Like-kind Exchanges – IRC Section 1031
A 1031 exchange, named after section 1031 of the U.S. Internal Revenue Code, is a way to postpone capital gains tax on the sale of a business or investment property by using the proceeds to buy a similar property. It is also sometimes referred to as a “like-kind”...
Client Spotlight: DeSatnick Real Estate
Todd deSatnick began investing in real estate in 1996 when he purchased his first home in West Cape May. After working with his family’s business, deSatnick’s Window Fashions, for a decade, Todd ventured into a full-time career in real estate in 2003. In November of...
Tax-Loss Harvesting – Don’t Miss the Opportunity
This time of year many people start thinking about year-end tax planning. An integral part of tax planning involves the potential for tax-loss harvesting in your taxable portfolio. What we are going to discuss below can only be done in taxable accounts (i.e....
Is Relief for Student Loan Debt in Your Future?
President Joe Biden said August 24 that his administration plans to forgive up to $10,000 in federal student loan debt for anyone who makes less than $125,000 a year. People who went to college on Pell grants, which are reserved for undergraduates with the most...
Big, Big News from the IRS on August 24
In an effort to free up resources to address a huge backlog of returns to process and other pending issues, the IRS announced major relief for most taxpayers with certain failure to file penalties and International Information return penalties for tax returns for the...
Roth IRA Conversion
During the pandemic, the value of many traditional IRAs dropped with the decline in the stock markets, so it may be time to consider a Roth IRA conversion. Lower income in the conversion year could also be a factor in this decision, since the conversion amount could...
Highlights of The Inflation Reduction Act of 2022
President Biden signed this bill into law on August 16. Here are some of the more interesting provisions. For more information about any of these items, please contact us. Revenue Provisions Corporate Alternative Minimum tax of 15% which applies only to large...
Charitable Donations and the Benefits for Donors
Charitable donations are not only beneficial for recipients, charitable donations benefit the ones donating as well. Mindful structuring of contributions can have tax advantages for the donor. There are a few ways to realize those advantages. Some are: gifts of...
Past Market Declines
A war in Ukraine, inflation the highest it’s been in decades, ongoing supply chain constraints, and financial markets selling off for the first 6 months of the year has led to consumer confidence being the lowest ever recorded. As financial advisors, we are often...
Client Spotlight: The Law Firm of Cooper Levenson
The law firm of Cooper Levenson was originally formed in 1957 in Atlantic City, NJ with just two attorneys. Today, Cooper Levenson is a full-service law firm with 70 attorneys who practice in 25 practice areas. The firm has offices in five states. In New Jersey,...
New Jersey Tax Updates: The Fall 2022 Edition
Sales Tax Holiday As we are approaching “back-to-school”, many states have enacted sales tax holidays. As New Jersey is one of the states, this means sales & use tax on certain retail purchases of computers, school supplies, and sport or recreation equipment are...
Posters -Not Only For Dorm Rooms: New Requirements for Healthcare, Employers & Others
While end of summer activities may traditionally include the purchase of a poster or two for a college dorm room, some new requirements may warrant adding other posters to your shopping list. On August 3, 2022, New Jersey Department of Law and Public Safety announced...