Individual Tax Tips
Here are just a few tips, reminders and updates that are important in the preparation of your 2024 tax returns:
- Please provide us your real estate taxes paid for all properties owned. Even if you no longer itemize your deductions, NJ allows a credit for property taxes paid on your principal residence.
- NJ also allows a credit for out of pocket medical costs. Please bring a list of your medical expenses paid in 2024.
- The beginning date for your minimum required distributions from your retirement accounts has recently changed. If you have not yet begun taking your annual required distributions, please bring your year end balances for your accounts and we can calculate when you should start and how much you will be required to take.
- Energy credits have recently changed. Although the types of property that qualify remained the same, the tax credits increased and are available annually. Please bring documentation for any home improvements with you and we can discuss.
- Electric vehicle tax credits are available for 2024, please bring the report issued by your dealer when you purchased your new vehicle.
- For NJ, a deduction is now allowed for contributions to NJ Best 529 plans for your children and grandchildren starting in 2022.
- Payments for college tuition for your dependents may be deductible, please bring forms issued by the college or university to assist in calculating those credits for both IRS and NJ.