The IRS Gift-Giving Rule You may give up to $17,000 to any indi­vidual (donee) within the calendar year 2023 without filing a gift tax return. If married, you and your spouse may trans­fer up to…

2023 will be a summer of traveling for many. After years of pandemic-related restrictions and cancellations, Americans are looking forward to an overdue reprieve this summer –and deservedly so. Even for diligent planners, vacation ex­penses…

What is an amended tax return and when do I need one? If you file a tax return and you find out later that it was wrong for some reason, you can file an amended…

What is a tax extension and how does it work? Most people really don’t like doing their taxes, and some wait until the very last minute. “Oh, I’ll just get an extension”, they say. Is…

What is the Kiddie Tax? We’re not talking about taxes on gambling or kids. We’re talking about a special set of rules for what to do if a child has unearned income (like interest, dividends,…

Is there an age limit on claiming my child as a dependent? It’s important to remember that there were no personal exemptions for dependents through the tax year 2025. It still matters, however, whether or…

Beginning in 2022, New Jersey has three new tax deductions called the College Affordability Deductions. These deductions will help you if you’re saving for college, if you’re currently attending and paying tuition, or if you’re…

Are you required to make estimated tax payments? Individuals, including sole proprietors, partners and S Corp shareholders, typically have to make estimated tax payments if they expect to owe tax. If you receive salaries and…