Employee Retention Credit - DO YOU QUALIFY?
If your company has been shut down by government order or experiencing a large drop in year-over-year gross receipts, you may qualify for a Employee Retention Credit.
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If your company has been shut down by government order or experiencing a large drop in year-over-year gross receipts, you may qualify for a Employee Retention Credit.
Continue reading →In 2020 NJ passed a new tax to skirt around the State & Local Tax (SALT) deduction limitations enacted in 2017 by Congress. It is called the NJ Business Alternative Income Tax (BAIT). The law creates a “corporate” type tax on NJ S Corporations & Partnerships that shareholders/partners can elect into. Why elect into the tax?
Continue reading →Whether you’re a startup founder or employee, a Section 83(b) election can potentially save you money by allowing you to pay taxes on equity shares before they vest. It is called an election because you are electing to pay your taxes early.
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When the coronavirus pandemic began severely taking its toll last March, many employers switched to a work-from-home model. As a result, many employees were working in a state other than the one their office was located in. This raised the issue of determining which state is owed income taxes. In order to best understand the situation, one must first distinguish between domicile and residence.
1. Max out your HSA.
2. Max out your other retirement accounts.
3. Set up a 529 plan.
Many people don’t know that their Social Security benefits are taxable. Many of those who do know, don’t know how to adequately plan in order to lower the tax on their benefits, and even pocket extra benefits. That’s what we’re here for.
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