Category: Washington

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IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

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the staff of the Ridgewood blog

Washington DC,  The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

Continue reading IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
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Rasmussen : Voters Want Strong Borders, Say Wall is Not ‘Immoral’

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the staff of the Ridgewood blog

Ridgewood NJ, according to Rasmussen Reports , most voters continue to favor strongly controlled borders and reject House Speaker Nancy Pelosi’s charge that it is immoral for the United States to build a border wall.

The latest Rasmussen Reports national telephone and online survey finds that 53% of Likely U.S. Voters think it is better for the United States to tightly control who comes into the country. Thirty-nine percent (39%) disagree and say it is better to open our borders to anyone who wants to come here as long as they are not a terrorist or a criminal.

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Reader says ,” GOVT. workers expect a cushy job for life “

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What bothers me the most is that workers in the PRIVATE SECTOR get fired all the time; take the case of GM firing auto workers when they closed plant. Those laid off workers have to hustle and find a new job. BUT GOVT. workers expect a cushy job for life; with frequent pay raises, top health insurance, tons of vacation job, and other perks for real laid back easy work, most of the time. So now when they are facing the real world , what private sectors workers face every day, the possibility of being laid off they complain about being cheated. They don’t realize no one owes them a dime. They will just have to hustle and find other work. Improve their nonexistent skill sets, in many cases.

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Shutdown or Not It’s Still Tax Time

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the staff of the Ridgewood blog

Ridgewood NJ, Many New Jersey residents are familiar the SALT deduction limitation and its negative effect on over taxes New Jersey Residents .There are many other changes in 2018 tax reform that will affect almost everyone. Always consult a CPA to address your particular tax situation .

According to Wealth management expert George Mentz ,the biggest changes for this years filings include:

  1. Larger standard deductions for married couples of $24,000.
  2. Personal exemptions are eliminated and there is no need to file for these.
  3. A new 37% top tax bracket for high earners. The Obama taxes will remain including the 3.8% Net Investment Income Tax and the 0.9% medical surtax on high earners.
  4. Estate tax exemption is boosted to $11.2 million for an individual and $22.4 million for a married couple.
  5. Child tax credit is increased to $2,000 per qualifying child.
  6. State and local tax deduction or SALT tax deduction limited to $10,000.
  7. Mortgage interest deductions can only be taken on mortgage debt up to $750,000, down from $1 million. This applies to mortgages taken out after Dec. 15, 2017. Interest on home equity debt can no longer be deducted.
  8. For charitable deductions, taxpayers can deduct donations of as much as 60% of their income, up from a 50% cap.
  9. For rules on retirement contributions, deductions, and deduction phase-outs, please consultant a professional or use updated software.