Your Child Reaches the Age of 18 – They Are an Adult Now

The Fourth of July is behind us and the start of a new school year will be here before we know it.  If you are a parent with children going to school – including those headed off to college – you are probably already starting your “school” shopping.  If you have a child headed for […]

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Owe Money to the IRS?  Reduce Your Debt for Pennies on the Dollar

Who hasn’t seen these ads on television claiming that if you owe taxes, the advertiser can settle your debt for pennies on the dollar. Do you believe these ads to be valid? Every year, the IRS publishes their DIRTY DOZEN list which is basically a list of the top 12 scams with regard to taxes.  […]

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Individual Income Tax Return Processing To Be Completed

Are you one of those taxpayers who is waiting for a refund on your 2020 income tax return?  Well, if so, the IRS has just alerted that the processing of 2020 income tax returns is expected to be completed by week’s end.  The backlog was just another part of life that was affected by COVID.  […]

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Were You The Beneficiary Of An IRA Owned By A Decedent?

If you are/were the beneficiary of an IRA or a qualified defined contribution plan participant that was owned by someone that has died, there are new rules and regulations that must be kept in mind.  Gone are the days that you could stretch out the distribution for an extended period of time – now, the […]

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“Where’s My Refund?” Online Tool Has Been Enhanced

Still looking for a refund to your returns filed?  Unlike in previous years, you can now track refunds for the past two years.  The IRS recently enhanced the “Where’s My Refund?” online tool and introduced a new feature that allows you to check the status for the current tax year and two previous years.  This […]

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Some Reminders If You Are Selling Your Home

Summertime and the moving trucks are busy.  If you are selling your home, here are some important reminders: Some or all of your gain may be excludable from income tax.  Have you owned your home as your primary residence for five years?  Have you lived there for at least two years?  If the answer is […]

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UNCERTAINTY

That could easily become our buzz word these days.  Especially given what we have been through in the past couple of years.  But, life is full of uncertainty.  We were coasting along in 2019 and then 2020 saw the pandemic force us to change almost everything.  We experienced isolation, social distancing, masks, uncertainty of where […]

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Taxpayers Should Open and Carefully Read Any Mail from the IRS

The IRS mails letters or notices to taxpayers for a variety of reasons including: • They have a balance due.• They are due a larger or smaller refund.• The agency has a question about their tax return.• They need to verify identity.• The agency needs additional information.• The agency changed their tax return. If a […]

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Are You Looking For Your Federal Tax Refund?

You have filed your taxes and are expecting a refund on your Federal Return.  How can you check on the status of your refund?  Visit the irs.gov website and use the Where’s My Refund tool.  Your return should be available within 24 hours after the IRS has acknowledged receipt.  You will also be able to […]

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New Jersey Financial Wellness Website

New Jersey recently launched a free website called NJ FinLit.  This site is sponsored by the New Jersey Department of the Treasury and contains interactive tools, videos and articles which can be used to understand and manage your financial resources.  While there are many resources on the internet with regard to financial wellness, you must […]

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