Taxes deductions and college tuition

Taxes deductions and college tuition

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...
Seniors will see a new Form 1040 in 2019

Seniors will see a new Form 1040 in 2019

The IRS recently released a draft version of a new tax return for senior citizens. Designed to be easier to read and navigate, the new form was mandated by the Bipartisan Budget Act of 2018. While based off the regular 1040, the 1040-SR, has a larger font size and the...
Taxation of IRA Accounts in New Jersey

Taxation of IRA Accounts in New Jersey

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...