WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

* A timely warning from Kay Bell at DON’T MESS WITH TAXES – “Help Hawai'ian fire victims, but check out charities first”.

 

The post provides links to legitimate charities.

 

* The NJ DIVISION OF TAXATION website reports –

 

“P.L. 2023, c.75 which was signed into law June 30, 2023, expands the income limit and simplifies the residency requirements for new Senior Freeze program applicants.

 

Beginning with the 2023 filing season, the law:

 

Increases the income limit for the program to $150,000; and

 

Eliminates the requirement that an applicant must be a New Jersey resident for 10 consecutive years.”

 

* Also new for New Jersey for 2023 – the amount of the NJ Child Tax Credit available to certain resident taxpayers with children age 5 years and younger at the end of the taxable year has been increased to -

 

Income $30,000 or less =$1,000

Over $30,000 but not over $40,000 = $800

Over $40,000 but not over $50,000 = $600

Over $50,000 but not over $60,000 = $400

Over $60,000 but not over $80,000 = $200

 

* The news from NJ keeps coming – “Check Your Mailbox: 1.3 Million ANCHOR Recipients to Receive Confirmation that Property Tax Benefit Will Be Distributed Automatically This Year” -

 

“Over 1.3 million taxpayers who received property tax relief benefits through the Affordable Communities for Homeowners and Renters (ANCHOR) program last year will soon receive a letter confirming their eligibility for this year’s program and notification that they will not need to re-file an application to receive a check or direct deposit in most circumstances.”

 

And –

 

“If recipients need to change their mailing address, bank account number, or other qualifying information outlined in the letter, applicants must update their information in the online ANCHOR portal by September 30, 2023.

 

Additionally, the Division of Taxation will soon begin mailing applications to two million residences with the goal of reaching additional homeowners and renters who may also be eligible to apply for the program. Application mailers will be sent between August 22nd and 28th. These applicants will have until December 29, 2023, to file an application. Benefits will be distributed on a rolling basis within 90 days of filing.”

 

* I didn’t plan to make this a NJ tax BUZZ – it just happened that way.  I began with a federal item and let me end with this from the IRS – “New school year reminder to educators; maximum educator expense deduction is $300 in 2023”.

 

TTFN