Biz Buzz

Checking Your Taxes Twice!

899eeb5509f0c5479648_peggy_mchale.jpg
899eeb5509f0c5479648_peggy_mchale.jpg

Tax season can be stressful for every small business owner. For the business owners who handles his or her own filings, it can be particularly burdensome. Here are some tips that can ease the pain:

  • New Business - If it is a new business, owners can write off all expenses that took place before the business officially opened for operation. The IRS defines ‘startup costs’ as deductible capital expenses that are used to pay for expenses that can include investigating the creation or acquisition of an active business. They can also include the costs related to examining a new market, analyzing production, and costs visiting prospective sites. Be sure to check with your tax advisor if you have questions.
  • Small Expenses - Even small purchases relatable to the business such as educational classes, cash purchases, and subscriptions can add up, ending up in high costs. Make sure these purchases are all tracked and noted and ask your tax advisor about which are deductible.
  • Compliance - Stay on top of your other tax obligations including property, sales tax and employment taxes. In addition, keep your personal expenses separate from your business expenses. The most difficult tax compliance takes place in the payroll sector so make sure all are done cautiously and on time!

Meticulous reporting and documenting will help make tax season a simple, seamless process.  Understand which forms to fill out and be sure to submit on time!

I would like to thank Paul Chang for his help on preparing this article with me. Paul is a Marketing Intern at Consultants 2 Go and student at New York University. Don’t forget, you can email me at Peggy@Consultants2Go.com with any questions you might have and I’ll be glad to answer them. You can also follow my business and me on Twitter @peggymchale and @consultants2go.

 

Peggy is the co-founder of Consultants 2 Go® (C2G), a consulting firm that provides marketing solutions to Fortune 500 companies in the Financial Services, Telecom, Life Sciences and other industries. Consultants 2 Go was just named to the Inc. 500/5000 List as one of the fastest growing companies in the United States. Prior to starting C2G, Peggy was a Vice President at American Express. She holds an MBA from St. John’s University and a BA from the College of Mount Saint Vincent. She recently served as a member of the Advisory Board for The Academy of Our Lady of Peace, New Providence, NJ.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

SOMA

Columbia High School Principal's Removal Raises More Questions Than It Answers

The last Twitter post from Columbia High School principal Elizabeth Aaron is very telling. 

The four-year CHS schools chief, who was recently, surprisingly, reassigned to a vague “Principal on Special Assignment” post by the school district, was a Twitter regular on her @CougarPrincipal account. There she would often promote the school’s successes and notable staff and ...

Maplewood Police Blotter - Two Robberies Reported on July 5

July 15, 2018

July 2 - Motor Vehicle Theft; Sometime over the previous two days, a U-Haul truck was stolen from a business on Newark Way.

July 4 - Theft from Auto; During the overnight hours an unsecured vehicle parked on Elberta Rd was entered and keys were stolen from it.

July 5 - Robberies; At approximately 1:30 a.m., a male was assaulted by two males ridding bicycles while he was walking on ...

Free 'Movies in the Park' on July 18 and August 23 in Maplewood

July 16, 2018

MAPLEWOOD, NJ - Free "Movies in the Park" are planned for Wednesday, July 18, and Thursday, August 23, a program hosted by the Maplewood Police Department in conjunction with the Maplewood Recreation Department, the Maplewood Office of Cultural Affairs, SOMA Film Festival and SOMA Municipal Alliance.

The movie on July 18 will be The Incredibles, shown in Dehart Park, ...

National Weather Service Issues Heat Advisory Through 6 p.m. Tuesday, July 17

NEW YORK, NY, - The National Weather Service issued a 'Heat Advisory' this morning for Bergen, Passaic, Essex, Union and Hudson Counties in New Jersey. The heat advisory will remain in effect from noon Monday July 16, until 6 p.m. Tuesday July 17.

Extreme heat can cause illness and death among at- risk population who cannot stay cool. The heat and humidity may cause heat stress during ...

Upcoming Events

Carousel_image_b20a8250917845925251_mini_magick20180715-93558-18g5bx1

Tue, July 17, 5:00 PM

Caldwell University Alumni Theater, Caldwell

Public Invited to Essex County Opioid Use ...

