Prior to December 22, 2022 New Jersey required a separate election to set up you S-Corp with the State. The rules have changed since then. Now New Jersey only requires that a business show that they have S-Corp status at the federal level and be registered as a corporation with the NJ Division of Revenue and Enterprise Services (DORES). Your S-Corp acceptance letter is an important document that should be kept in the permanent file of the...

As a small business owner you have several retirement plan options to consider, each with its own benefits and requirements. The tax savings associated with a S-Corp make it a popular choice among entrepreneurs and the self-employed. A recent study showed that 20 percent of Americans over 50 have no retirement savings at all. It’s a tough situation to be in. However, as a S-Corp owner you have more control as to what types of retirement plans...

One of the states that exempt S Corp businesses from paying corporate income tax at the state level is North Carolina. In other words, S corporations are not subject to income tax in North Carolina. The shareholders, who disclose the information on their individual tax returns, receive the corporation’s income, deductions, and credits instead. Who is required to submit a corporate tax return for North Carolina? While conventional corporations...

If you sell goods or services in Westchester County you will be required in most cases to collect. Sales tax provides state and local municipalities with funding for schools, maintenance projects and other government programs. A business owner in White Plains, NY will have to collect an additional 8.375% for tax. This tax is the sum of: 4% to New York State 1.5% to Westchester County 2.5% to White Plains 0.375% for Metropolitan Transportation...

When should I set up my business as an S-Corp. It’s a common question and something that you should take careful thought before doing. There are benefits to setting up your business as an S-Corp but sometimes the rules and responsibilities may outweigh the benefits. We will discuss the pros and cons here so you can decide whether an S-Corp is right for you. An S-Corp is a tax structure that may allow a business owner to save on Social Security...

For the S-Corp business owner it is smart idea to consider setting up a retirement plan such as a 401k. If you want to attract the best employees you need to offer a competitive compensation package. This not only includes a salary but a benefits package as well. It’s great when the IRS allows an S-Corp small businesses to offer their employees a benefit and still receive a tax deduction. The credit for small employer pension plan...