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Newsletter Vol. 4 October 2011

Did you know...

AMT explosion expected in 2012:

Alternative Minimum Tax, also known as AMT, is expected to impact a large number of taxpayers in 2012. Roughly , 30 million taxpayers will be affected by this, which is a huge increase from the 4 million taxpayers affected in 2008. A great percentage of these people being affected will be from the New Jersey and New York area. If you are uncertain whether you will be affected and are looking for more information, feel free to contact our office. An expert will be happy to assist you.


Newsletter Vol. 3 July 2011

Did you know...

Congress has extended the energy credit for 2011:

 
Congress has extended the energy credit for 2011, but not without some changes. The credit decreased from 30% of cost to 10% of cost from 2010 to 2011. The maximum dollar limitation has also decreased from $1,500 to $500 from 2010 to 2011. Still, some energy efficient fixtures just have a 30% of cost credit, with no dollar limitation. These fixtures are geothermal heat pumps, solar energy systems and wind energy systems. So, this credit will apply to very few people here in New Jersey. Taxpayers should be aware of the change in tax credit before deciding to purchase any energy efficient products.


IRS becoming more tech savvy:

The Internal Revenue Service has just launched a new cell phone app. The new app allows taxpayers to automatically know about their tax refund status and when they will be receiving their refunds. It also allows taxpayers to get an instant email notification upon acceptance of their tax return being filed electronically. This new app allows the taxpayer to monitor their preparer’s progress and be more closely involved in the tax process. This is something every taxpayer should check out!