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 […]
Tax
IRS Issues 2018 Standard Mileage Rates
The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents […]
TAXES AND THE REAL ESTATE PROFESSIONAL
Starting a new business can present the proprietors with challenges that they are simply not prepared for. Tax compliance is often one of them. What is often times the biggest yearly expense of a business is often not planned for. For some reason certain professions are slower than others when it comes to […]
Is A 1031 Like Kind Exchange Right For You?
Under section 1031 of the Internal Revenue Code capital gains tax can be deferred if the property is exchanged for like kind property. These types of transactions are typically referred to as 1031 exchanges. These types of transactions have several restrictions and the sales transaction must follow an established protocol set forth in the IRS […]