April 2022 Tax Deadlines for Business
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, […]
Are Economic Injury Disaster Loans (EIDL) Taxable in New Jersey?
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 the […]
How Does The PPP Loan Affect Your Small Business Taxes 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: What if […]
Many Overlooked Tax Deductions for Small Businesses in New Jersey!
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, the […]
Everything You Need to Know About Getting Your New Jersey Small Business Ready For Year End Taxes!
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 enough […]
Everything You Need to Know About Employee Retention Credit for Small Businesses!
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 to […]
Small Businesses In New Jersey – How To Apply for Your PPP Loan Forgiveness!
Regarded by some as a necessary evil in the midst of these extraordinarily challenging times, not only to help keep small businesses afloat and hopefully remain prosperous, but also to help keep Americans employed and the economy chugging along during COVID-19, the Paycheck Protection Program, also known as the PPP, has provided the necessary means […]
Steps to Help Small Businesses In New Jersey Prepare for the Upcoming Tax Season
Many people think of tax season as of February, March, and the first part of April. But the reality is for small business owners in New Jersey; there are many things you can be doing in December to close out finances and prepare for a smooth upcoming tax season. Waiting until the last minute to […]
What You Need To Know About The PPP Loan EZ Forgiveness Application Form
Part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the $669 billion Paycheck Protection Program (PPP). As the year comes to a close, businesses are looking to apply for loan forgiveness where applicable and repay unused or unneeded funds. The original Revised Full Forgiveness Application was quite complicated and covered several aspects […]
New Legislation Adjusts Rules of Paycheck Protection Program
The Small Business Association (SBA) launched the Paycheck Protection Program (PPP) in response to the coronavirus pandemic. Although it’s a loan program, it is entirely forgivable when businesses use it appropriately and document the usage. And now, there’s new legislation that adds further flexibility to how you can spend the money to make it simpler […]
New Investment Vehicle Called An Opportunity Zone
The Tax Cuts and Jobs Act of 2017 established a new investment vehicle called an Opportunity Zone. An Opportunity Zone is an economically disadvantaged community where investments are potentially incentivized. Due to the new tax law, investments in these communities may be eligible for tax breaks. Opportunity Zones have now been allocated in every state […]
What You Need To Know About PPP And EIDL Small Business Loans
While 2020 started off strong, the impact of the coronavirus pandemic has hit businesses hard. In light of these trying times, the US federal government passed the CARES Act, which includes two loan programs. The Paycheck Protection Program (PPP) helps with ensuring businesses can meet their payroll requirements, including paying themselves as independent contractors. If […]
New Rules And Limitations For Depreciation and Expensing
Along with the Tax Cuts and Jobs Act of 2017 came several new rules and limitations for depreciation and expensing. The new tax law increased the amount that a taxpayer can expense in the year the asset was placed into service. The maximum allowable deduction has been increased to $1 million from $500,000. The TCJA […]
How Technological Advancements Paved Way to New Precedent on Sales Taxes
In 1967, The Supreme Court of the United States held that a state cannot require a seller to collect taxes for goods that are sold or shipped into the state if they do not have a physical presence within the state. It is important to understand the time in which this holding was held. This […]
Changes To The Estate And Gift Tax Regulations
The Tax Cuts and Jobs Act of 2017 has brought about a dramatic, albeit temporary, change to the estate and gift tax regulations. As a result of the new law, the exemptions for the transferred property have been increased from $5 million, under the previous law, to $10 million for individuals. For married couples filing […]
How Section 163(j) Helps Small Businesses
With the passing of the Tax Cuts and Jobs Act of 2017 came Section 163(j). Section 163(j) calls for the limitation of deductions for business interest expense. All taxpayers who have business interest expenses are subject to Section 163(j) except those that meet the requirements for the gross receipts test. In order to meet the […]
7 Tax Reform Changes That Affect Your Bergen County NJ Business
More than two years have passed since President Donald Trump signed into law the Tax Cuts and Jobs Act of 2017, also known as Tax Reform. In the minds of many Bergen County NJ business owners, that December 22, 2017, event is not at the forefront of operating their businesses. However, some of the changes […]
What to Consider When Relocating for Tax Purposes
Due to the disparity between tax rates of different states, many taxpayers from high-tax states, such as New York, are moving to states with lower tax rates, such as Florida. Moving to another state for tax purposes sounds easy, but it is not that simple. These high-tax states view fleeing taxpayers as lost revenue and […]
What to Know About the Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 includes a 20% Qualified Business Income Deduction (QBID). This deduction was included to bridge the gap between traditional corporations and flow-throw entities resulting from the reduction of the corporate tax rate. Owners who qualify for the deduction can reduce their taxable income by 20%. This means that […]
The Tax Cuts and Jobs Act’s Effect on Your Deductions and Credits
Deductions are some of the many items affected by the Tax Cuts and Jobs Act of 2017. Many itemized deductions were either limited or completely removed, because of the Tax Cuts and Jobs Act. In effect, this change will lower the number of taxpayers choosing to itemize their deductions instead of taking the increased standard […]
