Wednesday, May 6, 2020
Since we are all stuck at home - how about 3 suggestions for some light reading.
These items will be delivered as a pdf email attachment.
1. THE JOY OF AVOIDING NEW JERSEY TAXES
Most NJ taxpayers concentrate on their federal tax return and spend minimal time on their NJ return, simply taking numbers from the 1040 and putting them on the NJ-1040. As a result, they are paying more NJ state tax than necessary, often paying tax on income that is not even taxed by NJ. By becoming informed on NJ state tax law and using proper tax planning you can make sure that you pay the absolute least amount of NJ Gross Income Tax possible for your particular situation.
I have been preparing NJ-1040s for as long as there has been a NJ-1040, and federal income tax returns for even longer. I share my knowledge and experience from almost 50 years as a professional tax preparer in my new book THE JOY OF AVOIDING NEW JERSEY TAXES to help you to learn how to pay the absolute least amount of NJ Gross Income Tax possible.
This book has been updated for tax year 2019.
Cost = $10.95
2. TAX SMARTS
As a veteran tax professional who has been preparing 1040s for individuals in all walks of life since 1972, I am often asked by friends, family, clients, readers, and cocktail party guests, “What is your best tax advice?”
As an answer I have written a compilation of my best tax advice to share wisdom accumulated from my almost 50 years of preparing 1040s.
This book does not discuss specific deductions (well, I do talk about gambling losses and IRA contributions), credits and “loopholes”, which are revised, changed, deleted and reinstated frequently at the whim of whichever political Party is in power. And it is not specific to 2018 or 2019 or any individual year’s tax returns. It is concerned with universal tax planning and preparation concepts and advice that remain constant year after year.
Cost = $8.95
3. MORTGAGE INTEREST GUIDE
With home equity debt interest no longer deductible, thanks to the GOP Tax Act, it is more important than ever to keep separate track of acquisition debt and home equity debt, going back to the original purchase of your home. With lots of free time available during this situation now is a good time to work on this task.
In this guide I explain the various types of mortgage debt and the deduction limitations, and go into detail on how refinancing an acquisition debt mortgage can result in home equity debt. I include two worksheets – one for Acquisition Debt Activity and one for Home Equity Debt activity – and provide a detailed example of how to use the worksheet.
Cost = $2.00
Special- $1.00 from the price of each item purchased during the shut-down will be donated to Dessin Animal Shelter in Honesdale.
Send your check or money order payable to TAXES AND ACCOUNTING, INC, and your email address, to –
TAXES AND ACCOUNTING, INC
STUCK AT HOME
POST OFFICE BOX A
HAWLEY PA 18428