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The Tax Deduction Ins and Outs of Donating Artwork to Charity

September 18, 2018

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property.

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You Might Save Tax if Your Vacation Home Qualifies as a Rental Property

September 11, 2018

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on the itemized deduction for state and local taxes (SALT) or the lower debt limit for the itemized mortgage interest deduction.

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Do You Need to Make an Estimated Tax Payment by September 17?

September 4, 2018

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17.

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New Jersey to Increase Healthcare Transparency and End Surprise Bills

August 30, 2018

By Deirdre Hartmann, CPA, Partner   Recently, Governor Phil Murphy signed Assembly Bill No. 2039 requiring healthcare facilities and providers to give information to patients on network status before conducting any non-urgent care delivery.

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Back-to-School Time Means a Tax Break for Teachers

August 28, 2018

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses.

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Play Your Tax Cards Right with Gambling Wins and Losses

August 21, 2018

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill.

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