Distributions made by March 5, 2015 are a way to significantly lower the 2014 income tax for trusts and estates even though it will increase the individuals personal income tax. Deadline is March 5, 2015 to make that special election for 2014.
Archive for the 'BUSINESS FORUM' Category
Hit by NJ Exit Tax? Non-residents can recoup the withholding.
NJ is offering a new Program, Shared Work Plan, which pays partial unemployment while employees are still employed and work less hours. This enables NJ employers to maintain their workforce during a slow-down in activity.
Linked IN Seminar – Set up your Company Page
Resolve your NJ Tax Debts- without penalties. Businesses and individuals may pay their outstanding tax liabilities to NJ by Nov. 17, 2014 and avoid penalties
NJ Alimony Reform provides relief to payers of alimony. Alimony may be modified if payer is unemployed.
Free seminar on how to improve your credit score at Urbach & Avraham. Tuesday 8:15 AM, September 30th. Learn what harms and helps your credit.
NJ Employers can Reduce their NJ Unemployment Rates by making a Voluntary Payment- the Deadline is August 19, 2014
Owners of foreign bank accounts have until June 30, 2014 to file IRS Form 114- Foreign Bank Account Reporting (FBAR). Even if the bank account doesn’t generate income, just owning it or having signature authority requires you to file the FBAR.
In an S-Corporation, a popular choice of tax entity among businesses, an owner who works for the company is required to take wages. How much of the company’s income is classified as wages versus S Corp. income (reported to the owner on Form K-1) is up to the owner. The net income will be taxed regardless of how it’s classified. The big difference lies in federal employment taxes, which are not paid on K-1 income.