Possible Pitfalls in the New Jersey Inheritance Tax

Possible Pitfalls in the New Jersey Inheritance Tax

While New Jersey eliminated the estate tax in 2018, the inheritance tax is still alive and well.  The New Jersey inheritance tax is a tax on inheritances left to non-lineal, Class C and Class D beneficiaries[1]. If you are a New Jersey resident and you plan on leaving...
A Review of NJ Estate and Inheritance Taxes

A Review of NJ Estate and Inheritance Taxes

When you think of the state of New Jersey and taxes, you usually expect them to be on the higher side relative to other states. When it comes to the “death tax” or estate taxes, New Jersey has surprisingly become more favorable over time. Many of our clients have...
Bonus Depreciation Phase-Out

Bonus Depreciation Phase-Out

As we all may be aware, the 2017 Tax Cuts and Jobs Act (TCJA) benefited businesses by providing 100% bonus depreciation on certain qualified assets.  As this provision started phasing out at the end of 2022, businesses should already be thinking about how this will...