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Mt Laurel, NJ Real Estate News

By Fanta Kaba
(OnPoint Resolution LLC)
Live in Mount Laurel, NJ? Here is a quick story about IRS Tax LienWhat Happens When You Don't Pay Your Taxes to the IRSImagine you have a piggy bank where you keep all your treasures. But one day, you forgot to share some of your treasures with a friend, like you promised. That friend is like the IRS, which is a group that collects money for the government. When you don't share your treasures (or pay your taxes), the IRS says, "Okay, until you share like you promised, I'm going to put a sticker on your piggy bank. This sticker tells everyone that I get to take some of your treasures first."This sticker is called a tax lien. It means if you try to buy something big, like a bike, with the treasures from your piggy bank, the IRS gets to take some of those treasures first. It also means tha...
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By Fanta Kaba
(OnPoint Resolution LLC)
An IRS penalty is a financial charge imposed by the IRS on taxpayers who fail to comply with tax laws, including not filing tax returns on time, failing to pay taxes owed by the due date, or making errors on their tax returns. These penalties are designed to encourage compliance and timely filing and payment of taxes.Late Filing Penalty: If you don't file your tax return by the due date (including extensions), the IRS can charge a late filing penalty. This penalty is usually 5% of the unpaid taxes for each month or part of a month that a tax return is late, up to a maximum of 25%. Late Payment Penalty: If you don’t pay the taxes you owe by the due date, the IRS charges a late payment penalty. The penalty is generally 0.5% of your unpaid taxes for each month or part of a month after the ...
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By Fanta Kaba
(OnPoint Resolution LLC)
What is IRS Notice CP 90?In Mount Laurel, NJ the IRS Notice CP 90 is a final notice of intent to levy your assets due to unpaid taxes. This critical communication means the IRS is prepared to take serious action, including garnishing wages, seizing bank accounts, or even affecting your passport status. But, there's a beacon of hope if you act promptly and judiciously.What should you do when you receive IRS Notice CP 90?You should review the IRS notice. It specifies the tax period and amount owed, offering a crucial window for action. Ignoring the IRS notice CP90 can lead to immediate and severe repercussions, so immediate attention is key.What's Next?The pathway forward involves several steps: If possible, settle the debt in full. If not, consider arranging a payment plan or disputing t...
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By Fanta Kaba
(OnPoint Resolution LLC)
Just filed my income tax return, now I am receiving CP14 from the IRS. What do I do now?When you receive an IRS Notice CP14, it means the IRS is informing you that you have unpaid taxes for a specific tax year you have filed. This notice is essentially the first notice you might receive about unpaid taxes and it outlines how much you owe, including any penalties and interest accrued up to the date of the notice. It's a prompt from the IRS for you to either pay the amount due or to contact them to make arrangements if you disagree with the amount or can't pay it in full.Here’s what you should do upon receiving a CP14 notice: Review the Notice Carefully: Check the details of what tax year the debt is for and how the amount due was calculated. Make sure it aligns with your records. Because...
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By Fanta Kaba
(OnPoint Resolution LLC)
In Mount Laurel, NJ dealing with the IRS collection process can be frightening, but understanding it is crucial to resolving back tax debts effectively.Notice of Back Tax Debt: The process begins when the IRS sends a notice, detailing your tax debt and demanding payment from you. This is your cue to either pay the amount or explore other options if you're unable to pay in full.The clock is ticking: It's imperative to respond promptly. Ignoring the notice from the IRS can lead to added penalties and interest, increase your back tax debt.Keep in mind the IRS Payment Options: The IRS offers various payment arrangements. These include installment agreements, where you pay over time, and Offer in Compromise, which lets you settle for less than the full amount if you meet certain conditions.C...
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Business owners in Mount Laurel, NJ! Managing a business is tough, especially when it comes to dealing with IRS taxes. Not following the IRS rules can lead to big fines, penalties, and even legal trouble. You definitely don't want your business to get into hot water for not filing taxes. Here are some key steps to make sure you stay on the right side of IRS rules: Find Out Which Tax Forms You Need: Depending on your business type and industry, there are different tax forms to file. Check out the IRS website to figure out which ones you need. If you're unsure, it's a good idea to ask a tax expert. Keep Your Financial Records Accurate: This means saving all your receipts, invoices, canceled checks, and bank statements for at least 3 years. Also, keep copies of your tax returns and any sch...
