Tax News Update

We hope everyone enjoyed themselves this past holiday weekend.  But now that everyone is back to work, the work-week “grind” has started.  However, don’t plan on calling Pennsylvania within the next two days.  Their phone lines are down for an update to the system.  What a time!  While you can still gain assistance through the department’s online customer service center, their phone lines are being updated for the upcoming tax year demands.

In other tax news, the White House just extended the payment pause on student loans until 6/30/23. This will give additional time for the Supreme Court to rule on the loan forgiveness case. Refer back to our previous article to learn more about student loans and the payment pause- https://harkandassociatespc.com/news/it-pays-to-learn-and-be-educated.

This next one is New Jersey specific.  If you live in New Jersey, then you may want to check out the ANCHOR program.  The ANCHOR program provides property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019.The deadline for applications is January 31, 2023 and you can file online, by paper, or phone.  Payments will go out in spring of 2023 through direct deposit or check. The income limitation is based on your 2019 New Jersey gross income. Eligibility is as follows:

• Homeowners with income of $150,000 or less will receive $1,500.

• Homeowners with income of more than $150,000 and up to $250,000 will receive $1,000.

• Renters with income of $150,000 or less will receive $450.

At Hark and Associates, PC, we are here to provide high quality service with the highest ethical standards in the business of CPA firms. We’re happy to answer any tax questions you may have and guide you through new tax-related programs. Schedule a call or meeting with us today.