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

AtlantiCast

AtlantiCast: Episode 15

On this week’s AtlantiCast, learn some important tips for controlling and avoiding diabetes from an Atlantic Health System expert, see how Atlantic Health is advancing cutting-edge research, hear what’s being done to keep health care environmentally friendly and much more!

 

Maplewood Police Blotter - Two Motor Vehicle Thefts Reported, One Recovered

May 16, 2018

May 7 - Burglary; Sometime during the prior two days, entry was forced to a business on Newark Way.  The keys to a GMC van were then taken from inside the business and the van was stolen.

 

May 7 - Motor Vehicle Theft; At approximately 9:30 p.m., a Jeep left unattended and running in the parking lot of 7-11 on Irvington Ave was stolen. The vehicle was later recovered in ...

South Orange Police Blotter - More Than 10 Vehicle Burglaries Reported

South Orange Police Blotter as of May 14

Auto Theft - A Roland Ave resident reported that sometime between 10:30 pm, Thursday 5-10-18 & 7:30 am, Friday 5-11-18 actor(s) unknown stole his vehicle (2016 Mitsubishi), which was parked in his driveway of his residence at the time.

Burglary to Auto - A Vose Ave resident reported that sometime between 10:45 pm, Wednesday 5-2-18 & 8:00 ...

Annual MayFest Street Fair is this Sunday in Maplewood

May 16, 2018

MAPLEWOOD, NJ - This Sunday is the annual MayFest Street Fair celebration in Maplewood with live music, performances on two stages, and the chance to meet the artists who created the new Springfield Avenue murals, as well as to experience a "mural painting in progress," according to event organizers.

The festivities take place on Springfield Avenue on Sunday, May 20, from 11 ...

Streets in South Orange and Maplewood Part of Essex County Roadway Paving Program

SOUTH ORANGE AND MAPLEWOOD, NJ - Essex County roads in South Orange and Maplewood have been listed among the streets being paved in 2018 as part of the County Roadway Resurfacing Program, according to a press release from Essex County Executive Joseph N. DiVincenzo, Jr.

"The annual paving contract is part of the DiVincenzo Administration’s initiative to enhance safety on the ...

Upcoming Events

Sun, May 20, 10:00 AM

The Ethical Culture Society of Essex County, Maplewood

Ethical Culture Society's Annual Meeting & Family ...

Other

Wed, May 23, 12:00 PM

Temple Sharey Tefilo-Israel, South Orange

The Purposes and Rhythms of Jewish Living

Education Religions And Spirituality

Carousel_image_982bc8344531b1a37c85_par_440

Wed, May 23, 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_982bc8344531b1a37c85_par_440

Fri, May 25, 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

SURVIVING A STROKE: Quick Medical Response Gives Mom Her Life Back

Carotid artery dissection. It’s one of the most common causes of stroke in younger adults.

And while you might not associate the word “stroke” with younger patients, the condition – if not treated immediately – could lead to paralysis and even death.

Lindsey Singh can attest to the importance of immediacy. The 31-year-old mother of two from Flanders experienced ...

Uniacke Named Bridges Outreach Executive Director as Bhatt, Tulloch Announce Retirement

May 18, 2018

SUMMIT, NJ - Bridges Outreach, Inc. Executive Director Lois Bhatt and Deputy Executive Director Bethany Tulloch have announced their retirement and, effective May 29, Richard J. Uniacke will begin his tenure as the Summit-based nonprofit's new Executive Director.

Uniacke, who will become just the organization's third executive director in three decades, was ...

Bus Accident in Livingston Kills One Wednesday

LIVINGSTON, NJ - Livingston police are investigating a fatal bus accident in the township Wednesday afternoon.

The police department has confirmed a death in the accident, which occurred shortly before 1:30 p.m. near the intersection of Latham Court and South Orange Avenue.

As of 4:30 p.m., detectives were still on the scene investigating the crash. A full report has not yet been released ...

Hundreds of RWJBarnabas Health Employees Run in New Jersey Half Marathon

May 17, 2018

LONG BRANCH, NJ — RWJBarnabas Health leaders Stephen Zieniewicz, president and chief executive officer (CEO) of Saint Barnabas Medical Center in Livingston and Bill Arnold, president and CEO of Monmouth Medical Center in Long Branch were joined by 200 RWJBarnabas Health employees as they ran in the New Jersey Half Marathon on at the Jersey Shore.

The 22nd annual Novo Nordisk ...

Grand Street YMCA Building in Scotch Plains, Which Dated Back 200 Years, Razed by Developer

SCOTCH PLAINS, NJ --  The Second Baptist Church of Scotch Plains -- better known as the Grand St. YMCA (at the corner of Union), faded into Scotch Plains history when it was torn down by developers earlier this month. 

Over the course of two centuries, the building had served a church, meeting house, a school, and from 1947 until recently, it was the Grand Street YMCA. By 1971, ...

Third Annual South Orange Food Stroll & Pub Crawl is Sunday, May 20

May 19, 2018

The South Orange Food Stroll & Pub Crawl is back!

On Sunday, May 20, from 5 p.m. to 8 p.m., the South Orange Village Center Alliance hosts its third annual South Orange Food Stroll & Pub Crawl, a tasting event that showcases the diverse restaurants and unique retailers in our Village Center.

With the purchase of a wristband, you'll stroll and sample delectable bites and ...

Weekly Specials at Ashley Marketplace - May 18 to May 24

Shop Ashley Marketplace & Cafe for your everyday needs!

This week's specials are:          

Strawberry Banana Smoothie  $4.25 (Bakery)
Chicken Cutlet $7.99lb (Prep Food)
Turkey Hero $5.99 (Deli)
Juicy Juice 8pk  2/$5*
Friendly’s Ice Cream $3.99
Notre Dame Brie $6.99lb (Cheese)
Monkfish $9.99 ...

South Orange B’nai B’rith Federation House Hosts Visit from Sen. Menendez’s Legislative Counsel

South Orange B’nai B’rith Federation House (SOBBFH) hosted a visit by Rebecca Schatz, legislative counsel for Senator Robert Menendez, who toured the community and heard from residents about what it means to them personally to have affordable housing available to them. The visit provided Schatz with tangible benefits of HUD Section 202 Supporting Housing for the Elderly, a program ...