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BUSINESS OWNERS HELPFUL LINKS:
Duritza Lowe Glassheim & Yursha | PO Box 1228 | Wall, NJ 07719 | (732) 280-9060 | ylowe@wbandl.com
TAXPAYER'S GUIDE TO IDENTITY THEFT
As Identity Theft is becoming a big issue, the IRS has published a to do list should this happen to you. Click HERE
Be Proactive - Take measures to protect your identity. Here are just a few examples we suggest:
-Computer Safety: Install a firewall and virus protection, and keep them updated. If you get an email from an unknown source, do not click on any links in it. Do not use operating systems no longer updated with antivirus patches (ex: XP).
-Protect Social Security Numbers: Treat your number like gold, do not reveal your digits or include them unless absolutely necessary. Do not carry your social security card in your wallet and avoid sharing it on the internet (where it remains forever)
-Make copies of the contents of your wallet, in case it is stolen.
-Do not leave mail with personal information in your mailbox.
-Place strong passwords on your bank accounts, credit cards, and telephone accounts.
-Be cautious of phone scammers: Never give information out on the phone to someone who calls you. For example, if a utility company calls, you can always hang up and dial the 800 number on your bills to see if it was legitimate.
-Check your credit ratings: The credit bureaus can monitor your credit and report when there is unusual activity.
-Don't give out personal data loud: Speak your identifying information quietly in stores, remember even a phone number can give a person your address.
NEW JERSEY NEWS:
Contact us for details if you have past due NJ taxes!
The new NJ sales tax rate of 6.625 percent will take effect January 1, 2018 and replace the current sales tax rate of 6.875 percent.
CLICK ON THE FLAG FOR THE NJ
VETERAN'S EXEMPTION SUBMISSION FORM:
Get ready for the 2022 Tax Filing Season!
As COVID-19 becomes a thing of the past so will their tax breaks.
Be aware of the following changes for the 2022 Tax Filing Season:
Child Tax Credit:
- For 2022, parents can claim a maximum child tax credit of $2,000 for each child through age 16 if you meet adjusted gross income requirements.
- This is reduced from $3,600 for every child under age 6 and up to $3,000 for children ages 6 through 17.
Child and Dependent Care Credit:
- You may claim 35% on up to $3,000 in expenses for one person, or up to $6,000 of expenses for two or more people and is a non-refundable credit.
- This is reduced from 50% on up to $4,000 in expenses for one person or up to $16,000 for two or more and the credit was fully refundable.
Charitable Deductions:
- For tax year 2020 and 2021, taxpayers were allowed to take what is called an above-the-line deduction ( a deduction that allows a taxpayer to subtract the charitable contribution off their adjusted gross income, $300 for single/$600 for filing jointly).
- The above-the-line deduction has expired for tax year 2022.
Earned Income Credit:
- This credit allowed taxpayers without children to claim $1,502 in 2021 as a result of a one-year enhancement that was part of the American Rescue Plan.
- For tax year 2022, the size of credit for someone in this group is $560.
TAX REFORM
