As Congress debated a new tax law at the end of last year, Jerell and Elissa Klaver began revising their company’s plans for 2018. The Klavers crunched the numbers, estimating how a lower tax rate and bigger deductions on equipment purchases could help increase their sales of bath soaps and other personal care products. They’ve […]
Archives for January 2018
What to expect from the IRS during the government shutdown
The federal government shut down at midnight Friday after the Senate failed to pass a continuing spending resolution that would have funded the government going forward. The House of Representatives had passed a bill, H.R. 195, on Thursday that would have funded the government through February 16. However, in the Senate, 60 votes were needed […]
Rules for NJ and Federal Property Tax Deductions Vary Widely
New Jersey taxpayers who prepaid one or two quarters of their 2018 property tax assessments at the end of 2017 need to be aware that the amount they can deduct on their federal tax return is not the same as the amount they can deduct on their state tax return. Read the full article here>>
What Taxpayers Need To Know About NJ 2017 Veteran Exemption
With the U.S. Tax Cuts and Jobs Creation Act dominating the news you may have missed some of the changes for New Jersey State tax in 2017. One significant item is the Veteran’s Exemption. New Jersey is allowing a generous exemption to veterans in 2017. Veterans, honorably discharged from military service will be allowed a […]
Preparing for Upcoming Taxes: 5 Things You Can Do Now
Your income tax obligation needs to be on your mind year-round. Here are some ways you can get a jump on your taxes. Summer’s over. The kids are back in school. And soon, there’ll be only three months left. If you haven’t started thinking about how to minimize your income tax obligation for this year, […]