Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you’re enrolled in Original Medicare Part A and Part B. Medicare Part B premiums According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits Read More…
New mileage rates announced by the IRS Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to 17 cents per mile. Charitable mileage rates remain unchanged at 14 cents per Read More…
On December 20, 2019, President Trump signed into law, two appropriations bills that extended government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes. The most broadly applicable tax law changes in the bills are in connection to the tax extenders provisions. The bills reinstate many of the Read More…
It is with great pleasure that we announce the move of our Flemington office from 114 Broad Street to the Feed Mill Station building located at 39 Highway 12, Suite 2, Flemington, NJ. The new office is less than 1 mile from our previous location. The new office space provides us with state of the Read More…
Starting in 2019, there is no longer a Form 1040 penalty for not having health insurance for every month of the year. However, starting in 2019, New Jersey is now requiring minimum health insurance coverage for NJ residents. Here are details for the new NJ Health Insurance Mandate: https://www.state.nj.us/treasury/njhealthinsurancemandate/employers.shtml. Read more helpful tax tidbits here. Read More…
The Veterans Income Tax Exemption has doubled to $6,000 for 2019. NJ Veterans should check their eligibility and apply to claim the exemption (1st time only). A veteran’s spouse or civil union partner, who is also a veteran, can take the exemption if they are filing a joint return. However, a veteran cannot claim this Read More…
Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the Internal Revenue Services’ (IRS) current rules for taxing employees for their personal use of a company vehicle.[1] The Tax Cuts and Jobs Act Read More…
Everyone at BKC CPA’s would like to wish you Happy Thanksgiving.
The Social Security Administration announced a 1.6 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2020. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2019. For those still contributing to Social Security through wages, the potential maximum income Read More…
While the maximum capital gain tax rate can be as high as 23.8 percent, most taxpayers pay 15 percent. But there is the possibility to have your capital gains go tax-free; zero percent! In fact, this tax break has been around for more than a decade and comes into play more often than you may Read More…
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