Tax Trivia

Tax Trivia

In honor of the end of this year’s tax season, here’s some trivia questions for you! We can’t promise they’ll make you a hit at the next dinner party, but some of them are interesting nonetheless. How many answers do you know? The first true...
Where does it Come From?

Where does it Come From?

We’ve all seen the pie charts of where our federal dollars go, but I had never thought about where those dollars come from until I read an article in the Wall Street Journal last April.  Would you be as surprised as I to find out that just over half of federal...
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...
Relief from Losses from Hurricane Ian

Relief from Losses from Hurricane Ian

Many local taxpayers own homes and other property in the areas impacted by Hurricane Ian.  In the wake of Hurricane Ian, the states of Florida, South Carolina, and North Carolina have been declared federal disaster areas.  Individuals who have property that was...