Steven Sewald & Company, CPAs & Consultants

Are you looking for an accounting firm large enough to offer a full array of accounting, taxation, and consulting services, but small enough to know you on a personal level?

Then look no further. We started years ago as a small operation, and have grown today to many CPAs, each offering top-notch credentials and experience. Whether you need accounting, tax planning, QuickBooks advisors, tax return preparation, personal financial planning, estate and trust, small business consulting, or a full complement of other individualized services, Steven Sewald & Co., CPAs and C

Operating as usual

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Whenever you exchange money with friends in a digital format like Venmo, have them mark the transaction as non-business. Each application will handle this differently, but it is critical you do this to avoid getting a 1099-K in error.

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According to a 2021 survey by The Service Corps of Retired Executives, 82% of small businesses that eventually fail do so because they run out of money. So it is critical to constantly forecast your business’s worst-case scenario and figure out how much cash you need to keep your doors open. Then take steps to protect your business before you run out of cash.

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Starting a new business in 2022? Research your industry and your competition in depth, and prepare a written business plan covering several years. Write a short mission statement for your company, identify your target market, and state your business plans as specifically as possible.

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To invent, you need a good imagination and a pile of junk. Thomas A. Edison

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Question: Is my disability income taxable?
Answer: Money received from worker's compensation for sickness or illness is not subject to income tax. Amounts received under a private accident policy for which you pay the premiums are also nontaxable. To the extent your employer pays the insurance premiums, your benefits will be subject to tax.

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Typically, cash and non-cash charitable donations can be deducted on an itemized return. But with the standard deduction now $12,950 for single filers and $25,900 for married joint filers, itemizing this year is less beneficial for most of us.

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Tip: An IRS agent will never call a taxpayer over the phone without first sending an official letter, and will neither threaten a taxpayer nor demand immediate payment. They’ll also never ask for credit card or debit card numbers over the phone. If you are contacted by a suspected scammer, report it to the IRS by calling 800-366-4484.

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Tip: If you’re getting a big refund this year due to overpayment of tax, it may be worth adjusting your withholdings to eliminate overpayment for 2022.

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It is hard to fail, but it is worse never to have tried to succeed. Theodore Roosevelt

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Tip: If your refund amount is different than the amount on your tax return, try to understand why this is the case before cashing the check. Follow up with the IRS for an explanation about the missing amount. Amounts cashed that are larger than you expect can actually cause problems if the IRS expects repayment.

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The IRS says it issues nine of 10 refunds within 21 days. However, electronically filed returns will usually get a refund faster than those filed by paper in the mail. Don't expect that turnaround with a paper filed return, however. The IRS says they are still processing a backlog of last year's returns and don't expect to be caught up until year end.

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A capital gain is what results when you sell certain property at a profit. In general, everything you own for personal or investment purposes is a capital asset, including your home, stocks, bonds, and collectibles. Capital assets do not include business property, such as inventories, notes, and accounts receivable.

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Question: Is bond interest taxable?
Answer: That depends on the type of bond. For example: Corporate bond interest is taxable. Municipal bond interest is generally not subject to federal income tax. Treasury bond interest is free from state and local income taxes.

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Two roads diverged in a wood and I - I took the one less traveled by, and that has made all the difference. Robert Frost

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Developing a profitable business is hard and often unrewarding work. You and any potential business partner should honestly discuss expected work hours, contributions, and responsibilities. Resentment can creep into any business relationship when partners feel that workloads and rewards aren't fairly distributed.

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Quick Tip: IRS Form 8879 needs to be signed by you before your taxes can be e-filed. If filing jointly, your spouse needs to sign as well. If you haven’t already, please return the signed form ASAP to ensure that your taxes can be e-filed on time.

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Income from Roth IRA and Roth 401(k) Accounts. While the amounts contributed to these retirement savings accounts is taxed, any earnings made on these contributions is federal tax-free as long as holding period and distribution rules are followed.

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Per the IRS you can keep your tips by either maintaining a tip diary or by saving documents that show your tips. If your employer does not provide you with an electronic form of a tip diary, you can always create your own. The IRS has one for your use in Form 4070A.

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We can do anything we want to if we stick to it long enough. Helen Keller

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A W-2 withholding payment can be made at any time during the year and be treated as if it was made throughout the year. If you do not have enough to pay the estimated quarterly payment now, you may be able to adjust your W-2 wage withholdings to make up the difference.

