If you prepaid your 2018 property taxes, you can’t deduct them on your 2017 NJ tax return

New Jerseyans who rushed to pay their 2018 property taxes before Dec. 31 won’t be able to deduct the expense from their 2017 state income taxes, the New Jersey Society of CPAs advised Thursday. While the IRS issued instructions last month that some 2018 prepayments are deductible from federal income taxes in 2017 if you’ve already… Read the rest of this entry »

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Posted: January 11th, 2018 | Author: | Filed under: New Jersey | Tags: , , , | 2 Comments »

Mayor Jonathan Hornik asks Marlboro Council to support legislation allowing property taxes payments as charitable contributions

Marlboro Mayor Jon Hornik

Marlboro Mayor Jonathan Hornik is asking the Township’s Council to support Governor-elect Phil Murphy’s proposal to allow New Jersey residents to make charitable contributions in lieu of property taxes as an end around the tax reform legislation passed by Congress and signed into law by President Trump last year.   The new federal tax law limits the deduction for State and Local Taxes (SALT) to $10,000.

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Posted: January 11th, 2018 | Author: | Filed under: Jon Hornik, Marlboro, Monmouth County News, Phil Murphy | Tags: , , , , , , | 4 Comments »