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Certified Public Accountants
 
 
email@jmvcocpas.com
1989 Arena Dr, Hamilton Township NJ 08610
65 S Main Street Bldg B Pennington, NJ 08534
 
 
 
 
 
 

Individual FAQ in Hamilton, NJ

 

 

 
 
Am I Having Enough Withheld?
Filling out a W-4 form and keeping an eye on how much is withheld should keep you from incurring penalties come tax season. You can understand how exactly to be sure that you are withholding enough by reading the IRS publication 505 as well.
Are my Social Security benefits subject to income tax?
A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, exceeds specific limits.
Are scholarships and grants subject to federal income tax?
If you are using these scholarships and grants for tuition, books, and other required expenses, then it is not necessary to include them in your taxable income. However, if you are using these funds for other expenses (room, boar, etc) then it is susceptible to taxation.
What should I do if I do not have the cash to pay my taxes?
If you are unable to come up with the cash to pay your taxes, you can either pay with a credit card, request a short-term extension, or request to pay installments with the IRS.