Roger Stein, CPA shared his expertise at a recent meeting updating the tax laws that will affect the 2019 filing.
He said there is nothing new to speak of regarding federal income tax, but there are some new regulations state side.
“New Jersey is a pretty friendly state when it come to income tax,” he said.
Roger issued some warnings regarding phone scams with callers or mailers claiming to represent the IRS or Social Security Administration.
He said the reason these scams prevail is that they work.
But Roger was adamant that people should not ever give out their social security number or date of birth to anyone claiming to represent these government agencies.
Roger also cautioned people who on Facebook to NOT post their dates of birth.
Other advice includes regularly checking your credit report, monthly or at least every couple of months.
He said many credit cards now provide credit scores and credit reports for free.
Another website that provides a free credit report is annualcreditreport.com which offer three free reports annually.
Roger said a tax freeze is available to eligible seniors 65 or over who have lived in their home for at least three years and have an income under $89,000, including their social security.
He also advised those 70 1/2 years or older to donate up to $20,000 to a non-profit before the end of they year.