Since 2001, we provide tax expertise & strategies for: Corporations, Partnerships, LLCs & Trusts.
TaxBizPro, LLC Posted on: January 17, 2012 11:18

Excellent Service, By far the best Tax Advisor I’ve ever had “As a non resident in the US, I had difficulties to file my tax back for 2007 (Internet filing not available). All I had to do is send them my details, and TaxBizPro filed all the necessary documents for me, maximized my tax returns […]

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TaxBizPro, LLC Posted on: January 17, 2012 11:16

Firm Profile Welcome to Taxbizpro LLC, the premier CPA tax accounting firm for the NYC and NJ area.  Based out of Lyndhurst, NJ (Bergen County) Taxbizpro LLC provides comprehensive tax planning, accounting and financial consulting services to individuals, corporations, partnerships, LLCs’ both within the United States and internationally. At Taxbizpro, our goal is to provide our […]

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TaxBizPro, LLC Posted on: January 17, 2012 11:14

Thank you for visiting us! We believe that we offer a unique approach to tax accounting and financial consulting services that brings value to our clients. Our  tax expertise allows us to provide financial consulting that is built on developed and proven strategies which maximize tax savings for each of our clients.  Let our knowledgeable […]

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TaxBizPro, LLC Posted on: January 17, 2012 11:09

Tax strategies to reduce your business taxes Help with tax planning for retirement plans (401-K, Profit Sharing, SEP, Defined Benefit) Rollover IRA and 401-K tax planning

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TaxBizPro, LLC Posted on: January 17, 2012 11:08

Estate & Inheritance Tax Planning Revocable & Irrevocable Trusts Risk Management Insurance Review Trust Taxation

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Posted in:tax-planning
TaxBizPro, LLC Posted on: January 17, 2012 11:07

Entity classification for business incorporation S Corporation vs. C Corporation vs. LLC/Partnership Financial Statement preparation Tax write-up & financial review of accounts

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TaxBizPro, LLC Posted on: January 17, 2012 11:06

Income tax return preparation and filing Corporate, LLC and Business tax returns Tax planning that reduces your taxable income Complete payroll service

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TaxBizPro, LLC Posted on: January 17, 2012 11:05

Please click below to request a free quote for our CPA or tax preparation services. We value your interest and will respond to you shortly.

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TaxBizPro, LLC Posted on: January 17, 2012 11:04

Tax education gives you knowledge to make better informed financial decisions.  Take a few moments and watch this educational video that will teach you few important facts about taxes.

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TaxBizPro, LLC Posted on: January 17, 2012 11:04

We bring tax expertise and knowledge from years of experience and continuing professional education.  We strive to develop tax strategies that will benefit each of our clients based on their particular needs.  If you are looking for tax creativity, then we can help you minimize your “tax bite”.

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TaxBizPro, LLC Posted on: January 17, 2012 4:13

Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!

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TaxBizPro, LLC Posted on: December 17, 2011 19:29

If you are ready to purchase your dream home, a careful tax analysis about different types of mortgages must be done. If you want to know about big tax write-off a mortgage can give you, you should learn how mortgages work and then sit down with a tax advisor or an accountant and determined whether a […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: November 28, 2011 11:54

The interest that you pay on your home mortgage loans is a very important factor in your financial tax strategy. The good thing about mortgage loan is that mortgage interest may be tax deductible. This is one of the popular tax deductions that you, the taxpayers, look forward to. However, you must adhere to some rules so […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: September 11, 2011 10:32

There are two types of interest in a partnership: Capital Interest and Profits Interest.  Both Capital Interest and Profit Interest are determined based on the contribution of property to the partnership and or services performed for the partnership.  The Tax Court has described a Capital Interest is any interest that would entitle the holder to […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: August 29, 2011 11:19

Partnership or LLC Distributions may be taxable to the partners or LLC members. Distribution of partnership assets can be done as either current distribution or liquidating distribution. A current distribution is when a partnership makes a distribution to the partner(s). The receiving partner’s capital interest is retained fully or partially (IRC Sec. 761(d)). Even if the distribution reduces partner’s […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: June 28, 2011 16:29

