Goldstein & Loggia CPA's, LLC

Goldstein & Loggia CPA's, LLC Building trusted partnerships with our clients to help achieve their business goals.

A student loan forgiven between the years 2021 and 2025 was not federally taxable. However, in 2026, student loan forgiv...
09/22/2026

A student loan forgiven between the years 2021 and 2025 was not federally taxable. However, in 2026, student loan forgiveness is taxable.

Exceptions include Teacher and/or Public Service Loan Forgiveness, discharge due to death, total and permanent disability and an insolvent borrower.

State treatment varies.

Rule of thumb: Married couples generally pay more in federal income tax when they file separately rather than jointly. H...
09/01/2026

Rule of thumb: Married couples generally pay more in federal income tax when they file separately rather than jointly. However, there are situations where filing separately can make financial sense—particularly when one spouse has federal student loans and the monthly payment is based on household income.

Here is an example of when it can be beneficial. One spouse has student loans & is on the Repayment Assistance Plan (RAP) where income determines the monthly student loan payment. Each spouse earns $50,000 in wages & has nothing else. Filing separately, combined they would pay approximately an extra $3,800 in federal tax. The RAP calculation if filing jointly would be approximately $750 a month. Filing separately, the monthly payment would be approximately $170 per month for an annual savings of approximately $7,000.

In this example, filing separately when including the student loan payments provides approximately an additional $3,200 in cash flow for the year.

There are other factors to take into consideration such as student loan interest is not available for taxpayers filing separately.

Have student loans & are married? Want to know which is most beneficial? Reach out to a team member.

Rule of thumb – unlike with employees, no tax withholding is required for independent contractors. However, when a contr...
08/19/2026

Rule of thumb – unlike with employees, no tax withholding is required for independent contractors. However, when a contractor fails to provide a correct SSN or EIN, or doesn’t properly complete Form W-9, Request for Taxpayer Identification Number and Certification, then withholding is required.

When required, you must withhold 24% from payments to the contractor and remit those funds to the IRS using Form 945, Annual Return of Withheld Federal Income Tax. The withheld amount must also be reported on the appropriate Form 1099.

New Annual Surcharge for Certain NYC Property OwnersNYC has a new annual surcharge on certain properties, referred to as...
08/11/2026

New Annual Surcharge for Certain NYC Property Owners
NYC has a new annual surcharge on certain properties, referred to as “pieds-à-terre,” that are not used as the owner’s primary residence.

For property tax years 2026-2027 and 2027-2028, the surcharge may apply to:
• One, two, and three family homes valued at more than $5 million (.8% - 1.3%)
• Condominium and cooperative units valued at $1 million or more (4% - 6.5%)

To find the value of a property: Property Assessments
To find properties that are exempt from the surcharge: Eligibility Guide

Surcharge exemption applications & deadlines:
• Residential homes and condominiums can be filed online by 9/18/26.
• Cooperative units can be filed online by 9/18/26.

For more information on the non-primary residence property surcharge, click here.

Need assistance with the filing? Reach out to a team member.

As of 8/10/26, a judge has put a temporary restraining order on this tax.

Paying more at the pump? As a result of increasing gas prices, the IRS has increased the standard mileage rate for busin...
08/04/2026

Paying more at the pump? As a result of increasing gas prices, the IRS has increased the standard mileage rate for business use to 76 cents per mile, a 3.5 cents increase from 72.5 cents during the first half of 2026. This change is retroactively effective from July 1, 2026.

While use of this rate is optional for private employers, many voluntarily use it as the standard benchmark for mileage reimbursement.

If your organization uses the IRS standard mileage rate, we recommend updating your systems to reflect this change.

If you have any questions, feel free to reach out to a team member.

If you deferred tax on a capital gain by investing it in a Qualified Opportunity Zone Fund (QOZF), the time to recognize...
08/03/2026

If you deferred tax on a capital gain by investing it in a Qualified Opportunity Zone Fund (QOZF), the time to recognize that deferred gain is approaching, as it is included on your 2026 federal income tax return, due April 15, 2027.

Tax Quiz: Laura invested a $100K capital gain into a QOZF. How much of that gain will be recognized on her 2026 tax return?

A) 100K
B) 90K
C) 85K
D) An amount less than C

Answer: It depends, as it could be any of these answers.

Do you have a QOZ gain recognition for 2026? Contact a Goldstein & Loggia team member so we can begin tax planning to minimize the tax that needs to be paid.

New York now requires all vendors holding a Certificate of Authority (COA) to periodically renew their sales tax registr...
07/29/2026

New York now requires all vendors holding a Certificate of Authority (COA) to periodically renew their sales tax registrations. The state’s Department of Taxation and Finance will mail a formal expiration notice at least 180 days before the expiration date. Vendors must submit a complete reregistration application at least 90 days before the stated expiration date. The Department then has 30 days to approve a new COA or deny the renewal.

If denied, vendors can request an expedited hearing to contest the denial. Vendors must be in full compliance to obtain a new COA. This includes updating business information and resolving outstanding tax liabilities. To incentivize compliance, vendors will receive a 100% penalty abatement and a 50% interest deduction for outstanding sales and use tax liabilities paid in full by 12/31/26.

The Department will notify vendors with eligible liabilities of the discounted amount due under the program. The mandate calls for reregistration of all vendors be completed by 12/31/30.

Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses. ...
07/24/2026

Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses. However, if you can qualify for the real estate professional (REP) exception, you may be able to turn otherwise suspended losses into immediate tax savings.

To be eligible for the REP exception you must spend more than 750 hours during the year delivering personal services in real estate activities in which you materially participate. Those hours must be more than half the time you spend delivering personal services (in other words, working) during the year.

The next step is to determine whether you meet the material participation (MP) test. You satisfy this requirement if you spend more than 500 hours on the activity during the year, or if you spend more than 100 hours on the activity and no other individual spends more time on it than you. You may also qualify if the time you spend on the activity during the year constitutes substantially all of the participation by all individuals involved in the activity.

If you qualify as a REP and meet the MP test for a property, losses from the property are generally deducted in the current year.

If this may apply to you, reach out to a team member for more information.

The IRS has issued additional guidance to its newly-adopted electronic payments only policy. Taxpayers expecting a feder...
07/23/2026

The IRS has issued additional guidance to its newly-adopted electronic payments only policy.

Taxpayers expecting a federal refund who do not include direct deposit information on their tax return will receive a letter from the IRS requesting that information or an explanation as to why it was not initially provided. This will delay their refund being issued.

5th Annual Firm BBQ!Tax season is behind us, the grill is in front of us. That’s what we call a balanced sheet. 🍔📋
07/21/2026

5th Annual Firm BBQ!

Tax season is behind us, the grill is in front of us. That’s what we call a balanced sheet. 🍔📋

Address

707 TENNENT Road
Manalapan, NJ
07726

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 5pm

Telephone

+17326177004

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