South Jersey Biz January 2015 Our Vice President, L. Scott Elwell, MST, EA is currently featured in the January, 2015 edition of South Jersey Biz Magazine. The article features predictions from local industry leaders on what 2015 has in store for the South Jersey business world. Here is a copy of the article as well as […]
Congress retroactively extends tax breaks for your 2014 Tax Return
In its final session of the year, Congress extended a long list of tax breaks that had expired, retroactive to the beginning of 2014. But the reprieve is only temporary. The extensions granted in the Tax Increase Prevention Act of 2014 remain in effect through December 31, 2014. For these tax breaks to survive beyond […]
Not all “income” is taxable
There are several sources of revenue that are not subject to income tax. Here are the most common sources of money that are not taxed on your federal income tax return: Borrowed money such as from banks or personal loans. Money received as a gift or inheritance from family or friends. Money paid on your […]
Does your business make use of your financial statements?
Many small business owners pay too little attention to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement. Think of them this way. The Balance Sheet […]
Business Accounting Systems, P.C. named 2014 Small Business Award for Payroll Services
We are pleased to announce that Business Accounting Systems, P.C. has been named Best in Payroll Services, from the 2014 Small Business Awards, named by South Jersey Biz Magazine. Click here for the list of 30 businesses who are recipients of the Small Business Awards this year: http://www.southjerseybiz.net/articles/?articleID=950 Congratulations to our fellow winners – and […]
Year-End Tax Strategies for Businesses
YEAR-END TAX STRATEGIES FOR BUSINESSES Gift shares of stock to family members who are in a low tax bracket before declaring a dividend, as part of a larger plan to shift ownership of the business to younger family members. The owners of pass-through entities, such as S corporations and partnerships, have the income taxed on […]