Disclaimer: This article is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Choosing the best and correct business structure is vital key component to starting a new business or office. This article will address some formation and legal issues that businesses encounter daily.  Hopefully […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: May 13, 2011 13:43

Having access to reliable NJ/NYC accounting CPA tax services is important for businesses of any size in the New York/New Jersey area.  But some businesses may not spend as much time as they should in choosing the accounting and tax services firm for their company. Often the business owners just select the “low cost provider” […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: October 21, 2010 10:03

A taxpayer who trades securities, reports his/her trades on schedule D of form 1040.  He/she is subject to the $3,000 annual limitation that applies to net realized capital losses.  Also, securities are subject to the Wash Sales rules (in a nut-shell; loses will not be recognized for tax purposes if you sell a security at […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: September 3, 2010 11:25

If you are thinking or already attending a college, university or a graduate school, then you should know about several educational tax credits that you can claim on your personal income tax return.  If you are a dependent, your parent(s) can claim those credits on their personal income tax return. This article addresses The American Opportunity […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: July 7, 2010 15:35

If you send your kid(s) to a summer camp(s) or day care facility, you might be able to deduct those costs by claiming dependent care expense tax credit.  Because you and your spouse work or are looking for work, you must arrange to care for your child(ren) under 13 years of age during the school vacation.  […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: June 2, 2010 10:32

Do you have an IRA or an employer sponsored retirement plan such as: 401-K, 403-B, 457, DB, Profit Sharing Plan, or other qualified retirement plans?  Did you purchase a non-qualified annuity to protect your retirement assets?  If the answer is yes, then you should know what would happen tax-wise, if you take the money out […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: May 6, 2010 9:02

Capital Gains and Losses are recognized when you sell or dispose of an asset (property, stock, bonds, other securities, collectables, etc.)  Here are some facts you should know about capital gains and losses. • When you sell a capital asset, you should know the original price.  It also referred to as “basis”.  The difference between the […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: April 21, 2010 10:09

If you have already filed your individual or business income tax returns and discovered that you made a mistake, or you forgot to add a dependent, or your accountant or a tax advisor missed a tax deduction, or reported wrong taxable income, or you need to make any other adjustments to the taxes; you should […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: April 14, 2010 15:42

If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion.  The foreign earned income exclusion is adjusted annually for inflation.  For 2009, you can exclude from the U.S. taxes the maximum annual amount of up to $91,400 per qualifying person.  The foreign exclusion is not a simple tax matter and […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: March 24, 2010 10:24

Have you spent money to care for your child(ren), or a dependent, or perhaps you are planning to do so this year?  If so, you should know that you might be able to qualify and receive a Child and Dependent Care Credit on your federal and state (not all states have this credit please check with your […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: March 19, 2010 9:04

If you would like to contribute to a qualified retirement plans such as 401-K, 403-B, 457, SEP, SIMPLE IRA, KEOGH, IRA, or other qualified retirement plans, you may be eligible for a tax credit known as Retirement Savings Contributions Credit. But not everybody will qualify for this credit. Here are some facts that you need to […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: March 11, 2010 11:12

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim a special tax relief and exclude the debt forgiven from your income.  Here are some facts on this.   ·       Generally, if debt is forgiven, it results in a taxable income to you. However, under […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: March 4, 2010 9:41

Many clients ask us what to do if their employer did not provide them with the form W-2?  Employers have until February 1st of each tax year to send you the W-2.  If you haven’t received your W-2, follow these four steps: 1. Contact your employer: If you haven’t received your W-2, by February 5th contact your […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: February 25, 2010 10:30

You recently bought a lottery ticket and have won, or your trip to Las Vegas was a success and you made some cash in the casinos!  Well, the gambling winnings are fully taxable and must be reported on your tax return. Here are some facts you should know on this. Gambling income includes but is […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: February 17, 2010 14:42

If you received or will be receiving Social Security benefits, you should know that some or most of the Social Security benefits may be subject to the income taxes.  Depending on your taxable income, up to 85% of your Social Security benefits may be taxable.  Here are some facts that will help you determine whether […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: February 5, 2010 13:40

