Tax

TAX TIDBIT: STATE TAX NEXUS

When a business starts to expand, it may naturally extend beyond New Jersey for customers.  This may cause the business to develop “nexus” with another state.  Nexus is a tax term meaning “taxable connection”.  For both sales tax and business income tax purposes, each state has its own definition of nexus.  However, there are some Read More…

TAX TIDBIT: YEAR-END TAX PLANNING

At the end of each calendar year, taxpayers should think about year-end tax planning, so they can minimize their tax liability for the current year and the next year. This is typically done by accelerating deductions and deferring income. For 2013, there are some brand new Federal individual income tax rates that have been enacted Read More…

TAX TIDBIT: RETIREMENT PLANS FOR SMALL BUSINESSES

You may be thinking about setting up a retirement plan for yourself and your employees, but are concerned about the financial commitment and administrative burdens involved in providing a traditional pension or profit-sharing plan. An alternative program you may want to consider is a “simplified employee pension,” or SEP. SEPs are intended as an alternative Read More…