Urbach & Avraham, CPAs

01/13/2026

Executor, trustee or guardian? You may need an Accounting Why fiduciaries should prepare an accounting.
What documents are needed for an Accounting?
What doesn't qualify as an Accounting
Guardian Accounting - Special Format
Executor, trustee and guardian fees based on Accounting
For details click here:

01/11/2026

New Tax Provisions for Individuals may reduce your 2025 taxes: No tax on overtime, no tax on tips, new deduction for seniors, increased child tax credit, Read more:

OBBBA tax provisions for individuals, Tips deductible from income, Deduction for Overtime Pay, Deduction for Seniors, Child Tax Credit, SALT Deduction Increased, Charitable Deduction for Non-Itemizers

02/05/2025

Reduce 2024 Estate & Trust Income Taxes
The 2024 federal income tax rate for estates and trusts for income in excess of $15,200 is 37%. This is before the Net Investment Income Tax (NIIT) of 3.8% for a combined steep rate of over 40%! There is still time to reduce the 2024 income taxes by making distributions. Click here to see an example, the time requirement and other considerations:

Executors and trustees can still save 2024 income taxes. March 4, 2025 is the deadline to make distributions to save 2024 income taxes.

02/06/2024

Still Time to Reduce 2023 Estate and Trust Income Taxes
The income tax rates for estates and trusts are very steep. Executor and trustees may still reduce 2023 income taxes by making distributions. Click here for more information:

Estate income tax savings, trust income tax savings, estate distributions, save 2023 estate income taxes,

12/12/2022

Do you need a 2022 RMD? (Required Minimum Distribution)
A few weeks left of 2022 to take your RMD and avoid a steep penalty for not withdrawing the 2022 RMD. Review who must take a 2022 RMD:

2022 RMDs must be withdrawn by Dec. 31, 2022. Original IRA owners, designated beneficiaries of inherited IRAs and estate IRA beneficiaries may need a 2022 RMD. Avoid the 50% tax on amounts not withdrawn.

11/22/2022

Year-end Charitable Deduction Tips
With a very high 2022 standard deduction, many people are not itemizing. There are many creative ways to still get tax benefit from your charitable deductions. Click here for details

Taxpayers have control over the timing and source of their charitable contributions. Several strategies can maximize the charitable deduction.

11/22/2022

File for your NJ ANCHOR Property Tax Rebate
If you owned a home on Oct. 1, 2019 or rented an apartment on Oct. 1, 2019 you qualify for a NJ ANCHOR Property Tax Rebate for 2019.
How much is the rebate? What is the due date for filing? Click here for the details

NJ homeowners and renters can file now for the NJ ANCHOR Property Tax Rebate. Current program is for 2019

07/21/2022

Living, Working or Investing in Multiple States?

Taxpayers living, working or investing in several states should review the tax savings opportunities in the non-resident state.

NY Filers- Many deductions are available to resident and non-resident NY filers which are not allowed or are limited on the federal return.

Rental Real Estate in other States? There are reasons to file a non-resident return even when there is a loss in that state.

Paid taxes to a non-resident state? Read some tips to maximize the credit for taxes paid to other jurisdictions.

For information about your tax savings options in non-resident states click here:

Taxpayers who live, work or invest in multiple states have many tax savings options on the non-resident tax return as well as on the resident tax return. NY taxpayers can deduct many deductions not allowed or limited on the federal tax return.

02/10/2022

Still Time to Reduce 2021 Estate and Trust Income Taxes
The income tax rates for estates and trusts are very steep. Executor and trustees may still reduce 2021 income taxes by making distributions. Click here for more information:

Reduce 2021 estate and trust income taxes! Executors and trustees have until March 2022 to make distribuitions which ,may reduce the steep 2021 estate and trust income taxes.

12/27/2021

NJ Medical Expense Deduction - nothing to sneeze at! Many people who don't itemize on their federal tax return overlook the considerable NJ medical expense deduction. Read why you may easily qualify if you are retired or still working:

The NJ Medical Expense Deduction can save you a lot of NJ taxes. The NJ threshhold for medical expenses in only 2%. Employees frequently miss many medical expenses for NJ.