The State of New Jersey Department of the Treasury Division of Taxation released Income Guidelines to help define what income may be deducted or excluded from gross income when determining eligibility for the Real Property Tax Deduction.
NJ 2021 Real Property Tax Deduction for Seniors, Disabled, and Surviving Spouses Read More »
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for 2022 The contribution limit for employees
Retirement Plans for 2022 Read More »
Here’s How Businesses Can Deduct Startup Costs From Their Federal Taxes When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business.
Starting a Business? Tax Tips Read More »
Taxability and Reporting of Payments from Coronavirus State and Local Fiscal Recovery Funds The Internal Revenue Service provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds).
Taxability of Coronavirus State and Local Fiscal Recovery Funds Read More »
The tax law allows small businesses to deduct expenses that help them bring in new customers and keep existing ones.
Advertising and Marketing Costs May Be Tax Deductible Read More »
When taxpayers decide to support a cause they care about, they want their donation to do as much good as possible.
Find Legitimate Charities Read More »
IRS Updates Process for Frequently Asked Questions on New Tax Legislation and Addresses Reliance Concerns
IRS FAQs Are Not the Final Word; Just a Courtesy Read More »
Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit.
Taxpayer Rights: The Right to Finality Read More »
The Internal Revenue Service announced that beginning Oct. 18, the IRS’s large business division will accept all taxpayer requests to meet with IRS employees using secure videoconferencing.
Big Business Video Chats with the IRS Read More »
Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments
Avoid a Possible Tax Bill – Advance Child Tax Credits and Custody Read More »