* At NJ.COM Samantha Marcus explains “N.J. budget: Here's how muchyou'll actually pay in new taxes, and what you'll get”.
Here are some highlights -
+ “The budget puts another
$150 million into the Homestead property tax program to double the credits homeowners received this May.”
+ “The state income tax
deduction for local property taxes is getting a boost, too. Right now, you can
only deduct the first $10,000. Under the budget deal, that bumps up to $15,000.”
+ “If you owe back taxes to New Jersey, you'll
soon get a chance to pay up without getting socked with penalties and interest.
The spending plan includes a tax amnesty program.”
+ “New Jersey's corporations
will pay a 2.5 percent surtax this year
and next and then 1.5 percent in years three and four before phasing out
entirely.”
* Let me educate you on how to become a successful tax planner. Join the NATIONAL TAX PLANING NETWORK.
* RECOVER TAX tells
self-employed taxpayers “How to Plan for and Minimize the Self-Employment Tax”.
* It’s here! My new book of
tax planning and preparation advice – TAX SMARTS: MY BEST ADVICE FROM 45+ YEARS AS A TAX PROFESSIONAL.
* While this does not apply to any of my clients, and I expect also
not to most of my readers, here is the word from Robert W Woods at FORBES.COM,
just in case it applies to you - “IRS Offshore Account Amnesty Closing, How to Get In Under The Wire”.
* And Kelly Phillips Erb, FORBES.COM’s Taxgirl, gives some good advice
in “What Kids and Their Parents Should Know About Summer Jobs And Taxes”.
Her final piece of advice – “Save
for a rainy day” – echoes what I have been saying here and elsewhere for
years.
* Oi vey! According to the WALL STREET JOURNAL “Thousands of Americans Will Be Denied a Passport Because of Unpaid Taxes”.
* Nothing new here. Despite
the increase in the Retirement Income Exclusion New Jersey is the second worse
state in the MONEY WISE list of “America's Worst States to Retire In”.
“New Jersey lands at No. 2 on
our list because the Garden State can take a serious financial toll on retirees.”
What do they say is the worst state?
Louisiana.
THE FINAL WORD
The Investigation
Discovery (ID) cable channel had a 2-part show on Sunday morning titled “He
Lied About Everything”.
I was surprised to
learn it wasn’t about Donald T Rump.
That would be the perfect title for the story of his Presidency – hell,
his life.
TTFN
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