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By Fanta Kaba
(OnPoint Resolution LLC)
Today, we're going to explore the world of taxes. It might sound complicated, but it's actually quite interesting. We're going to learn about two types of taxes: Payroll Tax and Income Tax. Let's break it down into simple terms.What is Payroll Tax?Imagine you have a piggy bank where you save money from doing chores. If that piggy bank was like your paycheck, payroll tax would be a small part taken out of it before you even get it. This money goes to important things like healthcare for older people. It's like sharing a bit of what you have to help others.What is Income Tax?Now, let's talk about income tax. This is like when you count all your birthday money. The more money you have, the more you share as tax. If you have less, you share a smaller amount. This tax changes based on how mu...
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By Fanta Kaba
(OnPoint Resolution LLC)
Imagine opening your mailbox to find a notice from the IRS, declaring a lien on your assets. That's an IRS statutory lien, and it's something every taxpayer should be aware of.The Lifecycle of an IRS Lien: From Assessment to ResolutionAn IRS statutory lien is not a piece of paper but a legal claim against your property. It kicks in the moment you fail to pay your tax debt post the IRS's Notice and Demand for Payment. What does it cover? Practically everything: your house, car, bank accounts, and even future assets acquired while the lien is in place.Proactive Measures to Avoid the Impact of an IRS Lien on Your Credit and AssetsSo, how do you protect yourself? First, take any IRS notice seriously. If you can't pay in full, don't panic. There are options like installment agreements or an ...
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Are you a business owner or entrepreneur based in Mount Laurel, NJ? Well, congratulations on your success! However, with the success of your business comes the responsibility of filing your payroll taxes on time. Filing taxes can seem like a daunting task, especially if you're new in the business world.Step 1: Gather Your DocumentsBefore you embark on your payroll tax filing journey, make sure you have all the necessary documents in hand. These include employee timesheets, wage information, employee benefits information, and tax deductions. Failure to have the appropriate documentation can make the process more arduous.Step 2: Calculate Your Taxable WagesOnce you have all the relevant documentation, you can proceed to calculate your taxable wages. This refers to money paid to an employe...
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Running a business can be challenging and stressful, and one of the most critical aspects of managing a business is payroll. If you're a business owner or administrator in Mount Laurel, NJ, you know how important it is to make sure your employees are paid on time every pay period. That's where a payroll service can come in handy. 1. Compliance with Payroll LawsLocal, state, and federal laws surrounding payroll can be complicated, and it can be a challenge to keep up with changes, deadlines, and various forms. As a business owner, you could struggle to keep track of all these laws while running your business operations at the same time. A payroll service in Mount Laurel can help alleviate this concern. They are experts in payroll laws, and they stay up to date with all changes. This allo...
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If you run a business, you know how critical it is to stay on top of your payroll. Unfortunately, with the never-ending requirements, it can be challenging for small business owners to stay current on payroll regulations while keeping their business running smoothly. It can be not only time-consuming but also financially crippling. Suppose you're not outsourcing your payroll. In that case, you could be spending countless hours on managing your payroll accounting while risking compliance mistakes, penalties, and fines. 1. The Burdens of In-House PayrollOne of the primary reasons to outsource your payroll is to reduce the burden of in-house payroll. Running payroll accounting requires keeping track of time and attendance, deductions, benefits, taxes, and compliance. Even the slightest mis...
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Are you confused about the difference between payroll tax and income tax? As someone who has never filed taxes before, it can be overwhelming to stay on top of all the tax terms that get thrown around in the media and by the government. But understanding the differences between payroll tax and income tax is essential to ensuring you're not paying more than you owe.Payroll tax is a tax that your employer withholds from your paycheck to fund social security and Medicare programs. Depending on how much you earn, the percentage of your paycheck that goes towards payroll tax can vary from 6.2% to 7.65%. This tax is separate from your income tax, which is determined based on how much you earn in total throughout the year.Income tax is a tax on your total income, including earnings from your j...
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As a business owner, it is essential to keep your payroll taxes in check to avoid any legal repercussions such as fines, penalties, and even jail time. In Mount Laurel, NJ, especially, payroll tax compliance is crucial, considering the many legal implications of defaulting tax obligations. Types of Payroll Tax Penalties in Mount Laurel, NJ1. Late Deposit Penalties: According to the IRS, employers should deposit payroll taxes on time during every pay cycle. If you fail to deposit your taxes on time, you may face a late deposit penalty that can escalate with time.2. Late Filing Penalties: The IRS requires employers to file their payroll tax returns on time. Late filing may result in a penalty of up to 25% of the total amount owed.3. Failure to Pay Penalty: If you fail to pay your payroll ...
