NJ Income Tax – Exempt (Nontaxable) Income
Certain items of income are not subject to New Jersey tax and should not be included when you file a New Jersey return.
Recent Changes to Retirement Plans
The Internal Revenue Service reminds taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.
Tax Implications of the American Rescue Plan Act of 2021
Many of the tax provisions in the American Rescue Plan Act of 2021 are extensions of existing provisions and are meant to provide immediate assistance to individuals and businesses affected by the COVID-19 pandemic.
Relief for FSAs
The IRS and Congress have provided COVID-19 relief for flexible spending account plans (FSAs).
Solo 401k Plans Benefit from SECURE Act
An overlooked SECURE Act change is that businesses can adopt new qualified plans and make deductible contributions after the close of the tax year. They must act before the due date for filing the employer’s return (including extensions). That means for solo 401(k) plans, individuals can adopt a plan and make contributions by May 17, …
Taxpayers Must Report Gig Economy Income on Their Tax Return
In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.
New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs.
Things Taxpayers Should Know When Choosing Between Standard and Itemized Deductions
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.
All Taxpayers Have the Right to Pay No More Than the Correct Amount of Tax
When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax.
IRS Issues Alert on Improper Corporate Domestic Production Activities Deduction Refund Claims
IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction. This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after Dec. 31, 2017. In the wake of the repeal, the IRS has received a wave of questionable amended …