Latest Accounting and NJ Tax News

What Do We Know About the Pass-Through Business Alternative Income Tax?

What Do We Know About the Pass-Through Business Alternative Income Tax?

On January 13, 2020, Governor Phil Murphy signed S. 3246 into law. The new law is referred to as the “Pass-Through Business Alternative Income Tax Act” or “BAIT” Act. This law was passed in response to the Federal tax reform enacted in December 2017 which placed a $10,000 limitation on the itemized deduction for state and local taxes paid (“SALT”). New...

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Taking Care Of Your Small Business

Taking Care Of Your Small Business

The decision to start your small business was no doubt done with a lot of planning and thought. To ensure you are adequately prepared for any potential roadblocks which may be lurking ahead, keep reading.

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IRS Publication 535

IRS Publication 535

When it comes to your business expenses for tax deductions, you don’t want to ignore the IRS Publication 535. If you’re not yet familiar with IRS Publication 535, read on!

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Do You Know Your Net Worth?

Do You Know Your Net Worth?

For people who are trying to plan for their financial future, there are countless numbers, data points, and considerations to take into account. But one figure always seems to stand out the most, and that figure is your net worth.

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Estate Planning: Trust Vs. Will

Estate Planning: Trust Vs. Will

Know The Difference: Trust Vs. Will Protecting your assets and ensuring your family is well taken care of is an incredibly important responsibility. You want to ensure that your property and finances are protected and used in the fashion of your choosing once you’re no longer around. For this reason, estate planning is critical. Many

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IRA Tax Traps

IRA Tax Traps

Overlooking something vital may be even more common when it comes to taxes related to your investments, such as an IRA. To help prevent this from happening, here are a handful of common IRA tax traps in particular that you should be sure to avoid.

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