New Jersey Governor Phil Murphy signed the bill S-3246, called the “Pass-Through Business Alternative Income Tax Act” on Monday, January 13, 2020 to help business owners save federal income tax through state tax deductions at the entity level. The bi-partisan legislation was advanced by the full Assembly and passed 77-0.
Read MoreWhat is a 1099 Form? 1099 Forms are information reports which must be issued to any person paid in the course of your business for services of at least $600. This includes among others; attorneys, accountants, landlords, contractors, consultants, landscapers, cleaning people and other individuals providing personal services.
Read MoreThe number of people engaged in the “gig” or sharing economy has grown in recent years. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare rooms, delivering food and walking dogs.
Read MoreTechnology has made it easier to work from home. However, just because you have a home office doesn’t mean you can deduct expenses associated with it on your tax return.
Read MoreThe Division is also celebrating 100 years in operation. "CI supports the efforts of compliant taxpayers by visibly demonstrating the risks of noncompliance thereby helping otherwise honest taxpayers stay honest and compliant," said IRS Commissioner Chuck Rettig.
Read MoreDo you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here's what you should know if you earn income from "irregular" sources.
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