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Personal Taxes


For years, taxpayers, and in particular, wealthy taxpayers, have sought to reduce their tax burden by establishing residency in states with lower tax rates.  Florida is a favorite destination because it has no state income tax. Financial experts warn that the process is more challenging than it appears, however.  While you can have more than[…]

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Although the cost of higher education continues to mount, the tuition and fees deduction for college students and their parents has been eliminated, beginning this year. However, there are other avenues taxpayers can explore to look for deductions and savings. While the tuition deductions are no longer available on your 2019 return (filing for 2018[…]

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How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as they receive a statement. For NJ taxpayers, the only amount in your[…]

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Owing taxes to the IRS is no laughing matter. Failure to pay, or making arrangements to pay, can lead to severe consequences, including liens or seizure of property, wage attachments and other actions that can impact one’s employment, credit score and ability to secure a mortgage, for many years. However, being aware of how the[…]

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It is always a good idea to examine your tax exposure once per year as you complete your taxes. Changes to the tax law for 2018 have prompted many taxpayers to ask,  “Am I having enough money taken out of my paycheck?”  Now is the time to examine your tax withholding. In February of this[…]

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