Serving Individuals and Businesses in Hoboken and All of New Jersey
Hoboken has come a long way since Frank Sinatra was born there over 100 years ago. Its redevelopment and close proximity to NYC led to a booming economy. Hoboken is a forward-thinking city filled with entrepreneurs and new businesses. At Paladini Law, we are dedicated to helping entrepreneurs, individuals, businesses in Hoboken solve their tax problems. We can help with most types of tax issues, including:
- IRS Installment Agreements
- IRS Offers in Compromise
- IRS Audits
- NJ Audits
- NJ Collections
- Disclosure of Foreign Assets
- Payroll Taxes
Frequent Asked Questions (FAQs)
Do I Have to Pay Taxes on Income Earned Overseas?
Yes. The United States taxes residents on their worldwide income. Any income earned overseas, including rental income, interest income, and dividend income, is subject to U.S. tax. Besides being subject to income tax, there are special reporting requirements for foreign assets. Depending on the asset type, you may need to file an FBAR or other documents to inform the United States government you have an interest in foreign assets. There are serious penalties for failing to do so.
Why Do I Keep Owing Taxes When I File?
If you’re self-employed, you keep owing because you make insufficient estimated tax payments. Estimated tax payments are due four times during the year. If you do not make sufficient estimated tax payments, you will owe money when you file the tax return for that year. If you receive a paycheck, you likely owe because your W-4 was not completed properly. Fill it out again and submit it to your HR Department.
If I Owe Back Taxes, How Much Is the IRS Going to Make Me Repay Every Month?
If you owe less than $100,000, you can repay the IRS over 84 months. The benefit to this option is you do not need to provide any financial information. If you can afford the monthly payment and there are no statute of limitation issues, the IRS will most likely accept that amount. If you owe over $100,000, or you can’t afford the monthly payment, it will come down to your ability to pay. Ability to pay is the difference between your monthly gross income and reasonable living expenses. There are limits to certain expenses, such as housing and vehicles, to prevent people from living extravagant lifestyles.
How Long Do I Need to Keep Records?
Keep records for 3 years from the date you filed the return or 2 years from the date you paid the tax, whichever is later. Like everything else tax-related, there are exceptions. If you substantially understated the tax due on the return, you must keep records for 6 years from the date you filed. If the return is fraudulent, you must keep records forever. You also need to keep records for property, such as a home, for longer so you can substantiate the basis of the property.
Reasons to Hire Paladini Law
1. Free Phone Consultations
Call us at any time for a free phone consultation. We do not pressure potential clients into hiring us, but try to show people who we are and how we handle cases.
2. Lawyers for People with Tax Problems
Paladini Law only handles tax cases. We do not handle any other type of case, meaning we can constantly refine our practice.
3. Prompt Responses
We return all contacts within 24 hours. There is no waiting days or weeks for a response from your attorney. Be confident knowing your questions and concerns will be answered promptly.
4. Clients Love Us
Here’s what one client has to say about her experience with us:
Brad helps make tax issues and concerns less daunting and does so with ease and professionalism. He was so thorough in explaining the whole process and has helped me with various issues ranging from simple to more complex. He is genuine, reliable and extremely knowledgeable. I would recommend Brad to anyone looking for a trustworthy and knowledgeable tax attorney. -Daniela
5. We’re Flexible
Life doesn’t operate on a 9-5. Sometimes you need a Saturday meeting, or an “after hours” phone consultation. At Paladini Law, we are flexible to your needs. Whether it be meeting at your business, a flexible payment plan, or weekend conference call, we are available to meet your needs and unique schedule.