Tax & Accounting

By: Edward Rigby, CPA Most of the new tax law went into effect January 1, 2018, impacting business owners and individuals for the 2018 tax year. This article focuses on educating our clients and helping them understand how the changes will affect them and their tax services. Here are the key provisions: Major Corporate Tax …

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a …

During the holidays, many people make donations to help those in need. It’s also the last chance in the calendar year to qualify for tax deductions on charitable gifts, adding a sense of urgency to the philanthropy. While any and all charitable giving helps humanity move forward, there are a few best practices to ensure …

Tax season is almost here and if you are a veteran, you should be aware of a new NJ Income Tax exemption for the 2017 tax year. Military veterans are eligible for a $3,000 exemption on their NJ Income Tax return if by the last day of the tax year: You were honorably discharged; or …

This article highlights and explains the key, but somewhat complex, federal income tax rules associated with rentals of residences and vacation homes. The rules discussed include the definition of what constitutes a residence or dwelling, how personal use of the residence by the taxpayer affects the tax treatment, what expenses are deductible against rental income, …

  An April 2017 article in Financial Planning suggests that 1031 exchanges are becoming increasingly popular, thanks to a rise in property prices. As more property owners seek to take advantage of like-kind exchanges under IRS Code Section 1031, here’s what you need to know: Benefits of a 1031 Exchange A 1031 like-kind exchange allows …