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NJ Accounting, Tax & Business Consulting Articles

12 Mar

Employer-Owned Life Insurance Benefits May Be Subject to Income Tax

Employer-Owned Life Insurance Benefits May Be Subject to Income Tax | Spire Group, PC As a business owner or employee benefits specialist, you may be aware that the Pension Protection Act was enacted in 2006 to increase oversight of retirement accounts and hold businesses accountable for underfunded accounts. However, what many employers don’t know is […]

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09 Mar

Take a Guided Walkthrough of Your Tax Return

Form 1040, Schedule E, Itemized Deductions, Business Income, Schedule D… there are so many parts to a tax return, and at first glance, each page is more complex than the last. Tax returns are confusing for many taxpayers, and that is why we would like to give you a quick guided tour of some of […]

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26 Feb

An Introduction to the Qualified Business Income Deduction

The Tax Cuts and Jobs Act was passed in December 2017, and most of the new guidelines are effective for tax years that begin on or after January 1, 2018. With such a brief implementation period, many taxpayers feel lost and unprepared to handle the changes. Luckily, it is not too late for taxpayers to […]

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21 Feb

Tax Reform and Its Impact on Alimony

Alimony Tax Treatment | Spire Group, PC We’re not here to tell you that alimony payments are a thing of the past; they’re very much alive. However, the tax treatment of alimony for the payer and the recipient is changing as a result of the Tax Cuts and Jobs Act of 2017. Owing to tax reform, […]

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20 Feb

Upgrading Your Home to Use Solar Energy May Earn You a Tax Credit

Upgrading your home to be more energy efficient can save you money over time, but the upfront cost of the upgrades may be steep. And while many of the energy upgrade tax credits have expired in the last couple years, there is one still available that can help taxpayers offset the costs of improving the […]

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14 Feb

3 Reasons Why Construction Contracting Businesses Fail Every Day

Construction Contractor Failure | Spire Group, PC Lots of careers are risky—and frankly, no career is risk-free. But when it comes to a business that can fail seemingly at the tip of a hat, for any number of reasons, real estate contracting sits at the top of many people’s list. Indeed, being a contractor is […]

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07 Feb

When Buying a Business, Profitability Can Be a Moving Target

Business Valuation and Profitability | Spire Group, PC It seems simple—too simple, perhaps…You acquire a business because you determine through careful due diligence that it’s profitable, and offers opportunities for expanded profitability through numerous growth avenues. If only it were that simple. In reality, far too many investors – be they companies, partnerships or other […]

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31 Jan

C Corps Can Offset Tax Liability with Foreign Tax Credits

C Corps Can Offset Tax Liability with Foreign Tax Credits | Spire Group PC The foreign tax credit (FTC) is an essential tool to understand when thinking about your tax liability this tax season. This credit can be taken for individuals and corporations alike; however, corporations (specifically C corps) may receive an additional, indirect benefit from […]

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