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 […]
small business
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 […]
5 Overlooked Small-Business Tax Deductions
Failing to claim all the small-business tax deductions you’re entitled to is like flushing money down the toilet. Deductions are a legal way to reduce the amount of business income that is subject to tax. Keeping good records is key to backing up the deductions, says Barbara Weltman, author of “J.K. Lasser’s Small Business Taxes […]