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"There was a line all day." The Tax Cuts and Jobs Act signed by President Donald Trump on Dec.
22 caps the amount of state and local taxes that can be deducted on federal income tax returns at ,000.
Kenneth De Graw, a partner at Withum Smith Brown, a national public accounting firm, further advised that prepayments may not be deductible by residents who fall under the alternative minimum tax — a separate tax calculation imposed on those in higher brackets.
Cheryl Cavanaugh of Montville, who paid her two upcoming tax quarters at the closing bell, said she was under the impression from the IRS’s guidelines that those payments would be accepted.
Rooney said that while Ridgewood's .2 million total includes payments dating back to Dec.
While New Jersey senator Cory Booker first made headlines as one of Hillary Clinton's potential picks for vice president, it seems the politician's love life is what people are chatting about these days. Although Tim Kaine ended up being selected by Clinton, Booker ended up becoming another lady's first pick as he's now reportedly dating poet Cleo Wade.
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Ridgewood received a whopping .2 million from residents looking to prepay their 2018 property taxes in December, most of it during a last-minute rush by homeowners to maximize their federal tax deductions before new rules took effect this year. In Montclair, residents jammed the coffers with million.
Tenafly and Wayne saw a flood of more than million each."We had people standing at that window at 8 in the morning," a half-hour before the tax collector's office opened, Ridgewood Chief Financial Officer Robert Rooney said Friday, speaking about the last days of December.