Teach Yourself About Education Credits
When those kids hit college, you may be able to claim a Hope credit for the first two years of post-secondary education. For qualified tuition and related expenses required for enrollment on at least a half-time basis, the maximum credit is $1500 per student annually adjusted for inflation. Lifetime learning credit of up to $1000 per taxpayer for an unlimited number of years of postsecondary, graduate and certain other education expenses.
If you would like to learn more about this new rule, or would like to discuss how these items may affect your tax situation, please call our office to schedule an appointment.

Grab Education-Expense Deductions
Speaking of college, you may be able to deduct above the line a portion of qualified higher education expenses. The expenses are defined the same as for the Hope credit. In 2002 and 2003, taxpayers with AGIs not exceeding $65,000 for singles and $130,000 for joint filers will be eligible for a maximum annual deduction of $3,000.
If you would like to learn more about this new rule, or would like to discuss how these items may affect your tax situation, please call our office to schedule an appointment.

NJ Sales Tax Increases to 7%
Effective July 15, 2006, NJ sales tax rate increases to 7%!!! Also effective October 15, 2006 is a comprehensive list of new products and services that are subject to sales and use tax.
Visit NJ website for detailed info http://www.state.nj.us/treasury/taxation/