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
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
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
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
Keeping up with the tax code is hard enough if it’s your job, but when you’re running a small business, you probably don’t have a lot of time to track down the best small business tax deductions in Union City, NJ. However, there are plenty of deductions that small business owners can take, which will lessen their tax liability and help them increase their profits year after year. When you run a small business, you get to subtract the “ordinary and necessary” expenses that are associated with keeping your company running. If you want to make sure that you get... View Article
