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Announcements and Updates

Estimated Tax Payments - August 31, 2019
September 15, 2019 is the due date for most 3rd quarter estimated income taxes. Due to the 2017 tax law changes, many deductions have been eliminated, and some new ones have been added. The law impacts many taxpayers in different ways. Please review your situation to see if you require estimated taxes or if your existing schedule of tax payments is sufficient to avoid tax penalties.
Opportunity Zones - August 29, 2019
A little known income tax strategy includes utilizing an “opportunity zone” to reinvest gains on the sale of assets (stock sales, real estate, etc.). It is available throughout the country, and states like New Jersey have many counties designated for this special tax treatment. The potential long-term benefits can be substantial.
New York Alimony - January 8, 2019
As part of New York tax changes for 2018 and forward, alimony that otherwise isn’t deduction or taxable for IRS purposes will be taxable and deductible for New York purposes. Some alimony payments (agreements in force by December 31, 2018) are still taxable and deductible. Plan your estimated tax payments due January 15, 2019, accordingly.
New York Tax Changes - December 29, 2018
New York has delinked its personal taxes from the IRS. You can deduct many itemized deductions that have been eliminated from your federal taxes.
2018 Year-End Tax Planning - December 20, 2018
Now are the final days to make meaningful changes to your tax situation by donating to charities. This can be accomplished in a number of ways, but some of the often overlooked methods are to give the following:
  • Make a contribution of your Required Minimum Distribution (“RMD”) if you are age 70 1/2 directly from your retirement account to a favorite charity.
  • Donate a stock that you have an unrealized gain directly to a charity.
SALT Tax Deduction and SEC 199A Deductions Will Complicate 2019 Tax Filings - December 17, 2018
The new regulations are very complex and require much computation depending upon tax status and income levels.
Alimony Changes - June 5, 2018
Starting in the year 2019, alimony will no longer be tax-deductible to the payer or taxable to the recipient if the divorce is not completed by December 31, 2018. New metrics will have to be explored.
Tax Changes - April 1, 2018
The new tax changes will impact your 2018 taxes in differing ways depending upon your filing status, income, and deductions. Review your withholding now and, if necessary, change exemptions or start paying estimated taxes to eliminate any tax horror in April 2019.
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