Craig J. Mont, CPA PC

07/24/2025

NJ state budget passed is 59 billion. A 4% increase from prior year budget

1 billion in tax increases and 500 million of new discretionary spending

A 1.5 billion structural deficit.

Budget is 70% higher than the final Christie budget from 8 years ago. (35 billion to 59 bill)

05/31/2025

To those currently applying for New Jersey property tax relief and are confused by claims from politicians (running for reelection to the state assembly and senate) that you will receive up to $ 6,500.

The 2022 & 2023 ANCHOR rebates have been eliminated. This will cost Senior homeowners up to $ 3,500!

The PAS-1 application is used to apply for ANCHOR, Senior Freeze & Stay-NJ.

The 2024 ANCHOR payments will begin in September, 2025.

The 2024 Senior Freeze payments will start July 15, 2025.

The Stay-NJ payments will be made on a quarterly basis beginning in February, 2026!

New Jersey can reduce or eliminate payments subject to the 2026 fiscal year state budget.

08/21/2024

https://finance.yahoo.com/news/fed-confronts-million-us-jobs-100000224.html?

(Bloomberg) -- US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates. Most Read from BloombergA Floating Island in Baltimore Raises Hope for a Wate...

01/19/2023

Inflation rears its ugly head again.

Effective January 23, 2023, the price of
a postage stamp increases to 63 cents.

08/08/2022

https://www.cnbc.com/2022/08/08/reconciliation-bill-includes-nearly-80-billion-for-irs-funding.html?utm_source=facebook&utm_medium=news_tab&fs=e&s=cl

Senate Democrats on Sunday passed their climate, health and tax package, including nearly $80 billion in IRS funding. Here's what it means for taxpayers.

05/21/2022

https://www.accountingtoday.com/news/irs-blasted-for-destroying-millions-of-information-returns-due-to-backlog

The service is coming under criticism for destroying an estimated 30 million paper-filed information returns, with one lawmaker even calling for the IRS commissioner to be replaced immediately.

03/10/2022

If you are looking to earn more than the .02% that bank savings accounts are paying consider Series I savings bonds.

Their rate combines a fixed rate, for the life of the bond, and an inflation rate that adjusts every 6 months.

I bonds purchased now have a composite interest rate of 7.12%.

Given record levels of inflation, with the anticipation that the rate of inflation will continue to increase, investigate I bonds.

01/31/2022

Recovery Rebate Credit:

If taxpayer did not qualify for, or did not receive the full amount of the 3rd Economic Impact Payment (stimulus)
“EIC” they may be eligible to claim the Recovery Rebate Credit when filing their 2021 tax return.

In order to calculate they will need to know the amount of “EIC” received. This information can be located on the 6475 letter, mailed by the IRS in January, 2022

The full “EIC” was $1,400 per eligible individual.

Credit is reduced by the amount of the 3rd Economic Impact Payment, and further reduced if Adjusted Gross Income exceeds certain levels.

01/26/2022

Calculating the Child Tax Credit:

The IRS is sending out Letter 6419, to assist taxpayers in calculating their 2021 Child Tax Credit.

If you are eligible to claim the credit, file Schedule 8812 with your 2021 tax return.

If you received advance Child Tax Credit payments, between July and December, those payments will reduce the amount of the Child Tax Credit claimed on your tax return. ( Letter 6419 will indicate the amount of the advance payments )

12/01/2021

Increase in Medicare Premiums:

Part B monthly premium for a single individual will increase from 2021 level of $ 148.50 to $ 170.10 in 2022. A 14.5% increase. Part B covers physician and outpatient hospital services.

Monthly Part B premium will increase further, when income exceeds certain thresholds. For example monthly premium will increase to $ 248.10 when income falls in the $ 91,001-$ 114,000 range. It can go as high as $ 578.30 if you are fortunate enough to reach $ 500,000
of income.

Moral of the story-Don’t spend all of your 5.9% COLA increase in Social Security benefits.