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Standard Deduction Vs. Itemized Deduction

When calculating your taxes for the year, the IRS allows you to deduct dollar-for-dollar a certain amount from your total income before arriving at your taxable income. The amount of the deduction depends on whether you take the standard or itemized deduction. The IRS allows you to take whichever deduction is more beneficial for your situation, regardless of which deduction you used in the past. Standard DeductionThe standard deduction is… Read More »Standard Deduction Vs. Itemized Deduction

Common Business Taxes

Are you looking to open a business, or maybe even already own a business, and want to know what taxes you’ll be responsible for throughout each year? Here we have a guide of some of the most common taxes that businesses should keep on their radar. Please note that this list is not exhaustive of all taxes your business may be liable for, and it’s important to plan with your… Read More »Common Business Taxes

The Benefits of Creating an Online IRS Account

Here at Eiger, Lang & Company, we encourage all our clients to register for an Online Account with the IRS. Having an IRS online account is a safe and easy way for taxpayers to view specific details about their federal tax account. There are many features that are included with an IRS online account, such as accessing tax records, making and viewing payments, viewing or creating payment plans, viewing your… Read More »The Benefits of Creating an Online IRS Account

I Received a Tax Notice. Now What?

After most taxpayers file their annual tax returns, they usually don’t think about their taxes again until the next filing season. But what happens if you get a letter in the mail from the IRS, the State of New Jersey, or another state taxing authority during the year? The first step: don’t panic! There are a variety of reasons that you may have received a tax notice, and in most… Read More »I Received a Tax Notice. Now What?

2020 NJ ANCHOR Program Updates

In 2022, the State of New Jersey introduced the ANCHOR program, which looked back at taxpayers’ residency and income in 2019 to provide property tax and rent relief to residents of NJ. Now, NJ has begun mailing the 2020 NJ ANCHOR Program information to eligible homeowners and renters. You may be asking what steps you need to take next. We are here to outline those steps for you. If you… Read More »2020 NJ ANCHOR Program Updates

Inflation Reduction Act – Tax Credit for Electric Vehicles

With the signing of the Inflation Reduction Act on August 12th, 2022, the tax credit for the purchase of electric vehicles got a nice makeover. Under the previous rules, certain qualified vehicles purchased offered a tax credit of up to $7,500 to eligible taxpayers. The amount of the credit was determined by various factors including the capacity of the battery used to power the vehicle and how many vehicles the… Read More »Inflation Reduction Act – Tax Credit for Electric Vehicles

No Receipts Needed

Tax time can often be overwhelming. Not sure what documents to provide us? Take a look at this list of questions to determine the necessary documents you need for your 2022 tax preparation and leave that shoebox full of receipts at home. WorkDid you work in 2022? Provide the W-2 from each employer you worked for in 2022. Employers have until January 31st to supply W2 forms to you. InvestmentsDid… Read More »No Receipts Needed

2022/2023 Tax Season at Eiger, Lang & Company, CPA LLC

It is hard to believe that its time again!  Please see below for this year’s procedures to ensure a smooth tax season. How to Get Us Your 2022 Tax Documents:Upload your tax documents to our secure client portal, Intuit Link. If you did not use the portal last year, but would like to do so this year, please reach out to the office and one of our staff members will… Read More »2022/2023 Tax Season at Eiger, Lang & Company, CPA LLC

Student Loan Forgiveness Initiative

There has been a lot of hype surrounding President Biden’s recent student loan forgiveness initiative, but what exactly does his plan include? As the pandemic-era payment pause is set to expire, this initiative consists of a three-step plan to help transition federal student loan borrowers back to their regular payment schedules. The three-step plan includes: Step 1: Extension of the pause on federal student loan repayments For federal student loan… Read More »Student Loan Forgiveness Initiative

Latest Information on NJ ANCHOR Program

Earlier this month the state of New Jersey announced an important update to the new ANCHOR property tax relief program, and recently, the Department of the Treasury began mailing application instructions to eligible homeowners and residents. If you’re wondering what  you need to do next, we are here to guide you. First, just a quick recap for those who are unfamiliar with the ANCHOR property tax relief program: The new… Read More »Latest Information on NJ ANCHOR Program