Child Tax CreditOctober 17, 2022
The New Jersey Division of Taxation has advised that starting with the tax year 2022, eligible New Jersey residents can claim a refundable child tax credit on their New Jersey Resident Income Tax Return (Form NJ-1040). The credit amount can be up to $500 for each dependent child age 5 or younger at year-end that …
With IRS Funding Secured, Treasury Chief Outlines 6-Month PlanSeptember 16, 2022
The IRS is poised to course-correct from COVID-19 setbacks impacting customer service and uncollected taxes from top earners, according to the top Treasury Department official, who announced targets for next filing season using additional appropriations from the Inflation Reduction Act (PL 117-169). Speaking at the IRS’ New Carrollton, Maryland, facility on September 15, Treasury Secretary …
Eligible NJ Residents Encouraged to Apply for Tax ReliefSeptember 13, 2022
The New Jersey Division of Taxation has issued instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program and these instructions are being mailed out to eligible residents. Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with incomes more than $150,000 and not more …
Sales Tax Holiday for Certain Retail SalesJuly 29, 2022
August 27, 2022 – September 5, 2022 P.L. 2022, c.21, establishes a Sales Tax Holiday for certain retail sales of computers, school supplies, and sports or recreational equipment when sold to an individual purchaser for non-business use. The Sales Tax Holiday takes place between August 27 through September 5 of 2022. Sellers should not charge …
2022 Enhanced Business Meal DeductionJune 16, 2022
Here is a reminder for the 2022 enhanced business meal deduction. This is particularly important for small business accounting and tax planning. For 2021 and 2022 only, businesses can generally deduct 100% of the cost of business-related food and beverages purchased from a restaurant. The deduction limit is usually 50% of the cost of the …
IRS Boosts Standard Mileage Rates for Rest of 2022June 10, 2022
The IRS has announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense. The standard mileage rates are an optional method, in lieu …
New Deductions for College Related ExpensesJanuary 26, 2022
The New Jersey Division of Taxation has advised that there will be three new deductions available for college related expenses in the 2022 tax year for taxpayers with gross income of $200,000 or less. Taxpayers will be able to deduct up to: (1) $10,000 of contributions made during the year to a New Jersey 529 …
Good News: NJ’s Child and Dependent Care Tax Credit has Been Expanded!December 6, 2021
On Friday, December 3, 2021, Governor Phil Murphy took a giant step in supporting working families by signing S4065/A6071, the child and dependent care tax credit! The bill, passed unanimously on Thursday in both the Senate and the Assembly, will significantly increase access to the state tax credit for child care and increase the total …
NJ State Press Release: Governor Murphy Signs Legislation to Protect New Jersey Workers, Employers From Unlawful MisclassificationJuly 28, 2021
TRENTON – Building on his commitment to making sure that workers and employers in New Jersey are treated fairly, Governor Phil Murphy today signed a four-bill legislative package furthering state efforts to stop employee misclassification. Misclassification is the practice of illegally and improperly classifying employees as independent contractors. This practice deprives workers of the right to earn minimum wage and overtime, workers’ compensation, unemployment, earned …
Latest NJ Legislation NewsJuly 9, 2021
Below please find the most recent New Jersey legislation items outlined below. The first outlines the appropriation for the NJ Homestead Benefit program, the second discusses a new deduction for higher education expenses effective January 1, 2022, and the third discusses an updated deduction effective January 1, 2021, for an increased pension/retirement income deduction. NJ …