In 2022, the State of New Jersey introduced the ANCHOR program, which looked back at taxpayers’ residency and income in 2019 to provide property tax and rent relief to residents of NJ. Now, NJ has begun mailing the 2020 NJ ANCHOR Program information to eligible homeowners and renters. You may be asking what steps you need to take next. We are here to outline those steps for you. If you… Read More »2020 NJ ANCHOR Program Updates
With the signing of the Inflation Reduction Act on August 12th, 2022, the tax credit for the purchase of electric vehicles got a nice makeover. Under the previous rules, certain qualified vehicles purchased offered a tax credit of up to $7,500 to eligible taxpayers. The amount of the credit was determined by various factors including the capacity of the battery used to power the vehicle and how many vehicles the… Read More »Inflation Reduction Act – Tax Credit for Electric Vehicles
Tax time can often be overwhelming. Not sure what documents to provide us? Take a look at this list of questions to determine the necessary documents you need for your 2022 tax preparation and leave that shoebox full of receipts at home. WorkDid you work in 2022? Provide the W-2 from each employer you worked for in 2022. Employers have until January 31st to supply W2 forms to you. InvestmentsDid… Read More »No Receipts Needed
It is hard to believe that its time again! Please see below for this year’s procedures to ensure a smooth tax season. How to Get Us Your 2022 Tax Documents:Upload your tax documents to our secure client portal, Intuit Link. If you did not use the portal last year, but would like to do so this year, please reach out to the office and one of our staff members will… Read More »2022/2023 Tax Season at Eiger, Lang & Company, CPA LLC
There has been a lot of hype surrounding President Biden’s recent student loan forgiveness initiative, but what exactly does his plan include? As the pandemic-era payment pause is set to expire, this initiative consists of a three-step plan to help transition federal student loan borrowers back to their regular payment schedules. The three-step plan includes: Step 1: Extension of the pause on federal student loan repayments For federal student loan… Read More »Student Loan Forgiveness Initiative
Earlier this month the state of New Jersey announced an important update to the new ANCHOR property tax relief program, and recently, the Department of the Treasury began mailing application instructions to eligible homeowners and residents. If you’re wondering what you need to do next, we are here to guide you. First, just a quick recap for those who are unfamiliar with the ANCHOR property tax relief program: The new… Read More »Latest Information on NJ ANCHOR Program
Good News – The State of New Jersey has announced a “Back-to-School Sales Tax Holiday”! From August 27 until September 5, 2022, certain back-to-school supplies and equipment will be exempt from the 6.625% New Jersey sales tax. Back-to-school time can be very stressful for some families – physically, mentally, and financially. However, to help alleviate some of the financial burden, and for a limited time, school supplies (including but not… Read More »New NJ Sales Tax Exemption Provides Savings on School Supplies
Parents of high school students looking for employment while summer is approaching should know some tips to maximize their paychecks. Typical summer jobs are found at restaurants, local stores, theme parks, hotels and summer camps. Along with the responsibilities that come with the job is another one: Paying taxes. Understanding what comes of your paycheck is as important as gathering tax documents when tax season comes along. Not all teens… Read More »Taxes for Working Teenagers
You submitted an Application for Automatic Extension of Time to File your U.S. Individual Income Tax Return. What exactly does this mean? Well, it means exactly what it says. It is an extension of time to file your annual tax return. However, it is NOT an extension of time to pay your taxes. If you expect to owe money with your annual tax return, the balance must be paid with… Read More »You Applied for an Extension of Time to File – Now What?
Eiger, Lang & Company, CPA LLC is merging our Lakewood office into our Eatontown office. While we are changing our physical location, we will continue to provide you with: Personal attention Top-notch accounting services Business resources at the ready What does it mean for you? Simply more capabilities in one location. Plus, we are keeping our same phone number (732) 370-4800.