If you run your business from home — or even do a significant portion of your work there — you may be entitled to a home office deduction. It is one of the most valuable deductions available to self-employed individuals and small business owners, and also one of the most misunderstood. Many Bergen County businessContinue reading “How to Deduct a Home Office on Your NJ Small Business Taxes”
If you have elected S-Corporation status for your business, you already know the tax benefit: by splitting your income between a W-2 salary and an owner distribution, you reduce the portion subject to employment taxes. But that benefit comes with a condition — the IRS requires that your salary be reasonable. What does reasonable mean?Continue reading “What Is Reasonable Compensation for an S-Corp Owner in New Jersey?”
For small business owners in Bergen County and across Northern New Jersey, the most expensive tax mistake is waiting until April. By the time you sit down with your CPA in the spring, most of the opportunities to reduce your tax bill have already expired. The strategies that make the biggest difference need to happenContinue reading “Year-End Tax Planning Checklist for NJ Small Business Owners”
When you are starting or growing a small business in Bergen County, there comes a point where you have to make a decision: handle your own books using accounting software, or bring in a professional bookkeeper? It seems like a simple cost comparison, but the real calculus is more nuanced — and the wrong choiceContinue reading “Accounting Software vs. Hiring a Bookkeeper: What’s Right for Your Bergen County Business?”
If you own a pass-through business in New Jersey — an LLC, S-Corporation, sole proprietorship, or partnership — there is a tax deduction you may be entitled to that is worth taking seriously. The Qualified Business Income deduction, created under Section 199A, allows eligible business owners to deduct up to 20% of their qualified businessContinue reading “How the QBI Deduction (Section 199A) Can Save NJ Small Business Owners Thousands”
Missing a tax deadline as a small business owner in New Jersey does not just mean a penalty. It can trigger interest charges, affect your standing with the IRS or the NJ Division of Taxation, and create cascading problems for your shareholders, partners, or employees. Staying ahead of deadlines is not just about compliance —Continue reading “New Jersey Business Tax Deadlines: A Complete Calendar for Small Business Owners”
We model the economic, revenue, and distributional effects of the following major provisions, effective after the end of 2025 unless other dates are specified: Individual Tax Provisions Estate Tax Provisions Business Tax Provisions
Cutting right to the proverbial chase, many small businesses simply don’t realize how much they can save. Let us show you these simple tax deductions that can really save you money. However, just to backtrack a bit prior to outlining these deductions, simply realize that the more legitimate tax deductions your business can take, theContinue reading “Many Overlooked Tax Deductions for Small Businesses in New Jersey!”
Year-End Tax Preparation Year-end tax preparation for your small business in New Jersey can be extremely time-consuming, not to mention, difficult and often frustrating. However, it is important to note that your business could potentially face penalties if you were to fall out of compliance with the ever-changing U.S. tax code, which, is reason enoughContinue reading “Everything You Need to Know About Getting Your New Jersey Small Business Ready For Year End Taxes!”
COVID-19 not only took a heavy toll on businesses from the readily recognized standpoint of lost sales and services revenues that were not or could not be generated but also on the proverbial back end, as businesses still had to deal with the mounting challenges of having to meet their financial commitments and responsibilities toContinue reading “Everything You Need to Know About Employee Retention Credit for Small Businesses!”
