Tag: taxes

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Tax Freedom Day April 18th

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the staff of the Ridgewood blog

Ridgewood NJ, Tax Freedom Day is a symbolic date that represents how long it takes for taxpayers to earn enough money to pay their total tax bill for the year. In the United States, Tax Freedom Day for 2023 falls on April 18th, which means that Americans have to work 108 days into the year just to earn enough money to pay their federal, state, and local taxes. This date can vary from year to year and from country to country, depending on the tax policies and economic factors at play.

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NJCPA Raises Concerns With Governor Murphy’s Proposed FY 2024 Budget

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Statement by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director, New Jersey Society of Certified Public Accountants

Roseland NJ, Governor Phil Murphy delivered his budget proposal for New Jersey’s 2024 fiscal year which begins July 1. The New Jersey Society of Certified Public Accountants (NJCPA) applauds the Governor for proposing a budget that includes no tax increases or new fees and allows the 2.5-percent corporation business tax (CBT) surcharge to sunset on Dec. 31. We also applaud the fiscally responsible measures to create a $10 billion surplus and put more than $2 billion towards debt defeasance. However, we are concerned about the tax revenue projections which don’t factor in a possible recession.

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Village of Ridgewood Council Budget Meetings February 23rd, February 24th, and March 6th

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the staff of the Ridgewood blog

Ridgewood NJ, check out the Village Council Budget Meetings, unlike the school budget you can still have input . The meetings are being held in hybrid format (both in person and via Zoom).  The Village Council is discussing the 2023 annual budget and capital budgets for all Village Departments.  The next budget meetings will be held on February 23rd, February 24th, and March 6th, all beginning at 5:00 p.m. in the Court Room of Village Hall.  The result of these meetings will be the setting of the tax rate for the Village’s portion, which is approximately 25% of the overall tax rate.

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Business leaders Say New Jersey is Just Too Expensive

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NJBIA 64th Annual Business Outlook Survey Details Affordability, Inflation Challenges for NJ Businesses

Trenton NJ, while affordability was the talk in Trenton a year ago, New Jersey’s business community is clearly feeling left out of that conversation.

In NJBIA’s 64th annual Business Outlook Survey, released today, a large majority (75%) said Gov. Phil Murphy and lawmakers have not done enough to address business affordability in the past 12 months – compared to just 5% who said policymakers are doing enough.

Further, a combined 82% said New Jersey is either somewhat unaffordable for business (46%) or not affordable at all for business (36%).

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New Jersey Senate Resolution Designates Nov. 6 through 12 as “Certified Public Accountants Week”

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the staff of the Ridgewood blog

Roseland NJ, The New Jersey Society of Certified Public Accountants (NJCPA) is pleased to announce that a New Jersey Senate resolution (SR101) has designated the week of November 6 through 12 as “Certified Public Accountants Week.” The resolution was sponsored by Senator Steven Oroho (R-24), the only CPA in the Legislature, and Senate President Nick Scutari (D-22). SR101 passed the full Senate unanimously. No there will not be a parade .

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NFL’s Tyreek Hill Demonstrates How NJ’s High Taxes Impact Behavior

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Trenton NJ, Senator Declan O’Scanlon said NFL star wide receiver Tyreek Hill perfectly demonstrated New Jersey’s tax problem when he explained why he chose to be traded to the Miami Dolphins instead of the New York Jets: “It was very close to happening, but it was just those state taxes, man.”

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Pharmaceutical Companies Next on the Democrats Hit List

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the staff of the Ridgewood blog

Trenton NJ, New Jersey advertises itself as the “Medicine Chest of the World.” Nine of the largest drug companies in the nation are either headquartered in, or have major operations clustered in the Garden State.
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Time to Index New Jersey’s Income Tax Brackets for Inflation to Protect Working Families

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the staff of the Ridgewood blog

Trenton NJ, Republican senators called for action on their plans to save New Jersey taxpayers from suffering state income tax increases next year due to inflation after the Treasury Department estimated the cost of “tax bracket creep” at $543 million in FY 2023.

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The Laffer Curve Strikes Again: Lower Tax Rates, More Revenue

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the staff of the Ridgewood blog

Quick history lesson:

Ridgewood NJ, When the founders of the Committee to Unleash Prosperity (Laffer, Kudlow, Forbes, and Moore) advised Donald Trump back in 2016 on tax reform, we recommended a 20% corporate tax rate, because the U.S. rate of 40% (when including state taxes) was the highest in the world. This incentivized capital to flow out of the U.S. to leverage lower tax rates in Europe and Asia.

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The US Supreme Court Refuses to hear the SALT Deduction Challenge

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the staff of the Ridgewood blog

Ridgewood NJ, the United States Supreme Court rejected New Jersey and other states’ requests to restore the full income tax deduction for state and local taxes (SALT) .

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AARP Poll Finds 83% of New Jersey Voters 50 or Older are likely to Leave the State

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the staff of the Ridgewood blog

Ridgewood NJ, according to a new poll from AARP two out of five New Jersey voters 50 years old or older considered leaving the state to live elsewhere in the last year.

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So We Guess TurboTax is Not Really Free ,Free after all

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FTC Sues Intuit for Its Deceptive TurboTax “free” Filing Campaign

the staff of the Ridgewood blog

Ridgewood NJ, the Federal Trade Commission is taking action against Intuit Inc., the maker of the popular TurboTax tax filing software, by issuing an administrative complaint against the company for deceiving consumers with bogus advertisements pitching “free” tax filing that millions of consumers could not use. In addition, to prevent ongoing harm to consumers rushing to file their taxes, the Commission also filed a federal district court complaint asking a court to order Intuit to halt its deceptive advertising immediately.

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NJ State Senators Say its Time to Recognize the Impracticality of the Governor’s Proposed Energy Master Plan

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the staff of the Ridgewood blog

Trenton NJ, Senators Steven Oroho and Anthony Bucco welcomed the Board of Public Utilities’ cost study of Governor Murphy’s Energy Master Plan but chastised the Administration for the unexplained two year delay.

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An Easy Guide To Understanding How Offshore Trusts Work

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Offshore Trusts offer a safe haven from the courts and creditors of other states and help you avoid both your own country’s tax system and their banks’ reporting requirements. Offshore trust laws provide a level of confidentiality and privacy that many people find attractive.

Your money is separate from the client operating the trust, so there is no way for the courts to make you reveal any financial information. The trustee will only disclose this information to appropriate parties.

Originally, Offshore Trusts were used by people who had concerns about their own governments and wanted to secure their assets outside the reach of their home country’s legal system. However, there are several reasons why you could set up an Offshore Trust.

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WalletHub Study : New Jersey Is 2022’s Worst State to Retire

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the staff of the Ridgewood blog

Ridgewood NJ, a new WalletHub Study rates New Jersey the worst place to retire. With 27% of all nonretired adults having no retirement savings, the personal-finance website WalletHub today released its report on 2022’s Best States to Retire. 

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