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  • 4 FEB

    Are you getting all the Tax Credits you should?

    Are you getting all the Tax Credits you should?
    "Unlike a tax deduction, which reduces your taxable income, Tax Credits are subtracted directly from your tax bill. In some cases, as in the Earned Income Tax Credit, you may even be eligible for a refund beyond your tax owed. The main categories of tax credits for Individuals are: Family & Dependents, Health Care, Income & Savings, Education and Homeowners..."
    Are you getting all the Tax Credits you should?
  • 21 JAN

    What to Expect for 2017 for Small Business Taxes

    What to Expect for 2017 for Small Business Taxes
    "A New administration in the White House means the potential for volatility in tax policy, especially for business owners. While it's always important to always think about the impact of taxes all year long, small business owners should make a point to not treat income taxes as a once-a-year event. Some Key Deadline changes include C-Corporations moving from..."
    What to Expect for 2017 for Small Business Taxes
  • 7 JAN

    Tax changes for New Jersey

    Tax changes for New Jersey
    Tax changes for New Jersey because of the tax package signed by Governor Chris Christie in October of 2016 include:

    1. Phasing out the NJ Estate Tax
    On January 1, 2017, the New Jersey estate tax exemption increased from $675,000 to $2,000,000. The entire tax will end after Jan. 1, 2018. However, there has been no change to the NJ Inheritance Tax.

    2. Expanding the Earned Income Tax Credit
    On January 1,2017, the NJ Earned Income Tax Credit increased from 30% of the federal level to 35%.

    3. Reducing the sales tax
    Sales Tax decreased from 7% to 6.875% on January 1, 2017 and will decrease further to 6.625% on Jan. 1, 2018.

    4. Expanding tax deduction for retirees
    Beginning in 2017 and phased in over four years, the exclusion on retirement income from NJ Income Tax is as follows:
    • For a married couple filing jointly, the level at which income taxes are excluded will rise from $20,000 to $40,000 after Jan. 1, 2017; to $60,000 after Jan. 1, 2018; to $80,000 after Jan. 1, 2019; and to $100,000 after Jan. 1, 2020.
    • For a married person filing separately, the exclusion will increase from $10,000 to $20,000 after Jan. 1, 2017; to $30,000 after Jan. 1, 2018; to $40,000 after Jan. 1, 2019; and to $50,000 after Jan. 1, 2020.
    • For an individual filing as a single taxpayer, the exclusion will rise from $15,000 to $30,000 after Jan. 1, 2017; to $45,000 after Jan. 1, 2018; to $60,000 after Jan. 1, 2019; and to $75,000 after Jan. 1, 2020.

    5. Tax deduction for veterans
    The tax package introduced a $3,000 tax deduction for veterans. The law defines veterans as those who are "honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United states, a reserve component thereof, or the National Guard of New Jersey in a federal active duty status."
  • 4 FEB

    Protect your identity this tax season

    Protect your identity this tax season
    "In a Memorandum of Understanding, we committed to developing taxpayer authentication protocols, providing data to the IRS to help identify fraud, and continuing discussion of information sharing initiatives. Together, industry leaders, the IRS and the Treasury Department are launching an attack against scams to steal your identity and your money..."
    Protect your identity this tax season
  • 14 JAN

    Here are some important changes you should now prior to filing your 2016 taxes

    Important changes prior to filing your 2016 taxes
    "What are two words that most people generally do not want to hear in the same sentence? We nominate "taxes" and "surprise." Generally, surprises on taxes do not go your way — especially when they pertain to tax laws. Here are some of the most generally applicable changes pertaining to tax law for 2016. Do not let them catch you by surprise...."
    Here are some important changes you should now prior to filing your 2016 taxes
  • 21 DEC

    Let's try to avoid tax penalties this year that are so often assessed

    How to avoid tax penalties this year
    "April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important points about penalties for filing or paying late..."
    Let's try to avoid tax penalties this year that are so often assessed
  • 4 NOV

    Tax Law Changes in 2014 from the Affordable Care Act that affect Higher Income Earners

    Tax Law Changes
    Are you as confused about the Affordable Health Care Act as most taxpayers in the country? Currently, there are still so many unknowns for how things will pan out for the future, but there are certain additional taxes and policy changes that have explicit explanations and example calculations that can be viewed. The Net Investment Income Tax and the Additional Medicare Tax will only affect certain taxpayers. One change that will affect more taxpayers is the change to Itemized Deduction for Medical Expenses. Beginning Jan. 1, 2014, taxpayers will need more than 10% of their adjusted gross income in non- covered medical expenses to claim an itemized deduction. This is an increase from 7.5%. There are more changes within the Affordable Health Care Act that may affect certain taxpayers, but the ones highlighted in the article are those that have the greatest impact for 2014 and mostly for “higher Income Earners”. To find out more information on whether you could be impacted, please view the attached article from Huffington Post. If you have any questions, please contact us and we can assist you.
    Tax Law Changes in 2014 from the Affordable Care Act (ACA) That Affect Higher Income Earners
  • 8 JUN

    Lower your 2014 tax bill

    Tax planning is always something most taxpayers should consider. 2014 is no different and the tax increases and changes are more complicated than years past. The only tax change that seemed simple was the end of the 2 percentage point cut in Social Security taxes, which has been a big impact for taxpayers and businesses. The addition of a top bracket of 39.6% to income above $450,000 (MFJ, Qualifying Widow); $425,000 (HOH); $400,000 (single); and $225,000 (MFS) is one highlighted change. With the additional top bracket also comes an increase in the Capital Gains & Dividend rate from 15% to 20%. Some tax planning techniques are similar to previous years, like taking investment losses to help offset ordinary income up to $3,000, but may be even more of a technique to consider based on some of the other tax increases, such as the Net Investment Income Tax. Please read the following article from the Wall Street Journal for more information on ways to lower your 2014 tax bill. If you have any questions, please contact us and we can assist you.
    Lower Your 2014 Tax Bill
  • 13 APR

    Small Business Advice: Hurry, these four tax breaks expire at the end of the year

    Small Business
    The end of the year is always a gamble of which tax breaks will expire and which ones will be extended. There is a lot of pressure on the government decision makers for additional revenue and a lot of political gridlock. Because of the political climate and the economic situation, many of the most advantageous tax breaks for businesses could expire come Jan 1, 2014. The four biggest breaks include: Sec 179 expensing/bonus depreciation opportunities, the R&D tax incentive, Energy tax incentives and the write off of small asset purchases. Also, a major consideration explored in the article is to review your business structure. Picking the right business structure is a key tax planning technique regardless, but with the upcoming tax changes is even more important for any entity that is a pass-through. Read the attached article from the Washington Post for more information. If you have any questions, please contact us and we can assist you.
    Small business advice: Hurry, these four tax breaks expire at the end of the year