Archive for the 'Income Taxes' Category

NJ Tax Amnesty: Cool Savings Despite Sizzling Summer Heat

July 18th, 2018

NJ Tax Amnesty will be offered soon. The program allows business and individual taxpayers to pay their outstanding NJ taxes and only one-half of the interest. All penalties and one-half of the interest will be waived.

Act Before March 6, 2018 to Reduce 2017 Estate & Trust Income Taxes

March 1st, 2018

Trustees and executors can still reduce 2017 trust and estate income taxes. Must act before March 5, 2018

Distribute by March 6, 2017 to Reduce 2016 Estate & Trust income taxes

February 20th, 2017

Estates and trusts can save steep 2016 fiduciary income taxes by distributing to beneficiaries by March 6, 2017. The distributions will count as 2016 distributions to reduce 2016 income taxes.

Executor of Estate? Use our Executor Checklist

December 21st, 2016

In Charge of Dad’s or Mom’s Estate? When a loved one passes away and you’re named as executor of his or her estate, you’re likely to feel a mix of emotions. Sadness over the individual’s demise, of course but mixed with that, will be... Read More

Hit by the NJ Exit Tax on Sale of Real Estate? You Can Recoup Your Money

January 22nd, 2015

Hit by NJ Exit Tax? Non-residents can recoup the withholding.

Israel now Taxing US Trusts with Israeli Beneficiaries

February 6th, 2014

Beginning January 1, 2014, Israel is taxing any trust anywhere in the world that has an Israeli resident beneficiary. There are two types of Israeli Beneficiary Trusts.
A Relatives Trust (or Family Trust) is a trust where the settlor is the parent, spouse, child, grandchild or grandparent of the beneficiary.
A Non-Relatives Trust is all other Israeli Beneficiary Trusts.

Discharge of Executor IRS Liabilities

June 20th, 2012

Executors can expedite discharge of IRS liability. Executors can reduce statute of limitations for IRS income and gift taxes.

Selling Investment Real Estate in New Jersey? Beware of the “Exit Tax”

June 10th, 2012

NJ non-residents selling real estate in NJ are required to have the income tax withheld at the time of the closing.This is sometimes referred to as the “Exit Tax”. Even if the property is sold at a loss, 2% of the selling price must be withheld.

Supporting a Relative? You May be Entitled to Tax Breaks

May 2nd, 2012

Supporting one’s relatives may enable you to claim your relative as a dependent and deduct his medical expenses which you pay.

Got An IRA? Here’s a Tip That Can Save You NJ Income Taxes

April 2nd, 2012

Withdrawals from many retirement accounts may be taxable to the IRS. However the portion of withdrawals which represent original contributions to IRAs, 403 (b) plans and Keoghs is non-taxable to NJ.

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