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You are required to withhold or prepay throughout the 2022 tax year at least 90 percent of your 2022 total tax bill, or 100 percent of your 2021 federal tax bill.* A quick look at your 2021 tax return and a projection of your 2022 tax obligation can help determine if a quarterly payment might be necessary in addition to what is being withheld from any paychecks.

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Question: Is the sale of my residence taxable?
Answer: That depends on the amount of profit from the sale. Single taxpayers can exclude from tax up to $250,000 of profit on a home sale and married couples can exclude up to $500,000. To take the full exclusion, you must generally have owned and used the home as your principal residence at least two of the five years prior to its sale. Also, you can't use the exclusion more than once every two years. A reduced exclusion may apply in some cases. Prior to selling your home it is important to review your situation.

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Question: Who can I claim as my dependent?
Answer: You must generally pass five tests in order to claim someone as a dependent, including; 1. the member of household/relationship test, 2. the support test, 3. the gross income test, 4. the joint return test, and 5. the citizenship test.

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Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.
Helen Keller

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The single biggest benefit of incorporating a business is limiting an owner's liability. In theory, a stockholder in a corporation risks only his or her investment in the corporation stock. A lawsuit against the company generally cannot be satisfied by attaching the stockholder's personal assets.

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Scam Reminder: Initial contact with the IRS and their collection agents always uses the mail. So never respond via email or web or phone.

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Keep a copy of your Form 1040 indefinitely. Do not toss or destroy any of your 1040s. You may need them to correct historic Social Security earnings statements or to prove that you filed a tax return.

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Keep it: To prove your cost/basis and taxable gain or loss, all records relating to property that you own (your home, rental properties, stocks bonds and other investments) need to be kept for at least three years after it's sold or disposed.

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The only source of knowledge is experience. Albert Einstein

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Generally, people itemize if their itemized deductions add up to more than the standard deduction. A key part of their tax planning is to track their deductions through the year.

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Tax deductions are specific expenses you’ve incurred that you can subtract from your taxable income. They reduce how much of your income is subject to taxes.

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Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C-Corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "flow-through" entities like S-Corporations and Limited Liability Companies (LLC).

Products

ACCOUNTING AND AUDITING SERVICES:

Steven Sewald & Co., CPAs & Consultants offers a complete range of accounting services, including receivables, payables, and payroll management. We prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for use by banks, investors, and other third parties. Our firm will also prepare custom financial reports for internal managerial use. We are certified QuickBooks Pro Advisors.

TAXATION SERVICES:

Steven Sewald & Co., CPAs & Consultants offers a full range of tax planning and compliance services. We will work with you year-round if necessary in order to minimize your total tax burden. Our firm also prepares all federal, state and local tax returns for individuals and businesses.

BUSINESS CONSULTING SERVICES

Our company offers a wide range of consulting services to help you improve business operations, boost efficiency, and increase the bottom line.

MANAGEMENT ADVISORY SERVICES

Steven Sewald & Co., CPAs & Consultants offers complete management advisory services, including systems implementation and management, cost controls, employee benefit plan restructuring, and much more.

PAYROLL SERVICES

Once you have trusted us to handle your tax and accounting services, trusting us to handle your payroll needs is the next logical step towards simplifying your business life. We provide a comprehensive payroll service customized for your specific needs—giving you flexible personalized service from our knowledgeable staff. Our service includes check printing, direct deposit of paychecks, electronic tax payments and tax filings, complete compliance, and more. You will receive all the payroll reports you need to run you business most efficiently, and you will also get personalized professional advice on all payroll matters for your firm.

ADDITIONAL SERVICES:

Steven Sewald & Co., CPAs & Consultants offers a complete array of financial planning services and will work closely with you to help you achieve your financial goals.
It is never too early to start planning for retirement.
Steven Sewald & Co., CPAs & Consultants offers both limited and full scope attest services.
We offer complete debt and financial counseling services, including installment debt consolidation, refinancing, and repackaging.
Our firm offers estate planning services so you can minimize both federal and state estate tax liabilities.
Our qualified staff will perform a custom portfolio analysis and review the risks and returns of specific investments including stocks, bonds, and limited partnerships.

Telephone

Website

sewaldcpa.com

Address


242 State Route 79 N Ste 3
Morganville, NJ
07751

Opening Hours

Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

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