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Tax Alert: Governor Murphy Signs “Pass-Through Business Alternative Income Tax” Bill to Help New Jersey Taxpayers

January 17, 2020

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.

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What You Need to Know About 1099 Forms

January 14, 2020

What 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.

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Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

January 6, 2020

The 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.

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Your Home Office Expenses May be Tax Deductible

January 6, 2020

Technology 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.

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The IRS Criminal Investigation Division (CI) Has Released its Fiscal Year 2019 Report

January 6, 2020

The 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.

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FAQs About Self-Employment Tax

January 6, 2020

Do 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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