An additional $3,000 exemption is available for any veteran in New Jersey who was honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States starting in 2017. The veteran must complete the Veteran Income Tax Exemption Submission Form below and a copy of Form DD-214, Certificate of Release or Discharge from Active Duty, must… READ MORE
Maximum amounts of pension and/or other retirement income that can be excluded from gross income are being increased over a four-year period, beginning with tax year 2017. Only taxpayers whose total income for the entire year is $100,000 or less are eligible for the retirement income exclusions. Table of 2017 – 2020 Retirement Income Exclusions by Filing Status TAX YEAR… READ MORE
With all the conversation around new tax regulations, many people have questions about what their taxable income will look like this year, for filing 2017 as opposed to next year in 2018. Essentially, 2017 tax rates remain the same, and the new rates will apply to filings for 2018. Below is a chart detailing the difference between taxable income rates by… READ MORE
One of the most polarizing parts of the 2018 tax code changes is the increase in the standard deduction. On one hand, standard deductions almost double between 2017 and 2018, so many who previously itemized may fall within these new standard deductions. On the other hand, many deductions often itemized like state, local, and real estate taxes will be restricted or eliminated.… READ MORE
Tax rates and income levels for Trusts and Estates remain virtually unchanged for IRS filings for 2017. However, new tax rates in place for 2018 will lower the tax rate on income over $12,500 to 37%, down from 39.6% the year prior. 2018 Tax Rates for Trusts and Estates If Taxable Income is Between: The Tax Due: $0-$2,500 10%… READ MORE
SIMPLE stands for “savings incentive match plan for employees,” and IRA stands for “individual retirement arrangement.” A SIMPLE IRA is simply a retirement savings account designed to allow small business owners and self-employed individuals to save for retirement. In a SIMPLE IRA, employees can contribute a portion of their salary to the account, and employers must choose one of two… READ MORE
EFFECTIVE 01/01/2018: The IRS mileage rate for 2018 will be 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017) 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017) 14 cents per mile driven in service of charitable organizations (currently fixed by Congress)
The annual gift exclusion amount is $15,000 for 2018 which is up from $14,000. You can gift $15,000 per person per calendar year without being required to file a gift tax return.