Business & Finance

Tax Time is Approaching: Levine, Jacobs and Co., LLC Member Lends Preparation Tips


LIVINGSTON, NJ — Michael Karu, CPA/CFF, Member, Levine, Jacobs and Company, LLC, in Livingston recently spoke with TAPinto Livingston, West Essex and West Orange about getting ready for tax season. 

Karu provided the following tips for how to prepare:

“As February arrives—bringing with it freezing temperatures, snow and ice—it also reminds everyone that it’s time to start focusing on getting ready to do your taxes.  While the various tax forms are coming in, there can be confusion in determining what is necessary.  We advise our clients to get a large envelope and, every time that something official arrives in the mail, put it into the envelope.  

Sign Up for E-News

“Of course, this method doesn’t guarantee that everything that will be needed will be there, but it’s a start.  It is important that each envelope is opened and the contents reviewed.  Even if you know very little about taxes, it will provide some basic familiarity.  

“For those with slightly more interest in what goes into their taxes, we recommend getting an accordion file.  Then, as information comes in, it can be sorted by type.  For my own taxes, I separate the paperwork putting W-2s into the first section, dividends and interest income into the second, K-1s from partnerships or S Corporations into the third, and other income-related items into the fourth.  

“Deductions are broken into three sections: medical, taxes & interest, and charitable contributions.  By sorting through the paperwork in advance, it will speed up the process and potentially save money on tax preparation.

“In addition to the expected W-2s and 1099s, many people will be receiving Form 1095-A, B, or C.  These forms will indicate proper health care coverage.  

“The philanthropic should have been receiving letters of thanks for their generosity.  Those letters document the donations.  While they are not imminently important, in case of an audit, those letters will be necessary and should be kept with other tax information.  

“In the case of donated non-cash items, such as clothing, a receipt confirming those donations should be kept.  Detailed records of donated items—for instance, eight men’s shirts or four women’s sweaters should be included and kept with the receipts.  Many organizations will provide an estimated value range that can be used to calculate the deduction.  

“Keep in mind that, if more information, rather than less, is sent to your tax preparer, your return will be more accurate. As a friend once observed to me, ‘Accuracy is the key to success.’”

About Michael Karu:

Michael H. Karu, CPA/CFF/CGMA, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm.  He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses.  Additionally, he is a Certified Divorce Mediator and is also certified in Financial Forensics. 

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News


Upcoming Events


Mon, March 19, 2:00 PM

Livingston Town Hall, Livingston




Mon, March 19, 7:00 PM

Livingston Township Hall, Livingston

Livingston Township Council Conference Meeting



Mon, March 19, 7:30 PM

Livingston Township Hall, Livingston

Livingston Township Council Regular Meeting


West Orange Restaurant Week Heads Into Weekend; Don't Miss These Offers

March 16, 2018

WEST ORANGE, NJ — Restaurants and eateries from throughout West Orange are currently participating in the Downtown West Orange Alliance’s (DWOA) second annual Restaurant Week, which wraps up on Saturday.

There will also be an opportunity to win $250 in restaurant gift certificates for purchases made during Restaurant Week.

For every purchase made at ...

Valyrian Steel: Where is it All? Should We Still Care?

There is a glaring hole in recent Game of Thrones seasons that needs to be addressed: the ability of Valyrian steel to destroy White Walkers has not been acknowledged since before Jon Snow’s death.

In fact, it hasn’t been mentioned since the Season Five finale when Jon Snow reveals this discovery to Sam Tarly. Jon has cared about little more than the war between the living and ...


Jennifer Feinberg September 28, 1969 - November 7, 2016   Jennifer Stulberger ...
Read more
LIVINGSTON, NJ - Kristine Marie Mount Wells, 48, passed away peacefully, with her loving family by ...
Read more
LIVINGSTON, NJ - The family of Ilan Altman, a 1986 LHS graduate and long-time Livingston resident, ...
Read more
LIVINGSTON, NJ - Ilan Altman, 46, of Livingston died on March 28, just shy of his 47th birthday, ...
Read more
LIVINGSTON, NJ — Colgate University Golf is currently collecting gifts in memory of a ...
Read more
LIVINGSTON, NJ — Today we honor Jane Chesner. Our beloved Jane Chesner passed away ...
Read more
LIVINGSTON, NJ — The Livingston Police Department and longtime Livingston residents are ...
Read more

Health Alert: Child with Measles Traveled to Newark Airport on March 12

March 15, 2018

TRENTON, NJ — Anyone at Newark Liberty International Airport on Monday, March 12 between 12:45 and 9 p.m. might have been exposed to measles and should contact their health care provider, according to the New Jersey Department of Health (NJDH).

The NJDH has issued a public health alert after a child with a confirmed case of measles—a highly contagious ...

Komen North Jersey Pink Tie Party Set For March 16

March 12, 2018

SUMMIT, NJ - The annual Susan G. Komen North Jersey Pink Tie Party fundraiser affair is coming up.

The event, which will be held Friday, March 16 at The Grove in Cedar Grove, is focused on raising funds to support Komen’s BOLD GOAL:  to reduce the number of breast cancer deaths in the U.S. by 50% by the year 2026, by improving access to quality and ...

Coffee, Tea or Fleas?

Two ducks are on a flight to Miami.  The first duck says to the second, “you flying south for the winter?”  The second duck replies, “Oh wow, a talking emotional support duck!”


Pa rum pum.


There have been a lot of news stories lately about animals traveling on airplanes.  Some are humorous, like the woman who recently tried to bring ...