How Selling Your Business Can Affect Your Taxes
Tax-Smart Ways to Sell Your Business The decision to sell your business is a serious one that can have financial implications for years to come when not done correctly. Poor structuring of the sale can create a large tax bill and reduce the amount of profit you...
How to Get a Refund When You Overpay Taxes by Mistake
Common Ways People Overpay Taxes When the realization hits you that you overpaid your taxes, you immediately wonder if you can recover the money. Yes, you can get money refunded if you genuinely overpaid your taxes, and you’re not alone in this situation either. About...
Steps to an IRS Installment Agreement
How to Negotiate an Installment Agreement With the IRS IRS data shows that over 14 million taxpayers owe back taxes to the federal government. However, debt to the IRS is not the end of the story for taxpayers. You can negotiate some flexibility on repayment with the...
How to Choose Between Immediate and Long-Term Business Tax Benefits
Both Tax Deductions and Asset Depreciation Can Benefit Your Business The Tax Cuts and Jobs Act, effective January 1, 2018, changed the rules for business deductions versus depreciation of assets on your federal tax return. As a business owner, it is more important...
Tax Mistakes Business Should Avoid During Another COVID Crisis
Business Tax Mistakes to Avoid During Another COVID Surge If there's one thing businesses have learned from the COVID-19 pandemic, it's the importance of proper financial planning. Due to constant warnings about another surge, businesses are expected to create...
Tax Planning and COVID: How to Navigate the Changing Environment
Tips for Tax Planning During the COVID-19 Pandemic It seems as if the ways in which the COVID-19 pandemic has touched our lives are virtually endless. One such example is how to plan for your taxes, particularly since you don't know what the tax laws may be in a few...
Will the Payroll Tax Deferral Make a Difference?
The Impact of the Payroll Tax Deferral May Be Minimal Normally, the federal government takes a 6.2% payroll tax from each employee's paycheck to fund Social Security. To help offset the economic impacts of the COVID crisis, President Trump issued an executive order...
Limit Your COVID-19 Business Losses With Careful Tax Planning Now
How Tax Planning Can Limit Economic Damage From COVID-19 Since the COVID-19 pandemic hit the United States and triggered closures beginning in March 2020, more than 43% of businesses closed temporarily. In a survey of 5,800 businesses, the National Academy of Sciences...
How Tax Planning Can Help You Save and Live More Securely
Proper Tax Planning Will Prevent Headaches During the Economic Downturn Believe it or not, there are over 10 million words in the U.S. tax code. This doesn't even include local tax laws and regulations. Fortunately, you can, generally, rely on New Jersey tax attorneys...
What to Do If You Can’t Afford to Pay an Income Tax Bill
Can't Afford Your Taxes Due to the COVID Economic Crisis? Typically, federal income taxes are due on April 15, but the federal government extended the deadline to file your 2019 income taxes to July 15. Many states also moved their deadline to July 15 to accommodate...