Tax Tips & Strategy

1099 Forms NJ — What Every Small Business Should Know Each January, small business owners must issue 1099 forms NJ to independent contractors and vendors. Let’s review who must receive them, when they’re due, and how to avoid common mistakes. Who Gets a 1099-NEC or 1099-MISC in NJ? 1099-NEC: For independent contractors paid $600 or more. 1099-MISC: For rent, legal fees, or other miscellaneous payments. Before filing, verify vendor info using Form W-9 in your bookkeeping recor

Learn the essentials of Sales Tax 101 for New Jersey Small Businesses. Discover what’s taxable, what’s exempt, and how to stay compliant with CPA guidance.

Section 179 & Bonus Depreciation NJ — Smart Year-End Moves Many NJ business owners ask: “Should I buy equipment before December 31?” With section 179 bonus depreciation NJ rules, the answer depends on timing, cash flow, and your taxable income. What Is Section 179? Section 179 allows you to deduct the full purchase price of qualifying equipment or software in the year it’s placed in service — rather than depreciating over several years. ✅ Office equipment ✅ Computers & softwa

Learn how New Jersey’s BAIT program helps S-Corps, LLCs, and partnerships bypass the $10K SALT cap. Save thousands in taxes with CPA insights.

Get Ready for Tax Season with This Year-End Tax Prep NJ Checklist As December approaches, year-end tax prep NJ becomes critical. Whether you’re issuing W-2s, filing 1099s, or closing entries, staying organized ensures accurate filing and fewer CPA rush fees. Step 1: Verify Employee & Contractor Info Collect updated W-9 forms from contractors. Confirm employee Social Security numbers and addresses for W-2s. Use your payroll or bookkeeping system to cross-check all data. Step

Prepare Your Books with This Year-End Bookkeeping NJ Checklist As 2025 approaches, NJ small business owners should begin closing out the year’s books early. A clean year-end bookkeeping NJ process ensures your tax filing goes smoothly — and that you catch issues before the new year begins. Step 1: Reconcile All Accounts Confirm that your bank, credit card, and loan accounts match your bookkeeping records. ✅ Run reconciliation reports ✅ Investigate discrepancies immediately

New Jersey crypto tax guide for 2025–2026. Learn the latest IRS & NJ rules on Bitcoin, NFTs, DeFi, staking, and reporting. Expert tips, checklists, and FAQs to simplify your NJ crypto taxes.

Compare SEP, SIMPLE, and Solo 401(k) plans for New Jersey small business owners. Learn how each plan saves on taxes and builds your retirement faster.

Financial guidance for NJ therapy practices: overcome tax, billing & cash flow stress with a CPA by your side.

In today's fast-paced business environment, the role of a Certified Public Accountant (CPA) has evolved significantly. No longer confined to the traditional tasks of tax filing and bookkeeping, proactive CPAs are now essential partners in driving business growth and strategic decision-making. This blog post explores the multifaceted role of a proactive CPA, highlighting how they differ from conventional accountants and the continuous advisory support they provide throughout t

Learn how to choose between an LLC and S-Corporation for your New Jersey business. Compare tax advantages, legal differences, and which option can save you money with guidance from Gregory Monaco, CPA in Livingston, NJ.

Stop dreading tax season. Learn how proactive, year-round tax planning helps NJ small businesses save money, reduce stress, and avoid April surprises. Get expert help from Gregory Monaco, CPA in Livingston, NJ.

Taxes are a fact of life for small business owners, but smart planning can keep more money in your pocket. As a business owner in Essex County, New Jersey  – whether you run a boutique in Short Hills or a consulting firm in Roseland – you know every dollar counts. This guide to small business tax deductions NJ entrepreneurs can use will walk you through ways to lower your tax bill legally. We'll cover common deductions, NJ-specific tips, and how proactive tax planning can ma

If you’re a small business owner in Livingston, Short Hills, or anywhere in Essex County, NJ, you’ve likely heard about S-Corporations as a way to save on taxes. Running your business as an S-Corp can indeed cut your tax bill but only if you balance your salary and shareholder distributions correctly. Pay yourself too little salary and you risk IRS penalties; pay yourself too much and you might miss out on tax savings. In this guide, we’ll break down S Corp salary vs. distrib

As a small business owner in New Jersey, the world of taxes can feel like a maze. The good news is that you may be missing out on valuable deductions that can lighten your tax load. Even small deductions can make a big difference in your finances. In this post, we will reveal the top five tax deductions that many small business owners overlook, along with practical examples and tips on how to take advantage of them. Understanding these deductions can lead to substantial savin

As a small business owner in New Jersey, you juggle many responsibilities. From managing daily tasks to planning for future growth, it can be easy to overlook one critical area—tax planning. However, taking a proactive approach to tax planning can spare you from unforeseen surprises at year-end and let you concentrate on running your business effectively. In this article, we’ll delve into how proactive tax planning can help you tackle the complexities of small business taxes,