The Alternative Minimum Tax was designed to ensure that anyone who benefits from certain tax deductions pays at least a minimum amount of tax. Tax laws provide tax benefits for special tax deductions and tax credits for certain expenses. These benefits can drastically reduce taxpayers’ taxable income, thus fewer taxes will be paid. Congress created the […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: January 26, 2010 11:40

Do you need to obtain a copy of filed federal tax return from the IRS?  Here are some important facts you should know. 1. There are two easy and convenient options for obtaining free copies of your federal tax return information — tax return transcripts and tax account transcripts. 2. The IRS does not charge a fee for transcripts, which are […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: January 15, 2010 12:24

If you have children, consider these important tax benefits available to you. In most cases your child can be claimed as a dependent in the year they were born. So if your child was born on December 31st, you can claim that child as a dependant on your personal income tax return for that tax […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: January 1, 2010 12:15

If you have a small business like a sole proprietorship or an independent contractor, or you operate as Single Member LLC, you generally would consider yourself to be a self-employed.  For tax purposes, you must file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your individual income […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: December 30, 2009 12:52

If you are filing an income tax return, you must know which filing status applies to you. The tax filing status is very important! It determines your personal deduction, the amount of tax you would need to pay or if you will receive a tax refund. Here are some facts about the individual tax filing […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: December 15, 2009 12:08

There are three individual tax return forms you can use to file your Federal Income Taxes. Its form: 1040, 1040A and 1040EZ. You can mail your individual tax return by mail or you can e-file it.  Whether you use e-file or file by mail, using the simplest tax return form will help avoid costly errors […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: November 4, 2009 16:11

The following are the amounts that are exempt from Federal Estate Tax. In 2005: First $1,500,000 in assets In 2006-2008: First $2,000,000 in assets In 2009: First $3,500,000 in assets In 2010: First 1,000,000 in assets In 2011-2012: First 5,000,000 in assets If your assets (Real Estate, IRAs, Life Insurance, Savings Accounts, CD, Stocks, Bonds, […]

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Posted in:Personal Tax Articles
TaxBizPro, LLC Posted on: October 12, 2009 13:43

Many business owners are curious and interested to know about different ways to save money on taxes.  This article will introduce you to a legal way of reducing businesses or corporate taxable income by paying your minor children. The payments to minor children have to be reasonable. The minor child needs to be compensated for the services […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: September 30, 2009 10:32

The corporation does not recognize gain when it distributes cash to its shareholders.  Also when a shareholder in exchange for cash, redeems a corporation stock, the corporation recognizes no gain. (Sec. 311(a)).  On the other hand, if a corporation distributes property in connection to stock redemption, this may result in corporate-level capital gain and/or ordinary income. […]

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Posted in:Business Tax Articles
TaxBizPro, LLC Posted on: September 14, 2009 8:47

Many taxpayers are confused about different tax professionals that prepare tax returns.  Even though the current law allows anybody to prepare and file your taxes, it’s strongly recommended to use a tax professional that has one of the nationally recognized tax designations.  The IRS is currently working on legislation that will regulate all tax preparers.  […]

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Posted in:Personal Tax Articles
Important Tax Disclosure
IRS Circular 230 Legend: Any advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax payments or penalties. Unless otherwise specifically indicated, you should assume that any statement in this website or articles that relating to any U.S. federal, state, or local tax matter was written in connection with the promotion or marketing. Disclaimer: Any articles herein is designed for general information only. The information presented at this site should not be construed to be formal legal or tax advice. Each taxpayer should seek advice based on the taxpayer's particular circumstances.

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Important Tax Disclosure
IRS Circular 230 Legend: Any advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax payments or penalties. Unless otherwise specifically indicated, you should assume that any statement in this website or articles that relating to any U.S. federal, state, or local tax matter was written in connection with the promotion or marketing. Disclaimer: Any articles herein is designed for general information only. The information presented at this site should not be construed to be formal legal or tax advice. Each taxpayer should seek advice based on the taxpayer's particular circumstances.