This is our exclusive electronic Newsletter for our clients, friends and visitors to our web site. You will find
that we do not speculate or take any position on tax issues. We do not enter into political discussions regarding tax
and accounting issues. We report the facts to you as they exist in the law, the Internal Revenue Code and the laws of
the State of New Jersey and New Jersey Tax Law. We do so because we all, you and us, must live by these laws.
Thus, we do not engage in commentary in our Newsletters.
We welcome our new readers and extend a hearty welcome back to our return readers.
At present two issues are in the forefront. First is the Tax Act of 2003. It will have an effect on every
taxpayer.
There will be changes in the withholding taxes which must take place no later than July 01, 2003. The child credit
has been adjusted and some taxpayers may see an Advanced Child Credit this summer, and, some may not. The marriage penalty
has been eliminated as well. There have been changes made and proposed to Dividend Income and Capital Gains. The
tax brackets have been adjusted.
We caution our readers to pay careful note to this new tax act. It will effect every taxpayer in a different manner.
How will the new tax act effect you? We do not believe in giving a generic answer. We prefer to deal with each
taxpayer as an individual. Yes, there will be changes to your withholdings, yes there is an Advance Child Credit --
but how will these items and the remainder of the tax act effect you specifically? That is what you really want to know
and we will tell you. We will answer your questions as they apply to you specifically. We do not believe in a
generic, one size fits all answer.
The second issue of concern is the New Jersey budget. New Jersey does have a budget. But the details are
slowly being released. We will monitor the budget and any potential tax effects and report to you as the full details
become known to us. If you are a New Jersey resident, be on the look out for your Property Tax Rebate, New Jersey Saver
Rebate and PTR Rebate. The Property Tax Rebates should be mailed out this month. Watch your mailbox or your
bank account if you chose direct deposit.
Stay tuned and stop by often for updates as they occur or check our Breaking News page for the most up to date tax and
accounting news!
