Can I take losses on my stocks and use the standard deduction?

Q. If you elect to take the standard deduction for the 2020 tax year, can you still also deduct financial contributions and losses for selling stocks? — Learning A. Determining taxable Income is a three-step process. The first step is to calculate gross income, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. Gross income is the total of salaries, wages, interest, dividends, pension income and more, he said. Next, you have to deal with two items that can be positive amounts or negative amounts. These are business income or loss and capital gains or losses, Kiely said. “If you have your own business or are a partner

What is the New Jersey ‘exit tax’ used for? To fund schools?

Q. What is the New Jersey ‘exit tax’ used for? To fund schools? — Taxed enough A. The so-called “exit tax” is not actually a separate tax, but it’s an estimated tax payment to cover the income tax resulting from the gain on the sale of real estate in New Jersey. When you sell a house in New Jersey, you are required to pay income taxes on the taxable gain, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. “This is so regardless of whether it’s your principal residence, second home or investment property,” he said. “It also applies to residents, non-residents or soon-to-be former residents.” Here’s how you calculate th

Will getting unemployment benefits hurt my Social Security benefits?

Q. I lose 50 cents on the dollar on my Social Security if earnings are over $18,000 or so. Will I have to give Social Security back half of my unemployment over that amount? Does unemployment count as income? — Our of work A. Let’s go over how Social Security benefits are calculated and what happens if you continue to work when you collect Social Security before your full retirement age. The ultimate Social Security benefit you receive is based on all your earnings for your highest 35 years of “earned income,” said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said earned income consists of salaries, wages and self

How can I file my tax returns electronically and for free?

Q. I use TurboTax to prepare my taxes and file the federal return. They charge $25 to file the New Jersey return electronically so for years I’ve printed it out and mailed it, more on principle, not because I can’t afford it. Is there some other way to take the New Jersey file and submit it myself electronically? — Taxpayer A. We applaud you doing something like this on principle. While you can continue to mail the return, there are some advantages to doing it online. When you mail in a paper tax return the government has to keypunch most of your information into a government computer, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Managem

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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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