I don’t think that I ever met anyone that likes to pay taxes. Everyone feels better when their taxes are paid in full with no outstanding balances, but not actually paying them. Sometimes this hatred of paying taxes can go too far and here are a few examples of what not to do: Understate your […]
New Jersey Tax
If You Are Looking for a Good Business Partner Then Pay Attention to What They Do, Not What They Say
Running a business is probably one of the most challenging, while equally rewarding endeavors that only the brave embark on. Some go at it alone, while others choose a business partner because sometimes 1 + 1 = 3 or 5 or 10. However, before choosing a partner you must minimize the risk of choosing the […]
When Should Your Parents Stop Being Involved in Your Financial Affairs?
Our parents raised us and shaped who we are today, and there is probably nothing that we can do in comparison to what our parents did for us, except for perhaps raise our own children well. But, when should our parents stop taking charge of our finances, career and/or business? It is a good for […]
Who Will Come Out Ahead When Filing Their Returns This Season?
Who will benefit the most from the tax law changes this year? The biggest winners will be: Corporations: With reduced corporate tax rates of 21% versus the previous 35%, most corporations will come out ahead. Although corporations that have income of less than approximately $75,000 may not benefit. Business owners: Business owners that operate sole-proprietorships, […]
Paid Sick Leave in NJ? What You Need to Know
Another change in New Jersey that affects both employers and employees in the state is paid sick leave, which was effective starting October 29, 2018. Here are the details: Number of sick days: The New Jersey Earned Sick Leave Law allows employees to accrue 1 hour of sick leave for every 30 hours worked, up […]
Are there Alternatives to Traditional Health Insurance?
My last post titled, “Did You Know that NJ Now Requires All Residents to Have Health Insurance?” gave a few exceptions to the new New Jersey mandate that requires all New Jersey residents to have health insurance. One of the exceptions to the mandate is health care cost sharing, which almost no one has ever […]
Did You Know that NJ Now Requires All Residents to Have Health Insurance?
Starting this year, New Jersey is requiring all residents to have health insurance. Even though the Federal government has gone in the opposite direction, there are a handful of states that have their own mandates or are considering a mandate. What are some of the requirements, exceptions, and penalties regarding this new law? Requirements: The […]
How Long Should You Save Your Tax Returns and Financial Records?
The IRS says that you should normally keep your records for 3 years, and for some situations you should keep them for 6 to 7 years. However, I strongly disagree and here is what you should do and how to do it: Tax returns: Do you want to know the prudent answer to how long […]
8 Red Flags That Could Trigger an IRS Small Business Audit
My colleague, Brad Paladini, has granted me permission to post this article that was originally posted on his blog: Last year, the Internal Revenue Service (IRS) audited just over one million returns. That’s a lot less than the 1.74 million returns they audited in 2010, but it’s still no fun for the millions of taxpayers that had […]
Be Careful When Making Online Payments to the IRS
We usually recommend that taxpayers make their tax payments online to the IRS and states. Here are the benefits, but a few caveats to watch out for: Benefits: When making payments online, your payments are generally credited on the day that you make the payment. Additionally, you can clearly apply your payments to a prior […]