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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

Bookkeeping Software Migration NJ — A Smooth Transition If you’re still tracking business finances in Excel or Google Sheets, upgrading to cloud software can save hours every month. Our bookkeeping software migration NJ service ensures your move to QuickBooks or Xero is seamless and error-free. Step 1: Clean Your Current Data Before migration, we review and format your spreadsheet data for accuracy and consistency. Step 2: Import to QuickBooks or Xero We migrate your data —

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

Prior-Year Bookkeeping Corrections NJ — Fixing the Past the Right Way At some point, every business discovers an old error — a missing expense, misposted income, or bank reconciliation issue. The question becomes: should you fix it now or next year? That’s where expert prior-year bookkeeping corrections NJ come in. When to Amend Prior-Year Returns If an error materially affects your tax liability, your CPA or tax advisor may recommend amending your return. Common triggers in

Catch-Up Bookkeeping NJ — Fixing a Year of Books, Fast If your bookkeeping fell behind during the year, you’re not alone. Many small business owners come to us each December needing catch-up bookkeeping NJ services to close out the year, file taxes, and start fresh. Step 1: Retrieve & Organize Data We securely connect to your bank, credit card, and loan accounts to gather every transaction. If you’ve used spreadsheets, we’ll import and sort that data into QuickBooks or Xero.

Budget vs Actual NJ — Turning Data into Direction Most NJ small business owners create a budget — but few actually use it. A budget vs actual NJ analysis compares your projections with real results, revealing trends and helping you take action early. Step 1: Create a Realistic Budget Base your projections on historical data from your bookkeeping software , not guesses. Factor in revenue goals, fixed costs, and taxes. Step 2: Compare Actual Results Monthly Run monthly reports

In the fast-paced world of cryptocurrency, businesses are increasingly using digital currencies for transactions, investments, and payroll. This shift opens up exciting opportunities but also brings the need for careful management of crypto transactions. Knowing how to track and report these transactions is crucial for staying compliant with regulations, maintaining financial health, and planning strategically. In this post, we will break down how to manage crypto transaction

The Owner’s Pay Framework NJ Businesses Should Follow Paying yourself the right way as a business owner is more complex than it looks. With the owner’s pay framework NJ, you can balance W-2 wages and distributions while minimizing tax risk and ensuring compliance. Step 1: Determine Reasonable W-2 Compensation If you’re an S-Corp owner, the IRS requires “reasonable” wages for your role. Your CPA advisory team can benchmark industry rates to set this properly. Step 2: Plan Own

Pricing and Profitability NJ — What You Don’t Know Can Hurt You Many NJ business owners guess their prices instead of calculating them. Understanding pricing and profitability NJ metrics can reveal exactly how much you need to charge to stay in business — and scale profitably. Step 1: Calculate Your True Break-Even Your break-even point is where total revenue equals total costs. Include: Fixed expenses (rent, software, salaries) Variable costs (materials, subcontractors) Use

Cash Flow Forecasting NJ — A Tool That Actually Gets Used If you’ve ever wondered where your money really goes each week, a cash flow forecasting NJ model can give you clarity. The 13-week cash flow forecast is a practical planning tool for business owners who want to anticipate, not react. Step 1: Map Out 13 Weeks of Inflows & Outflows Start by listing expected client payments, expenses, and payroll. Your bookkeeping system should provide accurate historical data to base yo

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.

In the fast-paced world of small to medium enterprises (SMEs), effective cash flow management is crucial for ensuring sustainability and growth. As businesses expand, managing cash flow becomes more complex. Entrepreneurs must grasp the details involved in cash flow to navigate the market confidently and effectively. A well-managed cash flow allows a business to meet its financial obligations, invest in new opportunities, and weather economic uncertainties. In this article, w