- Beginning in 2022, NJ will allow an income tax benefit to taxpayers who contribute to a 529 College Savings Plan.
- Online gambling is reportable income on your tax return. Please keep track of those winnings!
- Virtual currency is the latest IRS audit item! If you have any virtual currency, gains and losses are reportable.
- Maximize your tax deductions by contributing more to your IRA or your retirement plan, like a 401K, at work. Every dollar you save reduces your taxable income and saves tax dollars.
- College tuition may qualify as a deduction or a tax credit on your return. Don't forget to deduct student loan interest paid.
- Child care deductions of up to $3,000 per child, up to $6,000 per tax return, are allowed for your dependent under the age of 13.
- Don't forget sales tax on that new car you purchased! That could help increase your itemized deductions.
- New Jersey still allows a deduction for medical expenses. Please track your medical co-pays and out of pocket expenses. Don't forget to track those miles to the doctors and physical therapy!
- Teachers - don't forget your $250 deduction for educators for all supplies and special equipment you purchased to do your job!
- Special Rules allow taxpayers to net gambling
winnings and looses before reporting. See guide:
Gambling Winnings and Losses.pdf
- IRS has created a home page for EITC: http://www.eitc.irs.gov/
- Charitable Donation Guide: Salvation Army Guide.pdf