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The Bottom (Tax) Line for 2018

The Bottom (Tax) Line for 2018

Dec 5, 2019 | Tax

There are reports all over the news that some taxpayers are disappointed with the size of their federal tax refunds. Since we have a pay as you go tax system, each year we estimate the taxes we are going to owe on our income and either pay estimated taxes or have...
The New Jersey “Exit Tax”: a tax, or an inconvenience?

The New Jersey “Exit Tax”: a tax, or an inconvenience?

Dec 5, 2019 | Tax

I was giving a talk a few years ago to a group preparing to retire and they told me about a tax I had never heard of; the New Jersey “Exit Tax”.  The concept of a tax imposed just because of a change of domicile was new to me.  It turns out this is not a tax at all,...
SOCIAL SECURITY DECISION-MAKING

SOCIAL SECURITY DECISION-MAKING

Dec 5, 2019 | Retirement, Social Security, Tax

Decisions regarding Social Security can be deviously complicated. There are thousands of rules, thousands upon thousands of additional codicils to clarify the rules, annual changes, and recent legislation, the Bipartisan Budget Act of 2015 (BBA), which drastically...
Tips for Employers

Tips for Employers

Dec 5, 2019 | Business, Tax

New Tips for Employers in New Jersey Federal Tax Credits The Work Opportunity Tax Credit allows employers that hire members of targeted groups who face employment barriers to claim a credit against income tax for a percentage of first-year wages. In a recent News...
NEW JERSEY HEALTH INSURANCE MANDATE

NEW JERSEY HEALTH INSURANCE MANDATE

Dec 5, 2019 | Healthcare, News, Personal Finance, Tax

New Jersey Health Insurance Mandate to be effective in 2019: In response to the repeal of the Affordable Care Act’s (ACA) federal health insurance mandate that will become effective in 2019, legislation was signed on May 30, 2018 by New Jersey Gov. Phil Murphy whereby...
REPEAL OF ENTERTAINMENT DEDUCTIONS

REPEAL OF ENTERTAINMENT DEDUCTIONS

Dec 5, 2019 | News, Personal Finance, Tax

The Tax Cuts & Jobs Act (TJCA) repealed the deduction for business entertainment beginning in 2018.  This includes expenditures for taking clients to sporting events and shows, and paying for season tickets for various sporting events.   Generally, any dues for...