I’m moving to Florida. How will N.J. look at our taxes?

Q. My wife and I are becoming Florida residents this month - October. For the purposes of our 2019 New Jersey income tax return, can we claim only 10 months of our income in New Jersey rather than 12 months? — Getting out A. Congrats on the move. You’re going to have to do some math. When you move from one state to another, you are required to prorate your income and tax deductions between the states, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said he usually suggests his clients break their residency into months or months and fractions of months. You will have 10 months in New Jersey and two months in Flo

How is Qualified Small Business Stock taxed in New Jersey?

Q. How are proceeds from the sale of Qualified Small Business Stock (QSBS) taxed in New Jersey? — Investor A. Changes could be coming to how this kind of stock is taxed in New Jersey. First, some background. Internal Revenue Code Section 1202, also known as the “Small Business Stock Gains Exclusion,” allows capital gains from select small business stock to be excluded from federal tax. Section 1202 of the IRS Code only applies to qualified small business stock acquired after Sept. 27, 2010 that is held for more than five years, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said not all small business stocks a

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

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