Tax

NJ EXTENDS INCOME TAX FILING DEADLINE TO JULY 15TH FOR INDIVIDUAL, PARTNERSHIP AND CORPORATION BUSINESS TAXES

On April 14th Governor Murphy signed into law a bill that provides New Jersey taxpayers a three-month extension to pay and file their state individual gross income, partnership, and corporation business taxes.   According to the office of New Jersey Governor Phil Murphy, the New Jersey income tax deadline will now be July 15, 2020 to Read More…

TREASURY DEPARTMENT DEFERS TAX PAYMENTS

Congress Announced: Secretary Mnuchin Defers Tax Payments, Delivers Relief for Taxpayers & Small Businesses Because many families, businesses, and tax preparers may be unable to meet their tax obligations despite their best efforts, President Trump is allowing “the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.”The Read More…

2020 MILEAGE RATES

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…

2019 TAX EXTENDERS & SECURE ACT

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…

2019 NJ HEALTH INSURANCE MANDATE

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…

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