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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Many doctors are in debt their first few years of work because of their medical school loans and the interest that the loans accrue. In addition, many doctors are paying mortgage interest on a house. While the interest deduction on student loan payments has limitations based on income, mortgage interest does not. As a result, it is usually beneficial for doctors to pay down their student loan debt before their mortgage.
On January 13th, 2020, New Jersey joined Connecticut, Louisiana, Oklahoma, Rhode Island, and Wisconsin in establishing a new tax for pass-through entities. This act, called the “Pass-Through Business Alternative Income Tax Act”, provides for a voluntary tax available to S Corporations, Partnerships, and LLCs taxed as partnerships.
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Financial statement reviews provided limited amounts of business assurance. During a review, an auditor attempts to determine whether the financial information they're examining is accurate or not.
Continue reading →Hiring a real estate accountant can help you both prepare reports and create winning financial strategies to help your firm succeed. With in-depth knowledge of both taxes and real estate regulations, they can help you navigate the often confusing world of real estate transactions.
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