Tuesday, July 10, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* 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.