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 …
The Curchin Group Raises $14,000 for Two Local Charities at the 1st Curchin Cornhole Classic Event!August 18, 2022
The Curchin Group, LLC, a mid-sized, full-service accounting firm based in Red Bank, N.J., hosted its 1st Annual Curchin Cornhole Classic Event on Wednesday, August 10th, 2022. This year a total of $14,000 was raised for the two chosen charities: Mercy Center and the Society for the Prevention of Teen Suicide. The new outdoor cornhole …
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 …
Business 2021 Year-End Planning TipsDecember 7, 2021
With year-end approaching, there isn’t much time left to make many moves that may help lower your business tax bill for 2021. This year’s tax planning is more challenging than usual due to the pending legislation that could increase corporate tax rates starting next year as well as increase business owner’s individual tax rates. Here …
Individual 2021 Year-End Planning TipsDecember 7, 2021
With year-end approaching, there isn’t much time left to make many moves that may help lower your tax bill for 2021. This year’s tax planning is more challenging than usual due to the pending legislation that could, among other things, increase top tax rates on both ordinary income and capital gain starting this year. Here …
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 …
Curchin Open Cancelled; Donations Still EncouragedOctober 26, 2021
We’ve made the difficult decision to cancel this year’s edition of our indoor miniature golf tournament for charity, the Curchin Open, scheduled for November 10th. While we were hoping and planning to reinstate the event, a mini-golf gathering in our office simply wouldn’t be the same as it used to be with all of the …