If you earn too much for the pension exclusion

The New Jersey pension exclusion has a strict income cutoff.(pixabay.com) Q. If my annual New Jersey pension is $106,000 and will continue for my life, is there any way I can reduce New Jersey gross income to take advantage of the pension exclusion? Or will I never qualify? -- Paying too much A. In 2016, legislators increased the gasoline tax. That bill had a number of other items tacked onto it. Among then was a new $3,000 tax deduction for all veterans who have had an Honorable Discharge from the armed forces, National Guard or Reserves. Another was an increase to the New Jersey pension exclusion. The pension exclusion is available if you are 62 or older, said Bernie Kiely, a certified fi

Tax day is coming. Can't pay your taxes? Here's what you can do

If you don't have enough money to pay your taxes, you have options. (pixabay.com) Owing money to the Internal Revenue Service (IRS) is an awful feeling. If you don't pay, you could face hefty penalties and interest charges. The IRS can garnish your wages, put a lien on your home and take other steps that will make your life very uncomfortable. But you have options. Here's a rundown of what you should and shouldn't do if you can't pay your tax bill. What happens first The IRS may send you a bill if you don't file a return. (Getty Images) This year you have two extra days to file your tax return and pay anything you owe. Because April 15 falls on a Sunday, your returns won't be due until Tuesd

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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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