Tax
Still Have Questions After Filing Your Tax Return?
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. 1. Are you wondering when you will receive your refund? The IRS has an online tool that…
Read MoreVeterans Income Tax Exemption Submission Form
Veterans Exemption: Veterans are eligible for a $6,000 exemption ($3,000 for Tax Years 2017 and 2018) on their New Jersey Income Tax return if they were honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States by the last day of the tax year. Your spouse (or…
Read MoreTax & Estate Strategies for Married LGBTQ+ Couples
The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or are considering updating your estate strategy, here are some important things to remember. Keep in mind, this article is for informational purposes only and is not a replacement…
Read MoreHow Virtual Currency Transactions Affect Your Tax Situation
Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price of…
Read MoreFederal Tax News
1. Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle must be new and have battery capacity of at least four kilowatt hours. The allowable credit is increased by up to an additional $5,000 per…
Read MoreVacation Home Usage Has Tax Implications
Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this could cause adverse tax consequences, depending on your situation. Here’s what you need to…
Read MoreHow to Ensure Life Insurance Isn’t Part of Your Taxable Estate
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is $11.7 million ($23.4…
Read MoreWho Qualifies for “Head of Household” Tax Filing Status?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more…
Read MoreDid You Make Donations in 2020? There’s Still Time to get Substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable…
Read MoreAppropriations Law Addresses PPP Forgiveness, Tax Treatment
The Consolidated Appropriations Act (CAA), signed into law in late December 2020, allocated additional funding for forgivable loans through the Paycheck Protection Program (PPP) — for both first-time and so-called “second-draw” borrowers who’ve been hit by the economic effects of the COVID-19 pandemic. It also includes several critical provisions related to loan forgiveness and tax…
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