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Stay steady in a troubled economy The novel coronavirus (COVID-19) pandemic has done severe economic damage to many U.S. businesses, and it will likely take considerable time to recover. Here are some tried-and-true suggestions to help keep your business on the right track. Cutting back strategically While it may seem obvious that in a faltering…

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Photo of a drawer of files that read "Taxes" and "Refund"

Now that your  tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown away You should keep tax records related to your return for as long as the IRS can audit your return or…

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Beginning on July 1, 2019, the New Jersey state minimum wage rate will increase from the current rate of $8.85 per hour to $10.00 per hour. The rate will then continue to increase annually on January 1 by an additional $1.00 until it reaches $15.00 per hour in 2024. Thereafter, the minimum wage rate will…

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The Tax Cuts and Jobs Act (TCJA) alters the recovery periods for certain kinds of property depreciated under the modified accelerated cost recovery system (MACRS) and the alternative depreciation system (ADS). The law also expands eligibility for some additional depreciation deductions. Nonresidential and residential properties The TCJA leaves intact the recovery periods for nonresidential real…

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