The Senior Freeze does not share forecasting numbers beforehand on what each years limit will be. Many residents would like to know these numbers in advance, so they have time to defer income and remain eligible.
Karu explained, For the Senior Freeze and its income limits, unfortunately, there is no way to predict what will happen. New Jersey, just like all states, wants as much tax revenue as possible. If they released the info early, people could defer income, thus costing the state much needed tax revenues.
Additionally, Karu recommended an alternative program that helps residents save on property taxes. Karu explained, The ANCHOR program, which replaces the Homestead Rebate, is new and has been getting the most attention lately. It covers the 2019 benefit year and one can go online and see how to apply.
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To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a senior member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where every account receives the talent and expertise of the whole firm.
Media Contact:
Amy Delman
Amy Delman Public Relations, LLC
201.563.4614
amydelmanpr ( @ ) verizon dot net
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