Categories for Tax Preparation

Tax Planning Tips for 2021

December 8, 2020

We’re just weeks away from the end of 2020, which means it’s time for you to get prepared for filing your taxes in Union City, NJ before the April deadline. We strongly recommend working with a tax preparation professional, especially if your work situation has changed throughout this year. For example, many people have spent a significant amount of time working from home this year, which may mean the opportunity for some new deductions that you didn’t qualify for in the past. If you had any major life changes over the course of the year, this could also influence some... View Article

Potential Deductions for Your Business Taxes in 2021

November 24, 2020

The COVID-19 pandemic has thrown a wrench in many businesses’ financial planning and tax preparation over the course of this year, but the 2021 tax season is on its way nevertheless. Just because the IRS pushed back its filing deadline to July this year does not mean it will do so again in 2021, so it’s important for you to be on the ball and ready to file your business taxes before the April deadline this coming spring. In part, this means being prepared to claim the deductions for which your Union City, NJ business qualifies. Here are a few... View Article

2020 Year-End Tax Planning Tips for Businesses

October 23, 2020

This has been a turbulent financial year for individuals and businesses alike, thanks to the havoc wrought by the spread of the COVID-19 pandemic. As we approach the end of the year, it is more important than ever for businesses to focus on their tax planning. The tax strategies you employ could make a difference in your company’s viability moving forward and could help to get you on the right financial path heading into the new year. With this in mind, here are a few 2020 year-end tax planning tips for you to take into account for your company in... View Article

What Happens if You File Your Taxes Late?

August 25, 2020

If you fail to meet the IRS deadline for filing your taxes, you could potentially be subject to late filing penalties, unless you have filed a request for an extension. Here’s an overview of what you should know about what could happen after filing taxes late in Union City, NJ. Getting an extension In general, it’s best to file your taxes as early as possible, both so you can get your hands on your tax refund and so you can address any issues that might arise in your tax return as you fill it out. However, should you find yourself... View Article

The Major Tax Mistakes Most Small Businesses Make

June 3, 2020

Running a small business means you have a lot of responsibility, including keeping up with and properly filing your taxes. If you’re not a tax professional, chances are, you find the tax code to be cumbersome and difficult to understand. It’s easy for small businesses to make tax filing errors in Union City, NJ. Generally, the best way to avoid them is to stay organized, always be truthful and hire a tax professional to help you navigate these confusing waters. Here are some of the most common small business tax mistakes in Union City, NJ: Mixing business and personal expenses:... View Article

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