Brown Financial LLC
Established 2010
2023 Tax Season
We appreciate the generous support of our amazing clients. At this time we are already at full capacity for the 2023 tax season and we cannot accept new clients.
For our Current Clients : We are continuing to offer multiple options to work together:
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Contactless and Paperless – Upload your documents to our secure Sharedrive and download your copy of your completed tax return.
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Hybrid – Drop off documents and pick up completed tax return with phone meeting if necessary
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Original Style - In person meeting to review tax documents at drop off and pick up completed tax return. We kindly request if you are not feeling well to either reschedule or change your meeting to phone or Zoom. Meetings must be scheduled to minimize clients being in the office together and allow for cleaning in between.
We appreciate your cooperation. Please visit the Tax Page for the Questionnaire, Organizers, and links to pay IRS and check your refund status.
2020 NJ Resident Anchor Benefit (formerly Homestead Rebate)
NJ website: ANCHOR Benefit Welcome - NJ Taxation (state.nj.us)
New Jersey has continued the annual Anchor property tax benefit program for the 2020 year (formerly known as the Homestead Rebate) and has started mailing out 2020 Anchor Benefit Confirmation Letters, which you may have received by now. If not, be on the lookout for this mailing! You may need the ID and PIN numbers found on the letter, so hang onto the letter until you’re sure you don’t need it.
One big change to this year’s program is that many homeowners will have their applications processed automatically by the state. If you receive the Anchor Benefit Confirmation Letter, please review it carefully to make sure that your information (name, bank account for direct deposit) is correct. If everything is correct, then the 2020 application will be automatically filed for you and you don’t need to do anything else.
If, however, the info in the Confirmation Letter is wrong, such as if your name or bank account info has changed, YOU MUST FILE AN APPLICATION BY SEPTEMBER 30th, 2023, in order to receive your payment. NJ will NOT make any adjustments to your name, address, or bank account after September 30th, 2023, and you may lose out on the 2020 benefit payment. Please remember to save your Confirmation # at the end as proof of your updated filing!
If you have any questions about the program, please review the state’s Frequently Asked Question pages before calling NJ or our office. They actually have a lot of useful information, including a list of situations in which a paper application is required to be filed, such as a deceased spouse/homeowner, or a home that was newly built in 2020, etc. They also have guidance for people who did not receive a Benefit Confirmation Letter.
As a refresher, here is an overview of the program requirements for homeowners:
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You must have owned or occupied your principal residence in NJ on October 1, 2020.
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The 2020 property taxes on your principal residence were paid.
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Your 2020 NJ Gross Income (line 29 of your 2020 NJ tax return) was $250,000 or less. For renters, the 2020 income limit is capped at $150,000.
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For renters, your name must have been on the lease and you must have paid rent during 2020.
How much will your Benefit be?
Homeowners:
2020 Gross NJ Income (NJ-1040 line 29) $150,000 or less
In 2020, age 64 or younger: $1,500
In 2020, age 65 or older*: $1,750
2020 Gross NJ Income (NJ-1040 line 29) $150,001 - $250,000
In 2020, age 64 or younger: $1,000
In 2020, age 65 or older*: $1,250
Renters:
Age in 2020
64 or younger: $450
65 or older*: $700
*The extra $250 for residents over the age of 65 is a result of the NJ STAY program. If you are a senior and have been wondering when and how you will get that extra rebate, it is being lumped in with the annual Anchor Benefit.