LIVINGSTON, NJ – In a recently published article focusing on how to “get proper credit for estimated tax payments,” Michael H. Karu, CPA/CFF, a member of the Livingston-based accounting firm Levine Jacobs & Company, LLC, offered insight into the process of switching from joint to separate filing as a married couple during tax season.
In addition to highlighting the complications that can arise from changing how the IRS allocates the credit for paid taxes between spouses and the best way to ensure that both individuals get the necessary credit, Karu also counsels to be as specific as possible in the request and to include copies of the estimated tax payments.
“To have the payments applied in the manner you prefer, you must contact the IRS directly either by phone or by mail,” he said. “Certified mail works the best because you have a record of exactly what was requested.”
At Levine, Jacobs & Company, LLC—which maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants—Karu is part of a firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole 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 in addition to being certified in financial forensics and as a divorce mediator.
Karu holds a Bachelor of Science degree in Business Administration from The Ohio State University and professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. He is also a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.