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Each month, our team highlights a current tax topic, news event, or a commonly asked question by our clients and creates a brief and informative video on the topic. This information is distributed to our clients and anyone who subscribes to our newsletter on a monthly basis. Enter your email address below and click "Join" to receive this impactful information!
December 2023:
Form 1099-K: Electronic Payments
In 2022, legislation was adopted to change the requirements for taxpayers to receive form 1099-K. Previously, a 1099-K was issued if a taxpayer received more than $20,000 in total electronic payments or engaged in over 200 electronic payment transactions. For tax year 2022, form 1099-K will be issued if a taxpayer received more than $600 in total electronic payments. Electronic payment platforms include Venmo and PayPal, among others. Not all transactions are considered taxable. Watch the above video to learn more!
November 2023:
529 Tax Planning
Saving for education expenses can lead to tax deductions if properly planned. A 529 Plan is a education savings account that allows participants to contribute funds that are to be used for education expenses at a later date. Contributions, depending on the taxpayer's state of residency, may be tax deductible. Contributions grow tax free assuming funds are used to pay for education expenses at a later date. The following video examines the tax savings of contributions in New Jersey, New York, and Pennsylvania.
October 2023:
Do You Qualify for a Property Tax or Rent Rebate Payment in New Jersey?
Do you qualify for a property tax or rent rebate in New Jersey through the ANCHOR program? ANCHOR stands for Affordable New Jersey Communities for Homeowners and Renters. The program entitles qualified homeowners to either a $1,500 or $1,000 rebate payment or qualified renters to a $450 rebate payment via check or direct deposit. Watch the video above to find out if you qualify!
September 2023:
When is the Sale of Your Home Taxable?
Have you ever wondered how the sale of your home will impact your tax return? There are certain instances where the transaction is taxable and others where it is not. If certain criteria are met, single tax payers and married taxpayers may be able to exclude up to $250k or $500k of the gain on the sale from their taxable income, respectively. Watch the video above to learn more!
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