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…
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…
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…
In October 2016, a new law was enacted to fund the New Jersey Transportation Trust Fund and to cut other New Jersey taxes. Here is a summary of the new tax bill. · On November 1, 2016, the gas tax increased by 23 cents per gallon, to a new rate of $0.375 per gallon. The Read More…
On May 18th, the U.S. Department of Labor (DOL) released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties. Prior to this new ruling, such employees who made more than $23,660 per year ($455 per week) were not entitled to time-and-a-half Read More…
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