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About Paulsboro, NJ
Paulsboro is located in the lower west region of New Jersey and is known as being the site of the first settlement on the Delaware. Major attractions include Fort Billingsport and Tinicum Island Rear Range Lighthouse. Each year in early July there is a Fourth of July parade. Among the biggest companies in Paulsboro are Valero Refining Company and Johnson Matthey Catalysts. The biggest schools here are Billingsport Elementary School and Paulsboro High School. One of the best places to visit when you are in Paulsboro is the Tinicum Island Rear Range Lighthouse. Famous persons include former NFL player Flipper Anderson, First Team All-Big East basketball player Russell Carter and running back for the Pittsburgh Steelers Isaac Redman.
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Updates & tips
Is a Tax Time Bomb Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee’s portion of Social Security will raise your paycheck temporarily until January 2021. Beginning in 2021, the deferred Social Security will then need to be paid. This year’s tax deferral is NOT currently a tax holiday. So even if your employer removes your Social Security tax from your paycheck, there is a real possibility you will need to pay it back between January and April 2021. That could mean a pretty large tax bill for you in early 2021! What You Need to Know It is optional for most employers. Your employer is not required to defer your Social Security payments. However, federal employees will be seeing this tax reduction from September through December of this year. Compare paychecks. If you are unsure whether your employer is participating in the tax deferral, get your last paycheck from August and your first paycheck from September. Compare the amount of Social Security and other taxes withheld from your August paycheck to your September paycheck. If the amounts are the same, then your Social Security and other taxes are still being withheld. If you notice that the amounts are different, or that no Social Security taxes are withheld from your September paycheck, then that’s a signal you may have a tax repayment bill in early 2021. Remember to keep checking each paycheck. Companies are struggling to figure out if they are required to comply with the presidential executive order, payroll providers are trying to figure out how to comply, and everyone is wondering whether the tax obligation will be permanently forgiven. So, you will need to keep checking your paycheck throughout the balance of 2020. Be prepared to pay it back. If taxes have been deferred from your paycheck through the end of 2020, be prepared to have your paycheck withholdings increase substantially beginning in 2021. If possible, open a savings account to set aside the taxes that were not withheld from your paychecks. When it comes time to pay your taxes, you will have funds to weather the repayment storm. Check for updates. There’s a chance Congress passes a law that forgives the deferred taxes. If this happens, you will have a nice start on an emergency fund should you need it. If you have any questions about how this payroll tax holiday affects you, don’t hesitate to reach out to our team of tax professional. Schedule time here and we’d be happy to answer any questions you have:https://www.bas-pc.com/appointment-center Get More Info : Visit Here :Tax Management Services Thanks for reading this blog. You can subscribe for regular update about technology news and tips viaRSS Feed. you can also follow us onfacebook&twitter.Thanks for visiting!.
How to Build Your Emergency Fund – When You Have No Money
This year’s pandemic highlights the importance of having enough money set aside in an emergency fund to cover six to nine months of key expenses should you lose your job. But how do you build an emergency fund if you don’t have any extra money? The easiest way to accomplish this is by reducing your expenses. Here are some creative ways to increase your cash flow by cutting your spending. How much you need First, determine how much of an emergency fund you need. Identify the minimally essential monthly bills and multiply by the number of months of funds you’ll need. At minimum include the following: Food Housing costs, including rent or mortgage payments Medical insurance Transportation Phone service and other utilities Ideas to fund your emergency account Temporarily suspend nonessential monthly expenses. Ditch your $150 cable bill for a $20 streaming service. Cook your meals from scratch instead of purchasing pre-packaged food. Eliminate or re-think your entertainment spending. Until you get your emergency fund fully funded, consider less expensive alternatives for items you normally purchase. Radical cutbacks for a set period of time. Can your family live with one car instead of two? Instead of downsizing from cable to a streaming service, what about getting rid of television subscription fees altogether? Consider if there are areas you’d be willing to make a radical (and temporary) change to free up some cash. Track your spending. When you go on a diet, nutritionists often recommend counting calories. When going on a spending diet, consider tracking your purchases. You will quickly see items that are not essential. Spending at coffees shops, paying for multiple streaming services and paying for extra cell phone services are just a few examples. You may discover problem areas you didn’t know about once you start writing down your spending in a notebook or on a spreadsheet. Stick to a list. Avoid impulse purchases by making a list of items you need to purchase, then sticking to the list. At the beginning of every month, write down the household items you need to purchase that month and do your best not to deviate from it. You can use this strategy with both in-person and online shopping. Remember, merchants are scientists when it comes to tempting you with impulse purchases. You may need to get creative with your approach, but finding the funds to build your emergency fund is essential, now more than ever. For more financial guidance, count on our team of financial professionals. We’re here to help you navigate these tough times. Reach out and schedule time here: https://www.bas-pc.com/appointment-center Get More Info : Visit Here : Tax Management Services Thanks for reading this blog. You can subscribe for regular update about technology news and tips via RSS Feed. you can also follow us on facebook & twitter.Thanks for visiting!.
Beware of the Dirty Dozen Tax Scams!
The IRS released its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your personal information. Remember the IRS will never initiate contact with you via email about an outstanding tax bill, refund or Economic Impact Payment. What you can do. If you receive any suspicious phishing emails, forward them to phishing@irs.gov. Fake charities. Criminals frequently exploit natural disasters and other crisis situations such as this year’s pandemic by setting up fake charities to steal donations. Fraudulent schemes normally start with unsolicited contact by telephone, text, social media, e-mail or even in person. What you can do. Verify the charity’s existence by searching for it using the IRS’s search tool. Threatening phone calls from IRS impersonators. IRS impersonation scams include phone calls threatening arrest, deportation or license revocation if you don’t pay a bogus tax bill. The IRS will never demand immediate payment or ask for financial information over the phone. What you can do. If you received a phone call, contact your local IRS office to verify whether you owe any taxes. Social media scams. A scammer will use social media platforms such as Facebook and Twitter to obtain personal information from you, then use that information to trick you into providing them with confidential information. For example, the scammer could impersonate a family member, friend,or co-worker in an attempt to obtain financial information. What you can do. Be careful of publishing confidential information on social media. Verify the identity of any person or organization that asks you for confidential information. Economic impact payment or tax refund theft. Criminals file false tax returns or supply other bogus information to the IRS to divert refunds or Economic Impact Payments to wrong addresses or bank accounts. What you can do. Contact a qualified professional to help walk you through how to report identity theft to the IRS. Senior fraud. Senior citizens have become more comfortable with various technologies such as social media. This has opened the door for scammers to take advantage of senior citizens by using fake emails, text messages and fake websites to steal personal information. What you can do. Be the eyes and ears for the senior citizens you come in contact with. According to the IRS, anecdotal evidence indicates that senior fraud decreases substantially when a trusted friend or family member takes an interest in the senior’s affairs. If you have concerns about fraud and your finances, don’t hesitate to contact our team of financial professionals. We’re happy to schedule a complimentary consultation to answer your questions: https://www.bas-pc.com/appointment-center Get More Info : Visit Here : Tax Management Services Thanks for reading this blog. You can subscribe for regular update about technology news and tips via RSS Feed. you can also follow us on facebook & twitter.Thanks for visiting!.