Acumen Associates Inc.

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Phone:732-322-4433



Personal Taxes



Understanding of Personal Tax. taxation is the system by which governments collect revenue from individuals, based on their ability to pay.

It taxes can be divided into three basic types: taxes on what you buy, taxes on what you earn, and taxes on what you own.


The primary forms of personal taxation include:

Income Tax

Income tax is the most common form of personal taxation, where individuals are required to pay a portion of their earned income (from employment, self-employment, investments, etc.) to the government. Income tax rates vary based on factors such as marital status, dependents, and overall taxable income.

Capital Gains Tax

Capital gains tax is levied on the profits from the sale of assets, such as stocks, real estate, or other investments. The tax rate on capital gains is often lower than the standard income tax rate.

Property Tax

Property tax is a tax assessed on the value of an individual's real estate, including their primary residence, vacation homes, and investment properties. Property tax rates are typically set by local governments.

Inheritance and Estate Tax

Inheritance and estate tax is charged on the transfer of wealth from a deceased individual to their heirs. These taxes are designed to prevent the concentration of wealth and ensure that the government collects revenue from large estates.

Personal Deductions and Credits

To help offset the burden of personal taxation, governments often offer a variety of deductions and credits that individuals can claim on their tax returns, such as mortgage interest, charitable contributions, and childcare expenses.


Understanding the complexities of personal taxation is crucial for individuals to ensure they are paying the appropriate amount of taxes and taking advantage of all available deductions and credits. Consulting with a qualified tax professional can help individuals navigate the ever-changing tax landscape and optimize their tax situation.





CLIENT CHECK LIST : WHAT YOU NEED TO FILE.



Personal information

  • Valid government-issued photo ID (Driver’s license, passport, ETC.)
  • Social security numbers for you, your spouse, and any dependents
  • Birth dates for you, your spouse, and any dependents

Income documents

  • W-2 forms from all employers
  • 1099 forms (1099-misc, 1099-int, 1099-div, ETC.)
  • Income statements from self-employment, rental properties, or other sources
  • Social security, pension, or retirement account statements

Deduction and credit documents

  • Mortgage interest statements (form 1098)
  • Property tax statements
  • Charity donation receipts
  • Medial expense record (including health insurance premiums)
  • Student loan interest statements
  • Childcare provider information and receipts

Additional information

  • Previous year’s tax return (if available)
  • Bank account information for direct deposit of refund
  • Estimated tax payment records (if applicable)
  • Any other relevant financial documents or information

Please note that this list is not exhaustive, and additional documents may be required depending on your specific tax or financial situation. If you have any questions or need assistance, don’t hesitate to contact us.



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