retirement.
Try this, If your out of pocket medical expenses for 2016 are near 10% adjusted gross income threshold, consider having more medical or dental work done before the end of the year so that you can deduct the excess expenses on your return this year. Again this deduction will be more valuable this year than it will be in future years when the tax brackets have changed.

04/07/2016

The Federal filing deadline for tax year 2015 individual returns is Monday April 18, 2016 because of the Emancipation Day holiday in the Direct of Columbia (which falls on April 15 this year).
To file an automatic 6 month extension the 6 month extension is for filing the return only. Any tax due must be paid by April 18, 2016 to avoid any penalty and interest.

02/15/2016

What about Moving Expense - Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are. If you moved more than 50 miles, you can deduct 23 cents per miles of the cost of getting yourself and your household goods to the new area, (Plus parking fees and tolls) for driving your own vehicle. Want to know more check out MAS Bookkeeping & Income tax Service LLC.

12/08/2015

Self-Employment rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.

12/08/2015

WHY NOT-- Recordkeeping! Taxpayers must keep receipts, sales slips, invoices, bank deposit slips, cancelled checks and other documents. These documents, either electronic or paper files,. can substantiate items of income, deductions and credits. Keeping these records will help a taxpayer pay only the tax they owe.
Unless a taxpayer has records showing the sources of receipts, they may not be able to prove that some are nonbusiness or nontaxable. Taxpayer records should show the amount of earnings reportable for Self-Employment tax purpose.

12/04/2015

Open enrollment for coverage through the Health Insurance Market Place for 2016 started from Nov. 1, 2015 through Dec. 31, 2015. Enroll by Dec. 15, 2015 to have coverage effective Jan. 1, 2016.
Here are 3 things you should consider during the Health Insurance Market Open Enrollment Period.
1. Advance credit payment lower premiums.
2. A tax return may be required.
3. Credit can be claimed at tax time.
If you choose not to get less than the full amount in advance, you can claim the full benefit of the premium tax credit that you are allowed when you file your tax return. This will increase your refund or lower the amount of tax that you would otherwise owe.

11/05/2015

Watch out for tax scam phone calls.The IRS continues to warm people to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Thieves call taxpayers claiming to be IRS officials. They demand that the victim pay a bogus tax bill. They con the victim into sending cash. Many phone scams use threats to intimidate and bully a victim into paying. They may even threaten to arrest, deport or revoke the license of their victim if they don't get the money. Scammers often alter caller ID to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legitimate. They may use the victim's name, address and other personal information to make the call sound official. Some schemes provide an actual IRS address where they tell the victim to mail a receipt for the payment they make. Others use emails that contain a fake IRS document with a phone number or an email address for a reply. These scams often use official IRS letterhead in emails or regular mail that they send to their victims. They try these ploys to make the ruse look official.

THE IRS WILL NOT call you to demand immediate payment. The IRS will not call you if you owe taxes without first sending you a bill in the mail. THE IRS WILL NOT demand that you pay taxes and not allow you to question or appeal the amount you owe. THE IRS WILL NOT require that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card. THE IRS WILL NOT ask for your credit or debit card numbers over the phone. THE IRS WILL NOT threaten to bring in police or other agencies to arrest you for not paying.

Address

South Orange, NJ
07079

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.masbookkeepingandtaxes.com/

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