Tax Tips & Strategy

Budgeting for Taxes Monthly NJ — A Smarter Way to Plan Tax season doesn’t have to mean stress. When you practice budgeting for taxes monthly NJ-style , you turn tax time into just another routine business task — predictable, paid for, and under control. Step 1: Know Your Tax Rates For most NJ small businesses, you’ll owe a combination of: Federal income tax (10 – 37 %) NJ income or corporate tax (5.5 – 9 %) Self-employment tax (15.3 %) Local or payroll taxes Your CPA can help

Good Bookkeeping NJ — Your Secret Weapon at Tax Time Clean, consistent bookkeeping doesn’t just make tax filing easier — it actually reduces your CPA bill. Here’s how good bookkeeping NJ business owners practice year-round saves time and money. Step 1: Fewer Adjustments = Lower Fees When your books are reconciled monthly, your CPA spends less time fixing data and more time on strategy — lowering overall tax prep time. Step 2: Faster Tax Prep Turnaround Clean records mean your

Audit-Ready Recordkeeping NJ — What Really Matters If you’ve ever wondered what records the IRS or NJ Division of Taxation might ask for, this guide to audit-ready recordkeeping NJ breaks it down. Hint: they care more about accuracy and consistency than volume. Step 1: Maintain Proof of Income Keep: Bank statements and deposits Client invoices Payment processor reports (Stripe, Square, etc.) All should match your bookkeeping records and tax return totals. Step 2: Store Proof

Year-End Tax Moves NJ — Make December Count Even if the year’s almost over, there’s still time to take smart year-end tax moves NJ business owners rely on. Here are ten that actually make an impact before December 31. Top 10 Year-End Tax Moves for NJ Businesses Prepay January expenses to increase deductions this year. Defer income if cash flow allows. Buy qualifying equipment to claim Section 179 or bonus depreciation. Contribute to retirement plans (SEP IRA, Solo 401(k))

Tax Prep Red Flags NJ — What Triggers IRS Scrutiny Every year, certain filings attract unwanted attention from the IRS or NJ Division of Taxation. Fortunately, keeping your bookkeeping organized can eliminate most tax prep red flags NJ before they ever arise. Step 1: Watch for Common Red Flags Unusually high deductions compared to income Missing or mismatched 1099 and W-2 forms Large charitable contributions without documentation Unreported income or side earnings These are t

W-9 W-2 1099 NJ — Who Gets What and When If you’re hiring staff or contractors in New Jersey, it’s crucial to know which form applies. Here’s your complete guide to W-9 W-2 1099 NJ compliance for 2025. Step 1: W-9 — For Independent Contractors Use Form W-9 to collect Taxpayer ID information from anyone you’ll pay $600 or more during the year. This info is later used to issue Form 1099-NEC. Step 2: W-2 — For Employees Employees get Form W-2, which reports wages, withholdings,

Sales Tax NJ Service Providers — What You Need to Know If you run a business in New Jersey, sales tax can get confusing. Some services are taxable, while others aren’t. Let’s answer the top questions sales tax NJ service providers ask every year. Q1: Are Professional Services Taxable in NJ? Generally, professional services like legal, accounting, and consulting are not subject to NJ sales tax. However, if your service includes tangible goods (like printed materials), that por

Tax planning is essential for small businesses, yet many entrepreneurs overlook it. This oversight can lead to costly mistakes that impact the bottom line. By identifying common errors, you can save significant money and navigate the tax landscape more effectively. This post will highlight key tax planning mistakes small businesses often make, such as neglecting estimated taxes, inadequate record-keeping, and misclassifying employees. We will provide specific examples, statis

Payroll Basics NJ — What First-Time Employers Need to Know Hiring your first employee? Understanding payroll basics NJ ensures you pay correctly, stay compliant, and avoid state penalties. Step 1: Register for Payroll Accounts Before paying anyone, register for: IRS EIN (Employer Identification Number) NJ Employer Registration Number for state withholding and unemployment Our bookkeeping and payroll setup services can help with both. Step 2: Understand W-2s, WR-30s & Due Da

LLC vs S-Corp NJ — Choosing the Right Entity If you’re starting or restructuring your business, understanding the LLC vs S-Corp NJ difference is critical. Each structure affects how you pay taxes, handle payroll, and file paperwork. Step 1: How LLCs Are Taxed in NJ By default, an LLC is a pass-through entity — profits flow to your personal return and are taxed at your individual rate. You’ll pay self-employment tax on your net income, including Social Security and Medicare. S

IRS Notice NJ — Don’t Panic, Here’s What to Do If you’ve received an IRS notice NJ or a letter from the NJ Division of Taxation, take a breath. Most notices are informational, not punitive — and they can often be resolved quickly with the right documentation. Step 1: Identify the Type of Notice Common types include: Balance due or late payment reminders Missing form or reporting discrepancy Audit or inquiry requests Keep the original notice and note the issue date and respons

For many entrepreneurs, tax season creates a sense of dread. The scramble to assemble documents, calculate deductions, and file returns often leads to overwhelming stress. But it doesn't have to be this way. Establishing a year-round tax strategy is essential for businesses that want to ensure sustained growth and better cash flow. In this blog post, we will delve into the critical importance of continuous tax planning, the benefits of quarterly financial forecasting, and how

Learn essential NJ e-commerce bookkeeping and tax tips to manage sales tax, nexus, and accounting with guidance from Gregory Monaco, CPA.

Stay compliant with 2025 crypto tax rules. Learn how to report digital assets with expert NJ CPA guidance from Gregory Monaco, CPA.

Avoid New Jersey small business tax mistakes with expert CPA guidance. Learn how to stay compliant, save money, and prevent IRS or NJ tax penalties.

Learn how a proactive CPA can help your New Jersey small business boost profits, improve cash flow, and plan ahead — not just file taxes.

New Jersey tax audit small business tips: learn common triggers, what notices mean, and how to respond calmly—with step-by-step CPA guidance.

Navigating the world of business structures can be overwhelming. Choosing the right one is crucial, especially considering the tax implications in a state like New Jersey. For small business owners, S-Corporations (S-Corps) and Limited Liability Companies (LLCs) are two popular options. Each entity type brings unique advantages and drawbacks, particularly regarding taxation, self-employment tax responsibilities, and operational formalities. This post explores the key differen

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.