Health & Wellness

Carousel_image_7611ce284a8c86d65b64_37d34f9a-c5cd-4fb1-8bf8-b5b7319cb94e

Wed, July 18, 10:00 AM

Paterson Board of Education , Paterson

Teacher Job Fair in Paterson

Education

Carousel_image_982bc8344531b1a37c85_par_440

Fri, July 20, 7:00 PM

Par 440 Restaurant & Lounge, Short Hills

The Extra Rich In Class Dinner Show with E.R.I.C.

Arts & Entertainment Food & Drink

Carousel_image_af1b89eae735bf536426_par440_promo

Fri, July 20, 7:00 PM

Par 440 Restaurant & Lounge, Short Hills

The Extra Rich In Class Dinner Show with E.R.I.C.

Arts & Entertainment Food & Drink

Statement From Emergency Committee to Reinstate Principal Aaron

July 10, 2018

** TUESDAY RALLY IS CANCELLED **

We created a movement. We leveraged our collective 1,600 voices and forced the District leadership to sit with us today [Monday] and discuss the poorly communicated, weekend announcement that CHS Principal Elizabeth Aaron was being reassigned.

Our meeting was a first step in both accountability and transparency as Dr. Ficarra revealed Principal ...

Coalition on Race Responds to Changes in School District Administrators

The Board of Trustees of the Community Coalition on Race seeks racial equity, integration, and excellence in education for all students in our schools. While the pace of change has been frustratingly slow, we have seen some progress. Yet, candidly, there are too many students of color who are not well served in SOMA, who still experience segregated classrooms and who still suffer from racial ...

3rd Annual Newark International Film Festival Accepting Submissions

July 12, 2018

NEWARK, NJ - Three days filled with celebrity guests and showcases from both local and international filmmakers are coming to the city in September.

The third annual Newark International Film Festival will return Sept. 6 and run through Sept. 9, 2018. The festival has grown each year since it was first created, with the city last year hosting 10,000 attendees seeing films across ...

Newark Lures Amazon With $1 Billion Payroll Tax Incentive

NEWARK, NJ - Amazon will get a payroll tax break at a cost of $1 billion to the city should the company open its second headquarters here.

It’s one of two ordinances that were approved by the Newark City Council council to sweeten the deal for the corporate giant and stand out among other locations vying for Amazon’s so-called HQ2.

“The City Council has brought Newark a ...

Downtown Scotch Plains May Eventually Look Like Princeton, According to Redevelopment Committee Feedback

July 15, 2018

SCOTCH PLAINS, NJ – Residents who attended the Scotch Plains Downtown Redevelopment Committee (SPDRC) meeting on Wednesday night got a peak into what the future of the township will look like… and it looks a lot like Princeton.

Tom Strowe, the Township’s Project Coordinator for Redevelopment, presented findings of the recent survey on architectural styles. More than 2,100 ...

Geoffrey the Giraffe Moves In To New Brunswick Children's Hospital

NEW BRUNSWICK, NJ - Over a stretch of nearly 70 years, Geoffrey the Giraffe at Toys R Us stores was the symbol of happy times for generations of children, and now he may provide those same feelings for children coming to a hospital.

"From this day forward, Geoffrey stands tall in our lobby to encourage our smallest patients to smile when they enter our facilities," said John ...

New Plumber Joins the Woolley Home Solutions Team

July 16, 2018

We are excited to announce a new addition to the Woolley team! Our new plumber, Oscar Buonafina, is an expert plumber with nearly a decade of industry experience serving New Jersey homeowners. He is also a NJ Master Plumber Since 2007. As a military veteran, Oscar truly understands hard work and commitment, and we’re so happy to bring him on board!

"I believe in service to people ...

Maplewood Brings Local Youth to the Governing Table With the Youth Advisory Committee

The Maplewood Township Committee cordially invites diverse student residents of Maplewood who are enrolled in private or public school in grades 8 through 12 to apply to serve on its new Youth Advisory Committee.  In order to continue empowering local youth whose recent advocacy on - gun safety, safe schools, voting rights, immigration, greater institutional equity and inclusion, to name a ...

Repairs to Boyden Avenue Between Elmwood Avenue and Springfield Avenue

On Monday, July 16, road repairs to the south side of Boyden Avenue between Elmwood Avenue and Springfield Avenue will take place for approximately one week pending weather conditions. There will be access to the pool parking lot for pool members and NJ Transit employees. Signage and police officers will be present to direct traffic.