As we head into the 2024 tax season, there are some important changes to New Jersey’s gross income tax laws that residents should be aware of. The New Jersey Division of Taxation has recently released a summary of these updates, and it’s essential for taxpayers to understand how they may impact their filings for the 2024 tax year.
Key Changes for 2024:
Tax Filing Deadline
- The filing deadline for the 2024 tax year is April 15, 2025, which aligns with the federal income tax return deadline. Be sure to mark your calendar so you don’t miss this important date.
Tax Credit for Multiple Employers
- New Jersey residents who work for more than one employer may be eligible for a tax credit if certain conditions are met. Specifically, if the sum of the unemployment insurance withheld from both employers exceeds $179.78, or if the family leave insurance withheld exceeds $145.26, you may qualify for this credit. This change aims to ensure that taxpayers aren’t unfairly penalized for having multiple jobs.
Credit for Dependents Under Age 6
- If you’re a resident taxpayer with a taxable income of $80,000 or less, you could qualify for a credit for each dependent who is 5 years old or younger on the last day of the tax year. The amount of the credit ranges from $200 to $1,000, depending on your specific situation. However, it’s important to note that married taxpayers who file separately are not eligible for this credit.
What Does This Mean for You?
These changes could potentially reduce your overall tax burden, especially if you have young children or multiple jobs. It’s important to take full advantage of any credits and deductions available to you in order to minimize your tax liability.
With the 2024 tax season approaching, make sure you understand these updates to New Jersey’s gross income tax laws. Whether you qualify for the multiple employer credit or the dependent credit, staying informed and filing on time will ensure you receive the full benefits available to you.
Keep these changes in mind as you prepare for the upcoming tax year.
For more information, please contact Martin D. Hauptman at (973) 243-7912 or via email at mhauptman@mblawfirm.com