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The general population that is of tax paying age knows what the term tax deduction means: when you pay your taxes, you may get money back called a deduction. While both deductions and credits can save you a significant amount of money on your taxes, they work in very different ways. First, let’s take a […]
You don’t have to own a multi-billion dollar company or be a CEO of a fast growing small business to need a tax accountant. Maybe you’re a new business owner and you’re not sure what to do and you don’t want to make any mistakes, or maybe you just don’t have enough time to sit […]
Payroll is an essential, yet complicated, part of running any business. While it may be time-consuming and stressful, it is crucial to keep your payroll process organized and correct for the sake of both your employees and your business. Implement these 3 tips to simplify your payroll and stay on track: 1. Make Payroll Taxes […]
The functions of a Chief Financial Officer (CFO) are essential to the financial success of a business. However, a CFO’s duties do not necessarily have to be completed by a single in-house employee — In fact, outsourcing a comprehensive team may be more effective. Read on to learn more about how your company can benefit […]
The Child Tax Credit has undergone changes in the past year as a result of the American Rescue Plan Act of 2021. This credit aims to assist American families by granting a credit for each dependent child. Read on to learn more about the current Child Tax Credit and credit amounts. 2021 Credit Amounts Unlike […]
What is the ERTC? The Employee Retention Credit was introduced in the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is a refundable tax credit for wages paid by an eligible employer to retained employees from March 13, 2020 to December 31, 2020. This credit amounts to 50% of qualified wages given to […]
What is Blockchain? Blockchain differs from standard databases and spreadsheets in that it holds and presents information in blocks which are chained together. When an information block is filled, another block is created for new information. The blocks are linked together and the information stored is permanent, meaning that vital data such as dates cannot […]
One of the most troublesome (and annoying) tasks of owning a business is bookkeeping. If you can’t get your financial records polished to perfection, you’ll end up getting caught in a snowball of problems. And you can’t afford any issues involving money to become a problem. Quickbooks is a handy tool that makes bookkeeping a […]
How to Avoid Business Tax Debt with Small Businesses Taxes are something that small business owners wish to save to the maximum but at the same time, they are important for them. Tax obligations go hand-in-hand with running a business successfully. You need to be aware of how much in taxes you owe and have […]
There are often the missed opportunities for business tax debt relief for small businesses in New Jersey which are often not explored due to lack of knowledge. So, here we are providing you some tips to maximize your business tax savings in NJ. 1. Claim your home office deduction Small business owners who designate a […]