• 165 Passaic Avenue, Suite 411, Fairfield, NJ 07004
  • Monday-Friday 9am - 5:30pm
  • 973-439-7200
March 16, 2020
A Note on Smolin Lupin Operations & COVID-19 (Coronavirus)

Here at Smolin, we’ve been closely monitoring the COVID-19 (coronavirus) outbreak and have been actively considering and responding to the recent developments. The safety and well-being of our staff, clients and colleagues are our top priority, and to that end we will be allowing our employees to work from home next week. We will also […]

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March 13, 2020
What’s a reasonable salary for a corporate business owner?

As the owner of an incorporated business, you’re likely already aware of the tax advantage associated with taking money out of a C corporation as compensation rather than as dividends. The rationale behind this is simple: a corporation can deduct salaries and bonuses paid to executives, but not its dividend payments.  While funds paid out […]

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March 10, 2020
New accounting rules that could change your mind about leasing or buying

Starting in 2021, the rules for reporting leasing transactions are changing — for both private companies and nonprofits. While these changes have been delayed in the past, they will likely impact your financial statements in the near future. They could even change your mind about renewing a lease or entering into a new leasing contract. […]

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March 9, 2020
Work Opportunity Tax Credit extended through 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed […]

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March 6, 2020
Home is where the tax breaks might be

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage of the […]

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March 4, 2020
When the fraud suspect is an executive

Businesses and fraud experts often face a long, arduous process when investigating any occupational fraud incident. When the suspect is a member of upper management, it’s exponentially harder. In theory, investigating executives shouldn’t differ from the process of investigating rank-and-file employees. In reality, the authority and influence of an executive can slow — even shut […]

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March 3, 2020
2 trust types to consider when estate planning for a blended family

No one said estate planning is easy, and this is especially true if you have a “blended family.” The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT) — that can provide for your children from a previous marriage while […]

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March 2, 2020
Give your 401(k) plan a checkup at least once a year

In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes […]

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February 27, 2020
Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes made […]

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