As we start a new year, we wanted to share a few reminders of ways that individuals may lower their taxable income before filing their 2020 taxes and in the future. All else being equal, it is our view that tax rates are likely to increase in the coming years. One key factor driving this Read More…
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…
As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules: You may give up to $15,000 to any individual (donee) in 2019 and avoid any 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…
Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year: More sophisticated email scams. A recent IRS alert warns taxpayers to be on the lookout Read More…
Click to Read the Full Articles from our New Year 2019 Tax Planning Letter. Including: What’s New in 2019, Will These New Changes Alter Your 2019 Tax Plan, Top 3 Tax Moves, and Its Time to Create Your Succession Plan .
BKC experts will be presenting in a six part business education series through the Hunterdon County Chamber Foundation Unity Bank Center for Business & Entrepreneurship starting January 23, 2019. The series includes assorted topics such as tax, fraud and business strategy from the top professionals at BKC each with . Registration is open for individual sessions at $60 or at Read More…
Governor Murphy and the NJ Legislature have agreed to a $37.4 billion budget for FYE 2019, thereby averting a government shutdown. Tax highlights of the budget bill include: Individual income tax provisions Increase the limit on deductions for property tax from $10,000 to $15,000. Increase the earned income credit from 35% to 40% of the Read More…
Under the 2017 Tax Cuts and Jobs Act, “regular” corporations (also known as C-corporations) will see a dramatic change in their Federal tax rates. C-corporations with less than $50,000 of taxable income will see a tax increase from 15% to 21%. Federal tax rates for C-corporations with taxable income in excess of $50,000 will now Read More…
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