Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000  |  info@capaldireynolds.com

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Possible Pitfalls in the New Jersey Inheritance Tax

Possible Pitfalls in the New Jersey Inheritance Tax

May 29, 2023 | Estate Planning, 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

May 29, 2023 | Estate Planning, Tax

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

Jan 24, 2023 | Business, Tax

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

Jan 23, 2023 | News, Tax

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...
Renting Your Home or Vacation Property

Renting Your Home or Vacation Property

Jan 23, 2023 | Tax

Many of our clients own and rent out homes they do not use full time as a residence, and even more are considering it based on the enticements of companies like Airbnb.  Renting a property you use personally is somewhat different from renting a property that you do...
Federal and State Energy Credits

Federal and State Energy Credits

Nov 10, 2022 | Tax

As climate change has become more of a political issue, the federal and state governments are actively incentivizing taxpayers to “go green”.  The Inflation Reduction Act recently passed by Congress made significant changes to the credits already offered by the...