With the Tax Cuts and Jobs Act of 2017 signed into law, we have focused on four changes that we feel are significant.
One of the most important components of financial planning is ensuring a sound plan is in place for the transfer of an individual’s estate upon their passing. Several changes have been (and continue to be) made to federal and state laws that govern the transfer and subsequent taxation of estates in the United States, leaving many people feeling overwhelmed by the sheer complexities that exist. Continue reading “Estate Tax Versus Inheritance Tax — What’s The Difference?”
One of many contentious political issues today, the future of healthcare in America has sparked debate across the country. As President Trump settles into office, it has become clear that changes are coming, whether in the form of smaller-scale adjustments to the Affordable Care Act (ACA) or a full repeal and replacement of the law. Continue reading “Tax Implications of Fully Repealing the ACA”
New Jersey is a very expensive place to live. The property, state and local taxes are among the highest in the nation. New Jersey is one of only sixteen states that still have an estate tax and only one of six states that still have an inheritance tax. Continue reading “Long-Awaited Tax Changes in New Jersey”
There are some significant changes to the Social Security program this year which you should be aware of, particularly if you are thinking of retiring soon or already have. One of the most important components of an individual’s retirement plan is the opportunity to receive monthly income from the Social Security program. Over 65 million people received benefits from programs administered by the Social Security Administration (SSA) in 2015. Continue reading “Changes to Social Security”
Politicians from both sides of the aisle in Trenton have finally reached an agreement to replenish the Transportation Trust Fund after many delays. While all residents of the Garden State won’t be impacted the same, the implications will be far-reaching nonetheless. The new deal confirms a 23-cent hike in the gasoline tax, which on top of the current 14.5 cent/gallon tax – brings this tax to 37.5 cents per gallon, up to the seventh-highest in our country.
*Taxes may be applicable
Winning an Olympic medal is an amazing accomplishment that deserves to be rewarded. The US Olympic Committee prize money for winning an Olympic gold medal is $25,000, $15,000 for silver, and $10,000 for bronze. Many countries do not award their medal winners, and if they do, the amounts are often less (though some are higher, such as Brazil). What may seem surprising is that with those thousands of dollars in prize money earned, comes a hefty tax bill, depending on the athlete’s income tax bracket. If a US Olympian is in the highest tax bracket (39.6%), then they will owe $9,900 in income taxes on his or her gold medal. This amount drops to $6,250 if the gold medal winner is in the 25% tax bracket.
For those of you who have April 15th marked on the calendar to file taxes and have not yet done so this year, take a deep breath: you have three extra days to get them done. Continue reading “Taxes Due on April 15th This Year? Not So Fast…”