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If you own a business in Mount Laurel, NJ, then you know how hard it can be to keep up with all the necessary tax filings and payments that the IRS requires. Non-compliance could lead to hefty fines, penalties, and even legal action. The last thing you want is to be classified as a non-filer business. So, to ensure your business stays compliant with the IRS regulations, read on.1. Know what tax forms your business needs to file.There are many different tax forms that your business may need to file depending on your business structure and industry. You can use the IRS website to determine which tax forms your business needs to file. Be sure to consult with a tax professional if you are unsure which tax forms to file or have any questions.2. Keep accurate books and records.Keeping accurat...
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Paying taxes can be a challenging task, especially when it comes to filing payroll taxes. Making mistakes can cost you a lot, including hefty penalties and unnecessary stress. If you are a business owner in Mount Laurel, NJ filing payroll taxes for the first time or simply want to avoid committing mistakes.Top 5 Common Mistakes in Filing Payroll Taxes that you must avoid at all costs.1. Misclassifying Employees: One common mistake is classifying employees as independent contractors. It may seem like a cost-saving option, but it could lead to penalties, further costs, and liability issues. Make sure you classify your employees and contractors correctly to avoid costly legal problems.2. Late Filing and Payment: Filing payroll taxes late or missing deadlines can lead to severe penalties. M...
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By Fanta Kaba
(OnPoint Resolution LLC)
Payroll taxes are an inevitable expense for any business. However, many businesses fail to plan and budget for them appropriately, which can lead to significant problems down the line. With the end of the year drawing closer, it's time to start thinking about how you can plan for your payroll taxes in the coming year. 1. Understand Your Tax Obligations The first step in planning for your payroll taxes is to understand your obligations. This includes knowing how much to withhold from your employees' paychecks and how much you, as the employer, need to pay in taxes. You'll need to review the IRS guidelines to ensure that you're calculating these amounts correctly.2. Create a Payroll Tax Budget Once you understand your tax obligations, you'll need to create a budget for your payroll taxes....
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By Fanta Kaba
(OnPoint Resolution LLC)
As a non-filer, payroll tax can seem like an overwhelming and confusing topic. However, it is important to understand the consequences of giving a bad check towards payroll tax. The repercussions can not only be harsh but also have long-lasting effects. Whether it is due to financial hardship or simple oversight.It is essential to understand that the IRS takes tax evasion seriously. If your bad check bounces for your payroll tax, it is considered tax evasion, and the IRS will take this as a personal offense. The payroll tax is fundamental to the functioning of a business, supporting Medicare and Social Security programs. Therefore, any hindrance to this support is likely to be treated as a grave offense.The penalties for writing a bad check towards payroll tax have dire consequences. If...
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By Fanta Kaba
(OnPoint Resolution LLC)
Are you a business owner who has been struggling to keep up with payroll taxes? Perhaps you've missed a deadline or two or maybe you're not quite sure if your calculations are accurate. Whatever the case may be, it's crucial that you understand the penalties that come with inaccurate payroll tax reporting. Not only can inaccurate payroll taxes result in hefty fines, but they can also lead to unwanted audits and even legal consequences.1. What are the consequences of inaccurate payroll taxes?The first thing you need to understand is that failing to adhere to payroll tax rules can lead to serious consequences. The IRS can and will impose penalties on businesses that fail to file accurate payroll tax reports. These penalties can include fines, interest, and even criminal charges.2. How to ...
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Receiving a letter from the IRS can be a scary experience, especially if you haven't filed your taxes in a while. If you're a non-filer in Mount Laurel, NJ, and you receive a notice of levy from the IRS, it's crucial to understand what it means and what your options are. An IRS levy notice is a legal document that gives the IRS the authority to seize your assets, such as your bank account, wages, or property. The notice will typically be sent to you by certified mail, and it will inform you that the IRS intends to seize your assets to satisfy a tax debt that you owe. This can be an alarming situation, but it's important not to panic.The first thing you should do if you receive a levy notice is to review it carefully and make sure that it's accurate. Sometimes, levy notices are issued in...
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Receiving an IRS levy notice in Mount Laurel, NJ can be an overwhelming experience, especially if you are not familiar with tax laws and regulations. The thought of your assets being frozen and seized by the IRS can be scary, but understanding what the notice means and what steps you can take can help you avoid further consequences. What is an IRS Levy Notice?An IRS levy notice is sent to taxpayers who have unpaid tax liabilities. This means that the IRS can legally seize and sell any property or asset you own to pay off your outstanding tax debt. The notice will specify the type of asset that may be seized, such as bank accounts, wages, or property, and provide a deadline for you to respond. Failure to respond or pay the debt can lead to further collection efforts, such as penalties, i...
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