{"id":990,"date":"2022-10-28T14:35:58","date_gmt":"2022-10-28T14:35:58","guid":{"rendered":"https:\/\/belbolcpa.com\/blog\/?p=990"},"modified":"2022-10-28T14:35:58","modified_gmt":"2022-10-28T14:35:58","slug":"new-jersey-tax-breaks","status":"publish","type":"post","link":"https:\/\/belbolcpa.com\/blog\/new-jersey-tax-breaks\/","title":{"rendered":"New Jersey Tax Breaks"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"790\" height=\"441\" src=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/10\/10-28-2022-iStock-480268212.jpg\" alt=\"\" class=\"wp-image-993\" srcset=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/10\/10-28-2022-iStock-480268212.jpg 790w, https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/10\/10-28-2022-iStock-480268212-300x167.jpg 300w, https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2022\/10\/10-28-2022-iStock-480268212-768x429.jpg 768w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><figcaption>Shoreline scene with an old rusty anchor on wet sand. 3d illustration.<\/figcaption><\/figure>\n\n\n\n<p>There are several positive tax changes that NJ has implemented this year regarding education, child tax credits, and property tax relief.<\/p>\n\n\n\n<p><strong>Education<\/strong>: A deduction of up to $10,000 of NJBest contributions, and a deduction of up to $2,500 of principal and interest paid on student loans if your gross income is $200,000 or less. You can also deduct up to $10,000 of tuition to a New Jersey institution of higher education.<\/p>\n\n\n\n<p><strong>Child Tax Credits<\/strong>: A refundable child tax credit of up to $500 for each dependent child aged 5 or younger. Your taxable income has to be $80,000 or less.<\/p>\n\n\n\n<p><strong>Child and Dependent Care Credit: <\/strong>Similar to the Federal credit and the New Jersey credit is a percentage of your federal child and dependent care credit. Your New Jersey taxable income must be $150,000 or less.<\/p>\n\n\n\n<p><strong>Property Tax Relief:<\/strong> You are eligible for the ANCHOR benefit if your NJ gross income was $250,000 or less during the year 2019. The application can be completed online and you should have received it in the mail. The deadline to file is December 30, 2022.<\/p>\n\n\n\n<p><em>If you like what you just read, then don\u2019t hesitate to forward\/share with your friends, comment below, and\/or click like on LinkedIn!<\/em><\/p>\n\n\n\n<p><strong>Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! <\/strong><a href=\"https:\/\/www.belbolcpa.com\/newsletter-signup.htm?\"><strong>Sign Up Now!<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are several positive tax changes that NJ has implemented this year regarding education, child tax credits, and property tax relief. Education: A deduction of up to $10,000 of NJBest contributions, and a deduction of up to $2,500 of principal and interest paid on student loans if your gross income is $200,000 or less. You [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[7,8,15,18],"tags":[83,55],"class_list":{"0":"post-990","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-expenses","7":"category-financial","8":"category-new-jersey-tax","9":"category-taxes","10":"tag-business","11":"tag-taxes","12":"entry"},"_links":{"self":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=990"}],"version-history":[{"count":2,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/990\/revisions"}],"predecessor-version":[{"id":994,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/990\/revisions\/994"}],"wp:attachment":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}