Experienced And Skilled New Jersey Tax Lawyer
New Jersey is known for its excellent quality of life, top-notch education, strong health care systems, low crime rates and long life expectancy. However, the Garden State is also known for its heavy tax burden, ranking at or near the top for personal and business taxes. Working with a skilled tax attorney in New Jersey can make a big difference in handling audits, staying compliant, and lowering tax bills for residents and businesses dealing with New Jersey’s complex tax system.
Through careful planning and strong advocacy, Goldburd McCone LLP, a leading tax attorney firm in New Jersey, helps people, businesses, and nonprofits reduce their tax burdens and resolve disputes with the IRS or the New Jersey Division of Taxation. From our office in Lakewood, our experienced New Jersey tax lawyers offer complete help for audits, disputes, and innovative tax strategies designed for compliance and cost reduction.
Property Taxes
New Jersey gets 45% of its revenue from property taxes, with an effective tax rate of 2.19%. High property values lead to homeowners’ average yearly tax bill of $9,196 (as of 2020). These funds mainly support the state’s education system (60%), with the rest going to counties (20%) and statewide infrastructure (20%). Because of this significant financial impact, hiring a tax appeal attorney in New Jersey can be vital for homeowners and commercial property owners who want to challenge wrong or too-high local assessor values.
Our tax attorneys in New Jersey focus on helping clients in property tax appeals, ensuring that values are fair and legally sound. Whether you’re fighting an assessment or seeking relief from high property taxes, our team offers comprehensive tax guidance to help you manage your property taxes.
Income Taxes
With seven tax brackets, New Jersey has some of the nation’s highest personal income tax rates. The top rate of 10.75%, which used to apply to $5 million, now affects incomes of $1 million or more, thanks to the new “millionaire tax.” People earning less than $20,000 don’t pay state income tax, which helps lower-income residents.
Residency audits create a big challenge for those who divide time between New Jersey and lower-tax states like Florida. The IRS and the New Jersey Division of Taxation closely check residency claims to prevent tax evasion. Our New Jersey tax lawyers have much experience defending clients in residency audits and advising on how to comply when moving to tax-friendly states. Talking to a tax advocate in New Jersey can help you avoid costly mistakes and ensure proper records of your residency status.
New Jersey Sales Taxes
The statewide sales tax rate in New Jersey is 6.625%, which, while not the highest in the nation, is still high. Salem County enjoys a lower rate of 3.3% to compete with nearby Delaware, which has no sales tax. Businesses and people dealing with sales tax rules or disputes can benefit from the help of a tax attorney in New Jersey to ensure they follow state rules and solve any issues with the New Jersey Division of Taxation.
Inheritance Taxes
New Jersey is one of the few states still charging an inheritance tax. First-tier heirs, such as spouses, children, grandchildren and parents, don’t have to pay. However, other heirs – such as siblings, in-laws, nieces, nephews, aunts, uncles, friends and nonrelatives – may face tax rates of up to 16% on inherited assets. A New Jersey tax attorney can give key estate planning guidance to lower inheritance tax bills and ensure you follow state laws.
Business Taxes
The Tax Foundation ranks New Jersey 50th out of 50 states for its business tax climate, showing its challenging business setting. Besides personal taxes (income, property and sales), New Jersey imposes the nation’s highest corporate income tax, starting at 6.5% for the first $50,000 and reaching 11.5% for income over $1 million. For businesses facing audits or trying to improve their tax strategy, a New Jersey government tax audit attorney can provide valuable support in handling complex rules and fighting for fair treatment.
Why Choose A Full-Service New Jersey Tax Firm?
Why Choose A Full-Service New Jersey Tax Firm? Dealing with New Jersey’s complex tax landscape requires sound legal advice. Goldburd McCone LLP has been a trusted leader in tax law since 1983, offering complete solutions for people, businesses and nonprofits. Our tax attorneys in New Jersey handle many matters, including:
Property tax appeals: Fighting high values to reduce tax bills. Income tax audits: Defending clients in disputes with the IRS or New Jersey Division of Taxation. Business tax planning: Creating plans to lower corporate and personal tax bills. Residency audits: Ensuring compliance for those splitting time between states. Inheritance tax planning: Setting up estates to reduce tax burdens for heirs. Criminal tax matters: Providing strong defense in alleged tax evasion or fraud cases. Our team combines deep knowledge of New Jersey’s tax laws with a client-focused approach, delivering custom solutions to meet your unique needs. Whether facing a New Jersey government tax audit or seeking proactive tax planning, our tax advocate professionals in New Jersey are here to help.
Navigating Tax Relief Options In New Jersey
New Jersey offers relief options for tax debt or financial hardship. Our Goldburd McCone LLP attorneys help clients access:
- Property Tax Relief Programs: We assist with:
- Senior Freeze Program: Reimburses eligible seniors and disabled residents for property tax increases.
- Homestead Benefit Program: Provides tax credits to qualifying homeowners.
- Veterans’ Deductions: Offers tax breaks for veterans and surviving spouses.
- Senior/Disabled Deductions: Grants relief for qualifying senior citizens and disabled persons.
- Installment Agreements: We negotiate payment plans with the New Jersey Division of Taxation to spread tax debt over time.
- Offer in Compromise: For severe hardship, we secure settlements for less than the owed amount.
- Penalty Abatement: We seek penalty reductions or removals when applicable.
- Tax Amnesty/Voluntary Disclosure: We guide clients through amnesty programs or voluntary disclosure to comply with reduced penalties.
These options can significantly reduce tax burdens. Contact us to explore how we can help you achieve financial relief.
Addressing Federal Tax Challenges in New Jersey
Addressing Federal Tax Challenges in New Jersey. New Jersey’s high state taxes make federal tax management critical. Our Goldburd McCone LLP lawyers provide tailored solutions:
- Federal Income Taxes: We help high earners and retirees optimize deductions and credits to reduce federal income tax liabilities.
- Business Tax Compliance: We ensure accurate federal payroll and corporate tax reporting, minimizing audit risks.
- IRS Audit Defense: We represent clients in IRS audits, negotiating penalty reductions or payment plans.
- Tax-Efficient Planning: We structure investments and retirement plans to lower federal tax burdens while ensuring compliance.
Our expertise helps clients navigate federal taxes and state obligations. Contact us today to secure your financial future with our comprehensive tax strategies.
Contact Us Today
Contact Us Today. Don’t let New Jersey’s complex tax system overwhelm you. Goldburd McCone LLP is ready to provide the experienced help and skilled advice you need to manage your tax duties effectively. Call our Lakewood office at 732-860-7961 to schedule a meeting, or contact us online. You can also reach us toll-free at 866-712-9505.