Personal Finance
Using Electronic Funds to Avoid Check Processing Delays for Payment of Income Taxes
Delays by the IRS and State Revenue Departments in processing checks from taxpayers for the payment of income taxes is increasing. Delays in the processing of checks can cause automated tax notices requesting…
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IRS extends Tax Relief to the Victims of Hurricane Ian
The IRS has extended tax relief to the victims of Hurricane Ian throughout Florida until February 15, 2023, to file various individual and business tax returns and make tax payments. Individuals and households…
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ANCHOR Replaces the Homestead Rebate, Makes Owners/Renters Eligible for Relief
ANCHOR provides property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019, and met the income limits. The filing deadline for the ANCHOR Application…
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Official Updates on the One Time Student Debt Relief
On Aug. 24, 2022, the Biden-Harris Administration announced a Student Debt Relief Plan that includes one-time student loan debt relief targeted to low- and middle-income families. The plan will cancel…
Continue ReadingWarning of IRS Impersonation Scams
The Treasury Inspector General for Tax Administration is raising the alarm about identity thieves and fraudsters, releasing a pair of public service announcements to educate taxpayers about the continuing…
Continue ReadingNew Jersey Deductions for Higher Education
Beginning in 2022, the New Jersey College Affordability Act allows New Jersey taxpayers tax deductions for certain educational expenses. The deductions are targeted for taxpayers with gross income of $200…
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Protect Your Financial Information
The combination of the holiday shopping season, the upcoming tax season, and the pandemic create additional opportunities for criminals to steal sensitive personal or finance information. To help taxpayers…
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401(k) Limit Increases to $20,500 in 2022
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical…
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Important Changes to the Child Tax Credit
Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased…
Continue ReadingAs Peak Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals…
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