Small Business Tax
Tax compliance and advisory for New Jersey small businesses.
Quick Answer
- Federal and NJ business tax returns for S-Corps, LLCs, partnerships, and sole proprietorships under a written scope
- NJ Business Alternative Income Tax (BAIT) lets an eligible pass-through entity make an annual entity-level election and allocate the prescribed member credits. Any federal entity deduction, member-credit use, QBI, individual SALT-cap interaction, residency-credit effect, and net result must be computed on the complete entity and owner returns
- QBI deduction (ordinarily up to 20%, with a new minimum $400 deduction for taxpayers with at least $1,000 of aggregate QBI from active businesses they materially participate in) is now permanent under OBBBA (signed July 4, 2025); 100% bonus depreciation is permanent for qualifying property acquired after January 19, 2025, with transition rules for earlier acquisitions
- NJ caps Section 179 at $25,000 (vs. federal $2,560,000 for 2026) and does not allow bonus depreciation on NJ returns
- Entity-tax treatment analysis compares S-Corp, LLC, or partnership tax consequences using the complete facts; no outcome is promised
Small business CPA services may include accepted federal and permitted-state business tax return preparation for S-Corps, LLCs, partnerships, and sole proprietorships. A written scope may also cover specified BAIT-election analysis, estimated-payment calculations, and entity-tax analysis, with the fee for each accepted return quoted in writing; the client transmits elections, filings, and payments unless the scope expressly assigns a submission.
Running a small business in New Jersey involves federal and NJ tax requirements such as BAIT. Monaco CPA handles only the return, calculation, and advisory work stated in the accepted written scope; the client tracks deadlines and transmits filings and payments unless the scope expressly assigns a filing.
An accepted written scope may cover an existing S-Corp, LLC, partnership, or sole proprietorship. The entity, return, forms, jurisdictions, records, and deliverables are identified from the business's actual facts.
Beyond filing returns, an accepted written advisory scope may cover entity-tax treatment, owner compensation, deduction classification, and other specified tax questions using client-supplied facts. Monaco CPA does not monitor accounts or deadlines. The One Big Beautiful Bill Act (OBBBA) made several key provisions permanent for 2026 and beyond: the QBI deduction (Section 199A) is now permanent, bonus depreciation is restored to 100% for qualifying property acquired after January 19, 2025 (with transition rules for earlier acquisitions), and the more-than-$20,000-and-more-than-200-transaction Form 1099-K mandatory-reporting threshold applies to third-party-network (TPSO) transactions (OBBBA Section 70432). Payment-card merchant acquirers have no federal de-minimis threshold, and a TPSO may issue below its mandatory threshold. Depending on the taxpayer's facts, these changes can affect entity analysis, depreciation, or information reporting.
Entity tax analysis: After a business has been legally formed, Monaco CPA can compare LLC, S-Corp, and C-Corp tax treatment and evaluate a federal Form 2553 election. Monaco CPA does not form entities, provide legal advice, obtain EINs, act as a registered agent, file DBAs, or open business bank accounts. Use New Jersey's official business portal for government filing information and independent legal counsel for formation advice.
Industry context: The industries overview contains general examples of records and return questions. A listed business type is not a claim of experience, a conclusion that a rule applies, or a promise that work will be accepted.
OBBBA updates (effective 2025-2026): The One Big Beautiful Bill Act made the QBI deduction (Section 199A) permanent, meaning qualifying pass-through businesses continue to deduct up to 20% of qualified business income with no sunset, and added a minimum $400 deduction for taxpayers with at least $1,000 of aggregate QBI from active trades or businesses in which they materially participate. 100% bonus depreciation is also permanent for property acquired and placed in service after January 19, 2025, reversing the TCJA phase-down. The Section 179 limit for 2026 is $2,560,000.
Tell Greg what you need help with
Share the basics through the contact form. Any response, availability, scope, and timing are confirmed only in writing; no call or consultation is promised.
Get StartedView PricingGreg has been quoted in Yahoo Finance and GOBankingRates on deduction rules, withholding mechanics, and filing considerations for small business owners and self-employed taxpayers. No outcome is promised.
What's Included
- Federal and NJ business tax return preparation
- S-Corp, LLC, partnership, and sole prop returns
- NJ BAIT election analysis; client transmission unless expressly assigned
- Reasonable compensation analysis (S-Corps)
- Quarterly estimated tax calculations
- Year-end tax planning
- Entity structure advisory
- Client-submission package for ordinary, non-examination IRS or state correspondence only after separate written acceptance; agency contact only under a client-authorized power of attorney
- General nexus education; other-state sales-tax operational compliance is not provided
- Static compliance calendar for client tracking; no deadline monitoring or reminders
How It Works
The written engagement and intake instructions describe the expected steps from first contact through the accepted work; timing and steps may vary with the agreed scope and client-supplied information.
- 1
Written-Scope Business Review
After a written scope is accepted, I review the tax and financial records the client supplies.
- 2
Tax Planning & Strategy
I document owner-compensation, deduction-classification, and entity-tax alternatives covered by the written scope; no outcome is promised.
- 3
Preparation & Authorized Filing
Under an accepted written scope, I prepare the identified business returns under the applicable federal and New Jersey requirements and file them only after client authorization when filing is expressly assigned in that scope.
- 4
Written-Scope Advisory
Review of client-supplied information at the points stated in the written scope; no account or deadline monitoring or proactive reminders.
Frequently Asked Questions
How do an LLC and an S-Corp election differ for tax purposes?
What is the NJ BAIT election?
What records do I need to keep?
Ready to Get Started?
Greg reviews written contact-form submissions. Any response, availability, scope, price, and timing are confirmed only in writing; submitting the form creates no engagement and promises no call, consultation, or outcome.
Use of this website does not create a CPA-client relationship.
Tax advice disclaimer: This material is for general educational information only and is not legal, tax, or accounting advice for your specific facts. A CPA-client relationship is formed only through a signed engagement letter.