Category: Taxes

These blog articles help business owners understand how to pay their federal and state taxes. Sharp Payroll Service provides payroll solutions to small to mid-sized business. Because of that, we are knowledgable about taxation at the national and New Jersey levels. We have a wealth of experience helping clients deal with their tax questions. This is information we are happy to share with our clients and anyone who wants to learn more about taxation.

Taxes can be a frightening topic for many people. They’re confusing, take a lot of time, and the penalty for getting them wrong can be very serious. The good thing is that they’re not complicated, they just look complicated. They’re simple once you understand them. And we want to help! The purpose of this blog is to help readers understand their taxes. Rather than guessing, we want to help people feel confident when paying their taxes.

Most people think of taxes as something they pay or get a refund on once a year. The truth is that most people are paying taxes every paycheck they get. Employers know about payroll withholding, but new laws can make it hard to keep up. We feel our job is to help them do that.

As a small business, we have to stay up to date on tax laws. This is for our clients, but it is also for our own business, too. Anything our clients want to know, we already know because we needed to know it. We’re happy to let you know what we’ve learned.

What Does Sole Proprietorship Mean?

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 to check out out article […]

Learn How to Pay Employees Cash Legally Now

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 as an everyday method of […]

Payroll Taxes for Employers: What You Need to Know

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 and don’t do it by […]

How to Do Payroll Yourself: New Jersey’s Guide

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 independence. This might seem strange […]

Important Apps & Platforms to Remember This Tax Season

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 to make sure you’ve covered […]

Will NJ Businesses Get New Legislative Tax Cuts?

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 past December, New Jersey increased […]

Will NJ See a Gas Tax Holiday?

New Jerseyans and Americans across the nation are feeling the economic effects of the Ukrainian at the gas pump. The country has seen gas prices rise an average of $1.00 per gallon this month as markets respond to international uncertainty and President Biden’s executive order banning all Russian oil imports. While gas prices have been […]

IRS Updates and the Recovery Rebate Credit

To say that it’s been a chaotic couple of years at the IRS is a bit of an understatement. While many Americans have experienced frustration with the nation’s taxation agency due to a lack of timeliness or accessibility to have questions answered, it hasn’t been for lack of effort. During the pandemic, the IRS was […]

Understanding What is the ANCHOR Property Tax Program

While the State Senate is making progress on addressing bracket creep to lower state income taxes, Governor Murphy just announced his own tax-cutting proposal yesterday. The Gov. announced that his 2023 budget proposal would include the ANCHOR property tax program. This would provide relief to owners and renters. Property taxes are a long-standing issue in […]

Learn About Potential New NJ Tax Cut

There are currently legislative discussions about changing New Jersey’s system collecting state income tax. As inflation has become a rising concern for citizens across the Garden State and the nation, some voices are trying to prevent taxpayers from getting hit with a silent tax. New Jersey is a great state for many reasons. We’ve got […]