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Question of the Quarter

I’ve been asked a few times about taxes. Here is what you need to know for the 2018 tax year. First off: DON’T PANIC!

Changes in tax laws are always a bit tricky to navigate. Changes to federal tax code have changed some of the deductions New Jersey residents can take. The initial worry was that mortgages would lose deductions. Now that the dust has settled, it’s clear that residents can still take tax deductions from the mortgage insurance and property taxes. In short before panicking, contact your local tax adviser and ask about what deductions apply to your specific financial situation. You might be pleasantly surprised! Contact me if you still have any questions or are looking for a tax adviser.