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 …
2021 Update of Business Meals, Travel Meals and Entertainment ExpensesOctober 14, 2021

By: Peter Pfister, CPA BUSINESS MEALS: Since January 1, 1994, business meals have been deductible at 50% of their cost. Reacting to the pandemic a tax law change now allows for a 100% business meal deduction for meals purchased from a restaurant for 2021 and 2022. Per IRS Notice 2021-25, “the term “restaurant” means a …
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 …
IRS Delays Start of Filing Season to February 12, 2021January 15, 2021

The IRS announced on Friday January 15, 2021 that the tax filing season would commence on February 12, 2021. On that date, IRS will start accepting and processing individual tax returns. The IRS needs more time to prepare because of the recent tax legislation that took effect in late December. The tax filing deadline at …
Winter 2020 NewsletterJanuary 5, 2021
Consolidated Appropriations Act, 2021
AKA COVID-19 Relief PackageDecember 23, 2020

Congress passed the 5000+ page Consolidated Appropriations Act, 2021 on Monday, December 21, 2020. Here are some highlights of that bill. Please note this has not yet been signed by President Trump and could be subject to change. Additional 2020 Recovery Rebates – Additional 2020 stimulus payments of $600 per taxpayer and qualifying children. The …
Round Two of the COVID-19 Stimulus PlanDecember 22, 2020

Monday night Congress approved the new COVID-19 related stimulus package. A major development that many contractors have been anticipating, arrived for the holiday season. Under the Consolidated Appropriations Act, 2021 expenses paid with forgiven Paycheck Protection Program (PPP) loans are 100% tax deductible. Businesses who received funding under the Payroll Protection Program (PPP) will now …
The Last Word on the Payroll Protection Program… Well at Least in 2020!November 4, 2020

If you are reading this, congratulations on surviving. 2020 is the benchmark of change and chaos highlighting that survival and success favored those prepared. The PPP loan program saw the issuance of more than 4.9 million loans to small businesses around the U.S. Many business owners may be numb about the news and latest revisions …
PPP: Simpler Forgiveness for Smaller LoansOctober 30, 2020

Business owners who received a Paycheck Protection Program (PPP) loan of $50,000 or less can now apply for loan forgiveness through a simplified application. The U.S. Small Business Administration (SBA) announced the change on October 8, while Treasury Secretary Steven Mnuchin said the Treasury Department and SBA will continue to advocate for additional legislation in …