Tax mistakes can lead to costly penalties, audits, and unnecessary stress for business owners. Common errors include misclassifying employees, missing tax deadlines, and failing to track deductible expenses. Proper record-keeping, staying informed on tax laws, and working with a tax professional can help businesses avoid these pitfalls. Sharp Tax &
Read More
Accurate bookkeeping is the backbone of a successful business. It provides financial clarity, aids in tax preparation, and supports strategic decision-making. Poor bookkeeping can lead to cash flow issues, missed tax deductions, and compliance problems. Utilizing bookkeeping software or outsourcing to professionals ensures that businesses maintain accurate records, track expenses,
Read More
Before deciding on what type of business entity works best for you, understanding the definition is crucial. There are multiple business entities you can establish when starting or changing your business structure, and it’s worthwhile to understand the pros, cons, and limitations of a sole proprietorship. It’s a good idea
Read More
Business owners, at certain times, may want to pay their employees cash. We’ll get into the reasons why in a moment, but it’s important to recognize that cash still has a function and value. Yes, most business owners no long pay employees’ wages or salary in cash. It has departed
Read More
Payroll taxes for employers can be, well, taxing. They’re a huge responsibility on employers, can’t be late, and they affect how much employers are able to pay employees. While not the only reason, payroll taxes make up the biggest reason why most employers choose a payroll provider or payroll software
Read More
How to do payroll yourself? We want to help you learn! New Jerseyans are proud, independent, and hardworking. If you have decided to start running your own payroll, our hats are off to you. We’re happy to give you some tips to get you started on the path to payroll
Read More
In the Garden State and across the country as a whole, tax day is almost upon us. For many, it is a day associated with stress and frustration. While there’s nothing you can do to eliminate the complexity of the US tax code, there are some things you can do
Read More
Two bills are currently going through the NJ State Senate that could halt the increase in the unemployment tax (UI) and reduce property taxes for businesses. S733 would combat the UI increase, and S330 would provide businesses some relief that homeowners recently received. As we discussed in a post this
Read More
