One of the most common questions we hear from small business owners in Bergen County is a simple one: how do I actually pay myself? When you own an LLC, there is no payroll department cutting you a check every two weeks. The answer depends on how your LLC is taxed — and getting itContinue reading “How to Pay Yourself as an LLC Owner in New Jersey (And Minimize Your Tax Bill)”
If you’re a profitable small business owner in Bergen County or anywhere in Northern NJ, you’ve likely heard that electing S-Corporation status can save you thousands in taxes. It can — but the math isn’t always as simple as the internet makes it seem, and New Jersey adds its own layer of complexity. At TsamutalisContinue reading “S-Corp vs. LLC Tax Savings in New Jersey: Which Structure Is Right for Your Business?”
Running a small business in New Jersey comes with plenty of rewards — and plenty of tax obligations. One of the most common questions Bergen County business owners ask us is: how much of my revenue should I be setting aside for taxes? The honest answer is that it depends on your business structure, incomeContinue reading “How Much Should a Small Business Set Aside for Taxes in New Jersey?”
Tax filing software has made filing a personal return faster and cheaper for millions of Americans — and for straightforward situations, it does the job. But if you own a small business in New Jersey, the question isn’t whether tax filing software is capable. It’s whether it’s costing you more than you’re saving. At TsamutalisContinue reading “When Should You Hire a CPA Instead of Using Tax Accounting Software?”
Without fail, at the beginning of every calendar year, we are contacted by both businesses and individuals to inquire about, or rather, confirm tax deadlines. Because Washington D.C. observes the April 16th holiday, Emancipation Day, which happens to fall on a Saturday this year, the holiday will instead be observed the day prior, April 15th,Continue reading “April 2022 Tax Deadlines for Business”
Upper Saddle River, NJ – Tsamutalis & Company is thrilled to welcome Rausa Barlotta & Associates, a highly respected firm renowned for its personalized accounting and tax services, to its team of professionals. This strategic partnership enhances Tsamutalis & Company’s service offerings and strengthens its ability to address the evolving needs of clients. Founded onContinue reading “Tsamutalis & Company Welcomes Rausa Barlotta & Associates, Expanding Its Footprint in the Accounting Sector”
Before we respond as to whether Economic Injury Disaster Loans (EIDL) are taxable in New Jersey, let’s begin by defining what an EIDL is, its purpose, how it is used, and who is eligible to apply for them. Economic Injury Disaster Loans (EIDL) are made available through the Small Business Administration (SBA), and are theContinue reading “Are Economic Injury Disaster Loans (EIDL) Taxable in New Jersey?”
Based on recent Google Trends, many small businesses have been searching “How does the PPP loan affect your small business taxes in New Jersey?” Let’s answer that question by first posing some pertinent, related questions you may already have that will better help to bolster and clarify our answer to the main question: In responseContinue reading “How Does The PPP Loan Affect Your Small Business Taxes in New Jersey?”
