Take Advantage of Being Self-Employed | Accounting Services New Jersey

When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of tax breaks:

• Build up your retirement funds. When you’re self-employed, you’re allowed to set up a retirement plan for your business. Remember, contributing to a retirement plan is one of the best tax shelters available to you during your working years.Take a look at the SIMPLE IRA, SEP IRA, or Solo 401(k), and determine which plan works best for you.

• Employ your kids. If your business is unincorporated, hiring your child under the age of 18 might make sense. That’s because your child’s earnings are exempt from Social Security, Medicare,and federal unemployment taxes. This year, your son or daughter can earn as much as $12,000 and owe no income taxes. You get to deduct the wages paid as a business expense.

• Deduct health insurance. Are you paying your own medical or dental insurance? How about long-term care insurance? As a self-employed individual, you may be able to deduct 100 percent of the cost of these premiums, subject to certain restrictions.

• Save on business-use items. Self-employed individuals can also deduct ‘mixed-use’ items directly against their business income. Use your car for business and you can deduct 54.5¢ per business mile driven. And if you meet the strict requirements, claiming the home office deduction makes a portion of your home expenses tax-deductible.

Please schedule a meeting with our team to find out more about the tax breaks available to self-employed individuals. http://www.bas-pc.com/schedule.

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2018 Executive of the Year | Bookkeeping services NJ

We are charmed to declare that our own L. Scott Elwell has been perceived as a "2018 Executive of the Year" by South Jersey Biz. Scott has been positioned one of twenty-two pioneers who exceed expectations in molding the eventual fate of business in South Jersey. This accomplishment is such a respect and our group couldn't be increasingly glad! Congrats, Scott!

The following is Scott's component from South Jersey BIZ, Issue #11. Peruse progressively about the acknowledgment here .

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About Us : 

BAS is a Public Accounting Firm that has been providing excellence in servicing the accounting, payroll, and tax needs of businesses.

Business Accounting Systems, P.C., is a South Jersey Public Accounting Firm located in West Deptford, New Jersey that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area.

Countless businesses throughout the Tri-State area depend on BAS to handle all of their business accounting, payroll, and tax needs.

We encourage you to schedule a free, no obligation introductory call with us today to see how All-Inclusive Accounting can help your successful business truly excel.

About Our Firm

BAS is a South Jersey Public Accounting Firm that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area since 1971.

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Have you considered these year-end speculation moves?

As the year's end approaches, investigate your venture portfolio. There might be some duty sparing procedures worth considering. Look at the accompanying zones:

Wash deals. Considering moving a security before Dec. 31 to exploit a capital loss?To ensure the misfortune is deductible, forgo purchasing a generously indistinguishable security amid the 61-day time span that starts 30 days before you move and finishes 30 days after.

Useless stocks. For capital misfortune purposes, securities with no esteem are treated as though you sold them on the most recent day of the year. Your misfortune is commonly equivalent to your cost.If you need to deduct useless securities on your 2018 return, you'll have to demonstrate the security ended up useless amid the year and that it genuinely has no esteem. Not certain you can meet those prerequisites? Moving before year-end might be a possibility for you.

Stock gifts. Giving acknowledged stock to philanthropy gives you a chance to evade capital increases assessment and guarantee a beneficent reasoning.

So as to deduct the gift on your 2018 restore, the blessing must be finished. For authentications you embrace and present straightforwardly, the date of mailing or other conveyance is viewed as the date of the blessing. At the point when your intermediary or the issuing organization handles the exchange, the blessing is finished when the stock is titled to the philanthropy.

If it's not too much trouble plan a gathering for more direction in your year-end impose audit: http://www.bas-pc.com/schedule.

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How to Use a Minimize Rent and Storage Costs

For some small businesses, office lease and inventory storage costs are seen as settled. In any case, are such costs really inflexible? In many cases, no.

Since lease and capacity costs regularly establish a critical bit of a business' aggregate cost spending plan, inventive proprietors who discover approaches to limit those expenses may receive significant benefits. Consider the accompanying inquiries when attempting to shave some cash off your lease and capacity costs:

1. Lease — Is it negotiable? On the off chance that your business is situated in a region with empty places of business, you may appreciate a solid haggling position. Open up arrangements, particularly in case you're nearing the finish of a rent term.

In the event that your organization is battling, consider giving your landowner a chance to peruse your company's budget summaries, clarifying that a decrease in lease would empower your business to endure and thrive. A renegotiated rent assention may likewise accommodate an impermanent lease decrease in return for expanded installments when deals begin climbing.

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Protect Your Privacy in 5 Simple Steps

Do you use a smart phone, tablet, or desktop computer to connect with friends and make purchases, as well as share health concerns with your doctor? If so, your privacy may be at risk.
Companies called “data brokers” routinely compile information about your habits and preferences, including your favorite brands, recreational pursuits, and credit habits. Data brokers use this information to create profiles and scoring models, which are then sold to retailers, advertisers, and other organizations.

Although much of this activity is legitimate and may even help you snag a good deal, being careful when sharing personal information is always a smart choice. Here are suggestions on how to do so:

• Think twice about what you share on social media.At best, data-mining companies may scour your profile to create a consumer file that’s sold to marketers. At worst, fraudsters may use your posts to steal your identity or break into your house when you’re on vacation. This doesn’t mean you have to close all your social medial accounts. Instead, be cognizant of the level of detail you share about your life and your loved ones.

• Be wary of free Wi-Fi.Some retailers use cell phone networks to keep track of the aisles you visit in their stores. Your local coffee shop might have a free — but unsecured — network. By logging on, you may unwittingly provide access to private information on your laptop or phone.Use your own network or hotspot if you need to get online and want a secure way to do so.

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