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...]

Due to Winter Storms, Many Businesses Have Extra Time to Request Extension March 13, 2018 The IRS today granted many businesses affected by severe winter storms additional time to request a six-month extension to file their 2017 federal income tax returns. The IRS is providing this relief to victims and tax professionals affected by last week’s storm — known as Winter Storm Quinn — and … [Read more...]

New Jersey Tax Law Changes for 2018 by Kathleen Hoffelder, content editor at NJCPA – December 19, 2017 Retirees and other New Jersey residents will face a variety of tax changes in 2018 as part of the provisions in the Transportation Trust Fund and tax relief bill of 2016. While many of the provisions took effect in January 2017, there are four that take effect January 1, 2018. Veterans … [Read more...]

Taxpayers Should Weigh Considerations Before Deciding to Prepay Property Taxes December 22, 2017 ROSELAND, N.J. – The passage of the Tax Cuts and Jobs Act has many New Jerseyans considering whether to prepay a portion of their 2018 property tax bill by Dec. 31, 2017, and to claim the deduction on their 2017 tax return. Under the plan, there is a $10,000 cap on state, local and property tax … [Read more...]

IRS issues 2018 standard mileage rates. By Sally P. Schreiber, J.D. December 14, 2017   RELATED December 14, 2017 December 1, 2017 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, … [Read more...]

Give Frugal but Fantastic Holiday Gifts November 3, 2017 Has overspending at the holidays become a tradition in your household, leading to some unpleasant surprises when the credit card bills arrive in January? There are many ways you can give meaningful gifts without breaking the bank. These include the following: Agree on Limits Holiday spending can go into overdrive when everyone is … [Read more...]

Job Search Expenses Can be Tax Deductible https://njcpa.org/stay-informed/topics/article/2017/08/25/job-search-expenses-can-be-tax-deductible#.WiikdtINudA.facebook August 25, 2017 Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important … [Read more...]