On August 5, 2019, New Jersey’s Acting Governor, Sheila Oliver, signed legislation providing support to more than 435,000 New Jersey Veterans. NJ S 1331 extends the eligibility for Veteran’s property tax deduction and exemption to residents of continuing care retirement communities. Surviving spouses are also entitled to the exemption if they are residents of a Read More…
Multiple tax rates hold the key In times of market volatility or when a financial need arises, it is only natural to consider selling some investments. Understanding the tax consequences is key to making an informed and planned decision. Here is what you need to know BEFORE you sell: Investment Tax Rates Investment Tax Classification Read More…
Effective October 1, 2018, New Jersey sales and use tax was imposed on transient accommodations. The definition of transient accommodations included living/sleeping space for the lodging of occupants for a term of less than 90 consecutive days. This new law became known as the “Jersey Shore Rental Tax”. Individuals who owned any type of short-term Read More…
Now is the time to make your estimated tax payment If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Monday, September 16th, 2019 Remember, you are required to Read More…
Procrastination is easy, especially when it comes to summertime tax planning. But waiting to implement strategies to reduce your 2019 tax obligations could cost you money. Here are some suggestions to help jumpstart your midyear review: * Adjust your withholdings and estimated payments If you haven’t already, update your withholdings and estimated tax payments to Read More…
Did you know you can rent your property tax free for a limited time. Learn more here:
Should you prioritize your own future over your child’s education? This is an emotionally charged question that leads many parents to fund college at the expense of their own retirement. However, with proper planning, you may be able to fund your retirement and still offer financial support for college. Your retirement savings come first It Read More…
Very few things in life can create a higher degree of stress than having your Social Security Number (SSN) stolen. This is because, unlike other forms of ID, your SSN is virtually permanent. While most instances of SSN theft are outside your control, there are some things that you can do to minimize the risk Read More…
If you’re interested in minimizing your tax obligations and maximizing your savings, consider these helpful tips, and contact us to review your tax strategy. Losses that Offer Tax Savings Capital loss, casualty loss, net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much Read More…
The IRS recently issued a revised Draft Form W-4 (Employee’s Withholding Allowance Certificate). The final version will be released in November 2019. This form is not applicable until January 1, 2020. The form was revised to reflect more accurately, the changes in the tax code due to the enactment of the 2017 Tax Cuts and Jobs Read More…
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