The Millstone Times December 2021

REAL ESTATE

EAST COAST SALT

THE COMPLETE HANDYMAN HOME IMPROVEMENTS • State and local income taxes or state and local sales taxes (you can't claim both). $10,000 limit is for both of these types of deductions combined. These are collec- tively known as the state and local taxes (SALT) deduction. Deducting Property Taxes from Your Federal Income Taxes If you pay property taxes with an escrow account you can de- duct only the amount that went to the government, not the total of what you paid into the account. But limits apply and you have to itemize to take the deduction. The Tax Cuts and Jobs Act limits the amount of property taxes you can deduct. The IRS says you can deduct up to $10,000 ($5,000 if you're married filing separately) of the following costs: • Property taxes, including real estate taxes and personal property taxes.

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FAX: 732.833.4162 • www.eastcoastsalt.com Toll Free: 1.888.273.1444 CALL TODAY FOR FREE DELIVERY 732.833.2973 621 Wright Debow Rd., Jackson NJ 08527 We Will Beat ANY Competitors Price! Let East Coast Salt do the heavy work, from our warehouse to your basement.

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SERVICING CNJ SINCE 1960 FamilyOwned & Operated Born &Raised in Millstone Township EMERGENCY SERVICE AVAILABLE I I Lic #9615 • Master Plumber NJ Lic # B109615

20 The Millstone Times

December 2021