NJ Tax Deduction for Veterans
New for 2017 tax returns- NJ is offering a $3,000 deduction from taxable income for veterans. Filers need to attach form DD 214 discharge paper to verify veteran status.
Some towns in NJ are considering a change in property tax to address the new Federal $10,000 cap on SALT deductions. Some New Jersey towns and members of Congress are proposing a workaround whereby towns would create charitable funds and give homeowners a credit off their property tax bills for what they donate. 22 States already have something like this in place.
GOP is very close to completing a deal between House and Senate for a tax reform Bill. Summary items include: Corporate top rate at 21%, Corp. Alt. Min tax repealed, Individual top rate 37%, Individual Alt. Min tax not repealed but thresholds increased, SALT deductions capped at $10k, Obamacare individual mandate repealed. Several treasured items were kept in place like: Student interest deduction, tax -free graduate tuition, medical expense deduction...Some small business owners with pass through income are getting a new 20% deduction. More details to follow when available.
http://www.cnn.com/2017/12/13/politics/republican-tax-plan-deal/index.html
CNN.COM
Key details revealed in Republican tax deal
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The House passed their Tax Bill yesterday. The Bill is a big win for corporations as it reduces top corporate rates from 35% to 20%. The Senate Bill is more friendly to small business owners in the service industry. Let's hope they combine the best of both Bills.
http://www.chicagotribune.com/news/nationworld/politics/ct-house-tax-bill-details-20171116-story.html
CHICAGOTRIBUNE.COM
The House just passed its big tax bill. Here's what is in it and what deductions vanish.
