The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced on Tuesday (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. Taxpayers … [Read more...]

The SECURE Act: What You Should Know Now January 2, 2020 President Donald Trump has signed into law the Setting Every Community Up for Retirement Enhancement or SECURE Act. The Act ushers in major changes to the way most Americans plan and save for retirement. The biggest retirement legislation in more than a decade, the SECURE Act expands access to annuities in retirement plans, … [Read more...]

IRS to Begin Visiting Taxpayers Who Have Tax Compliance Issues November 20, 2019 As part of a larger effort to ensure fairness in the tax system, the IRS is taking steps to conduct special compliance efforts for individual and business taxpayers in various communities.  The goal of these visits is to help resolve tax compliance issues by meeting face-to-face with taxpayers with … [Read more...]

The most generous tax breaks for college costs are the American Opportunity Tax Credit and Lifetime Learning Credit, which offset your tax bill dollar-for-dollar compared to a tax deduction that merely reduces the amount of income subject to tax. The American Opportunity tax credit The American Opportunity tax credit is based on 100% of the first $2,000 of qualifying college … [Read more...]

Tax tips for teachers: Deducting out-of-pocket classroom expenses TURBOTAX STAFFAug 16th 2019 4:39PM When it comes to making sure students have the tools for successful learning, school teachers commonly dip into their own pockets to pay for classroom materials. Fortunately, the Educator Expense Tax Deduction can offer teachers some financial relief. THE EDUCATOR EXPENSE TAX … [Read more...]

IRS Launches New Tax Withholding Estimator August 6, 2019 The IRS today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online method for … [Read more...]

Recent New Jersey Income Tax Changes August 13, 2018 New legislation signed into law on July 1, 2018, made several changes to the New Jersey Gross Income Tax Act at N.J.S.A. 54A:1-1 et seq. as part of New Jersey’s fiscal year 2019 budget. The changes include increases in the New Jersey Earned Income Tax Credit and the property tax deduction, and the addition of a new Child and Dependent Care … [Read more...]

New Jersey Tax Amnesty Program to Take Place Later This Year July 19, 2018 The New Jersey Division of Taxation has posted preliminary information about the tax amnesty program that was approved as part of the 2018/19 New Jersey budget. According to the Division's website, the amnesty program will provide an opportunity for eligible taxpayers to file and pay their past due taxes with … [Read more...]

What taxpayers should know about the new form 1040 JERRY GADDIS Jul 5th 2018 11:32AM X Taxpayers will be in for a surprise when they file their 2018 federal income tax returns next year as the Internal Revenue Service recently announced plans to streamline the Form 1040 into a shorter, simpler form for the 2019 filing season. … [Read more...]

Planning Ahead with IRAs March 2, 2018 The new tax law that passed at the end of 2017 contains significant changes for many taxpayers, but most rules for retirement accounts were generally unaffected by the legislation. As a result, these accounts remain an important tool for minimizing taxes and securing your financial future. Here’s a review of what’s new, what’s not, and how to make the … [Read more...]