Unfortunately, I don’t make a million dollars a year in income. Yet, strangely enough I’m offended by our Governor’s proposal to tax earnings above one million dollars. Why do I care? For a Governor who repeatedly talks about tax fairness this proposal strikes me to be anything but fair. I feel it is disingenuous to […]
Tax
Tax planning: Now that 2017 return is filed, consider these tips for the rest of the year
Another tax-return filing season is basically in the bag, and the last thing you want to think about any further is taxes. But it’s not too early to start planning ahead. These key tips might bear fruit down the road, especially with taxes still fresh in your mind. Read the full article here>>
Gifting Opportunities Under the New Tax Law
Individuals who previously exhausted their $5.49 million gift tax exemption now have another bite at the apple. Under the Tax Cuts and Jobs Act, individuals are now able to transfer approximately $11.18 million free of estate, gift and generation-skipping transfer tax during their lives or upon death. A married couple will be able to transfer […]
Tax Law Means New Choices For Small Business
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 […]
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>>