Need help filing your taxes? Here’s some tax tips from a New Jersey accountant
Need help filing your taxes?
News 12 Staff
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Feb 16, 2022, 11:08 AM
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Updated 809 days ago
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7h agoNeed help filing your taxes?
News 12 New Jersey’s Tony Caputo talked with Nicole DeRosa, a CPA, and senior tax manager with Weiss & Co. in Florham Park as well as a member of the NJCPA.
Nicole has some important tax tips when it comes to filing your taxes.
Here are her top five hit items:
- Properly reporting and reconciling advanced child tax credit payments – be careful here!!! If not properly reconciled, any refund due will be significantly delayed (refer to IRS Letter 6419).
- Properly reporting Economic Impact Payment #3 and claiming the Recovery Rebate Credit, if eligible (again, be careful and refer to IRS Letter 1444)
- Non-itemizer cash charitable donation $300/$600 (single/married filing jointly). GoFundMe’s do not count as a charitable donation
- Making sure you are taking advantage on your New Jersey tax return of the lower medical deduction threshold (2%) and also if you rent instead of own (NJ allows 18% of total rent paid, as a property tax deduction)
- Electronically filing your tax return whenever able to, and having refunds directly deposited into your bank account
