How an S-Corp Can Reduce Self-Employment Tax
Self-Employment Tax One of the biggest challenges for business owners is coming to grips with the vaunted self-employment tax. Unlike wage earners that only pay 7.65% on their wages for Social Security and Medicare, people that are self-employed pay 15.3% on up to $128,400 of their business income and then 2.9% on additional business income […]
Recent Tax Law Changes in New Jersey
In the past month there have been several important changes to the New Jersey Gross Income Tax Act. The changes include increases in the New Jersey Earned Income Tax Credit and the property tax deduction, and the addition of a new Child and Dependent Care Credit for resident taxpayers. These changes affect the returns that […]
Filers Beware: Your Passport Can Be Revoked for Delinquent Tax Debt
Starting in January of 2018, if you have seriously delinquent tax debt, IRC 7345 authorizes the IRS to certify your debt to the State Department for action. What does this mean? First, after receiving certification, the State Department is not likely to issue a passport to you. Second, if you already have a passport, it […]
How to Get a Fresh Start With the IRS
If you have tax debt, liens and/or levies don’t panic. You have options. One of the best potential opportunity you have at your disposal is the IRS Fresh Start Initiative. Originally initiated in 2011, the IRS Fresh Start Program makes it easier to resolve tax debt and avoid tax liens and levies. About the IRS […]
Unfiled Tax Returns? How to Make It Right with the IRS
We find that taxpayers do not file tax returns for one or more years for various reasons and the problem can become overwhelming. Missing all or a portion of their records, personal hardship and/or neglect are one of many reasons people fall behind in filing their taxes. Fortunately, there are ways to approach the problem […]
New Jersey Tax Amnesty – Get Back Taxes Resolved With Reduced Interest and No Penalties
The New Jersey Division of Taxation has posted preliminary information about the New Jersey Tax amnesty program that was approved as part of the 2018/19 New Jersey budget. According to the Division’s website, the amnesty program will provide an opportunity for eligible taxpayers to file and pay their past due taxes with REDUCED INTEREST AND […]
What is Section 179 Depreciation?
It’s the end of the year and you will soon have to file and pay for taxes. Before you think about how much money you will need to owe, ask yourself, is there equipment you need to purchase for your business?
Four Solutions That Can Help You With IRS Tax Problems
Respond to Notices in a Timely Fashion Don’t ignore notices you receive in the mail! If a taxpayer receives a notice from the IRS, make sure to respond before the deadline. Keep a copy and proof of mailing, preferably a certified mail receipt to verify mailing and IRS receipt. Taxpayers should explain themselves thoroughly, and […]