Unfortunately, I don’t make a million dollars a year in income. Yet, strangely enough I’m offended by our Governor’s proposal to tax earnings above one million dollars. Why do I care? For a Governor who repeatedly talks about tax fairness this proposal strikes me to be anything but fair. I feel it is disingenuous to […]
Small Business
Reducing Taxes, Bringing More Businesses to NJ and Building Affordable Housing Should Stop Millennial Movement Out of NJ, says NJCPA Survey
ROSELAND, N.J. — Reducing taxes, bringing more businesses to New Jersey and building affordable housing were cited as the main reasons to help millennials (generally categorized as those born between 1981 to 2000) stay in New Jersey, say 975 respondents in a New Jersey Society of CPAs (NJCPA) survey conducted of members in March. When […]
Supporting Small Businesses via Lending
Small businesses are the lifeblood of any healthy economy. In New Jersey specifically, small businesses make up 99.6 percent of the total businesses in the state. In total, small businesses employ approximately 1.8 million people in the state, or 50 percent of the private workforce. These businesses, defined as having fewer than 500 employees, need […]
What to Do about the New “Section 199A” Small Business Tax Deduction
Back in December, President Donald Trump signed the Tax Cuts and Jobs Act. Congress had included in the act a “20 percent of X” tax deduction for owners of pass-through businesses, and most small businesses owners celebrated. “This is the first broad brush deduction available only to businesses owners since the inception of the Federal […]
How to File an Online Business Tax Extension (IRS Form 7004)
The deadline for filing income tax returns for Corporations (both C and S-Corps) and Multi Member LLC’s is March 15th. The fact is millions of businesses do not file their corporate income tax return by the filing deadline and instead file IRS Form 7004 – “Application for Automatic Extension of Time to File Certain Business […]
Only 13% of business’ tax cuts are going to workers, survey says
Businesses are going to spend their big tax cut savings on investors, new equipment, getting out of debt and buying other companies. Oh, and workers. Employees will get a tiny piece, too. A very tiny piece. Only 13% of companies’ tax cut savings will go to pay raises, bonuses and employee benefits, according to a […]