NJ Mansion Tax: Must-Read Review of 2025 The NJ Mansion Tax is a one-time real estate transfer tax levied on buyers who purchase high-value residential properties. Specifically, it applies when the purchase price of a residential property reaches or exceeds $1,000,000. This tax is assessed at 1% of the total…
State And Local Tax Deductions (SALT) Made Simple The State and Local Tax deductions enables taxpayers to reduce their federal taxable income by claiming certain state and local taxes they’ve paid, potentially lowering their overall federal income tax bill. However, this benefit is limited and nuanced, particularly after the 2017…
California Estimated Tax Payments: A Complete Step By Step Guide California Estimated tax payments are advance periodic payments made to the California Franchise Tax Board (FTB) to cover the state income tax on income that isn’t subject to withholding. These payments help taxpayers stay current with their tax liabilities throughout…
Creditable Withholding Tax: The Smart Way to Reduce Your Tax Bill Creditable withholding tax refers to a tax mechanism where a portion of a taxpayer’s income is withheld at the source by a third party—typically the payer of the income—and remitted directly to the government as an advance payment toward…
Unlocking Early Retirement: What You Need to Know About the 72(t) Rule The 72(t) rule, as outlined in Internal Revenue Code §72(t), governs early withdrawals from retirement accounts. Ordinarily, distributions taken before reaching age 59½ from accounts such as Traditional IRAs, SEP IRAs, SIMPLE IRAs, or employer-sponsored plans like 401(k)s…
Confused by Form 941 Schedule B? Here’s the Clear-Cut Guide Form 941 Schedule B is a critical attachment for employers who follow a semiweekly deposit schedule for payroll taxes. It provides a detailed, day-by-day breakdown of tax liabilities within each quarter, helping the IRS verify that deposits are made on…
Navigating Illinois Estate Tax in 2025: Empowering Your Legacy The Illinois estate tax is a state-imposed tax on the transfer of wealth at death, applicable to the gross estate of a deceased individual. It applies when the estate’s value exceeds the state exemption threshold of $4 million. The tax is…
What is the Michigan Flow Through Entity Tax? An Essential Guide Michigan Flow Through Entity Tax is an elective state-level income tax that allows certain pass-through businesses—such as partnerships, S corporations, and limited liability companies (LLCs)—to pay Michigan income tax at the entity level, rather than having the tax assessed…
A Complete Synopsis On NY Estimated Tax Payments If you reside in New York or have income from New York sources and anticipate owing $300 or more in state tax after accounting for withholding and credits, you’re typically. Obligated to submit estimated tax payments to the New York State Department…
New Jersey (NJ) Estimated Tax Payments NJ Estimated tax payments in New Jersey are advance payments made toward your annual state income tax liability. They are especially important for individuals and businesses that do not have sufficient tax withheld from their income throughout the year. Whether you’re a freelancer, landlord,…