Category Archives: Uncategorized

S-Corp vs. LLC Tax Savings in New Jersey: Which Structure Is Right for Your Business?

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?”

How Much Should a Small Business Set Aside for Taxes in New Jersey?

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?”

When Should You Hire a CPA Instead of Using Tax Accounting Software?

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?”

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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 “year-end-taxes-blog-1-2048×1684”

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 that wouldn’tContinue reading “What You Need To Know About The PPP Loan EZ Forgiveness Application Form”

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 for businessContinue reading “New Legislation Adjusts Rules of Paycheck Protection Program”

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 stateContinue reading “New Investment Vehicle Called An Opportunity Zone”

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. IfContinue reading “What You Need To Know About PPP And EIDL Small Business Loans”

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 TCJAContinue reading “New Rules And Limitations For Depreciation and Expensing”

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. ThisContinue reading “How Technological Advancements Paved Way to New Precedent on Sales Taxes”