Livingston CPA Steven Shaiman offers timely advice for coping with recent Federal tax ‘cut’
According to Livingston-based CPA Steven B. Shaiman, the just-enacted Tax Cuts and Jobs Act called by President Trump a “Christmas gift for Americans” is anything but that for New Jerseyans, especially for residents of the highest-taxed county in the US, the county of Essex.
In response to the new law which will result in higher taxes for many Garden Staters, Shaiman has listed five steps that can be taken NOW during 2017, and five ideas to be employed during 2018. He cautions that many actions are irrevocable once taken, and that in order to avoid making an innocent misstep which could result in losing out on higher deductions, taxpayers should consult a tax consultant.
According to Shaiman, “The new rules were sprung on us with little time to react to them, but that doesn’t mean we should throw our hands up when there could be many thousands of dollars at stake for New Jersey citizens. This is nothing less than a big nightmare for many New Jerseyans, but significant partial remedies for the unexpected confiscation are available. Bear in mind that you have to move very fast with mere days remaining in this year for helping yourself.”