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Tax Planning guides

Tax planning guides for individuals and small and mid-sized business owners: entity choice, estimated taxes, deductions and what to do before year end. Need it handled for you? See our tax planning services.

LLC tax advantages one-page guide. An LLC is a state legal structure, not a tax status. By default a one-owner LLC is taxed like a sole proprietor on Schedule C and a two-plus-owner LLC like a partnership on Form 1065. Self-employment tax is 15.3 percent on 92.35 percent of profit either way: about 8,478 dollars on 60,000 dollars of profit. Real advantages: choose your tax status (Form 8832 or Form 2553, due March 15, 2027 for a January 1, 2027 S corp start), pass-through taxation, and the qualified business income deduction of up to 20 percent. Fees: New Jersey annual report 75 dollars; New Jersey partnership filing fee 150 dollars per owner for 3 or more owners; New York IT-204-LL filing fee 25 to 4,500 dollars; NYC unincorporated business tax 4 percent.
Tax Planning · Nov 11, 2026

What Is an LLC and What Are Its Tax Advantages? (2026)

LLC tax advantages explained: how an LLC is taxed by default, why it doesn't cut self-employment tax alone, when an S corp helps, and NJ and NY fees.

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Keep-handy guide: can I deduct my home internet for business in 2026. Self-employed people and single-member LLC owners can deduct the business-use percentage of their home internet on Schedule C; the personal part is not deductible. A separate internet plan used only for the business is fully a business expense. Example: an $80 monthly bill is $960 a year; at 40 percent business use the deduction is $384. W-2 employees generally cannot deduct unreimbursed work expenses on the federal return; New York itemizers may claim them on Form IT-196 above 2 percent of income; New Jersey does not allow employee business expenses. Four steps: pick a reasonable method, log use for a few typical weeks, keep the bills and the log, and use the same method each year. Simplified home office method: 5 dollars per square foot up to 300 square feet, which replaces actual home utilities. Dates: January 15, 2027 fourth 2026 estimated payment; April 15, 2027 2026 Form 1040 due.
Tax Planning · Nov 8, 2026

Can I Deduct My Home Internet for Business? 2026 Rules

Can I deduct my home internet for business? Yes, the business-use share if you're self-employed. How to figure it, W-2 employee limits, NJ and NY rules.

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Keep-handy guide: how much do you have to make on a 1099 to file taxes for 2026 income. The rule: file a federal return if net earnings from self-employment are $400 or more, which is about $434 of profit after expenses, even if you owe no income tax. Not the rule: the $2,000 Form 1099-NEC threshold for 2026 payments and the $20,000 and 200 transactions Form 1099-K threshold only decide whether a payer sends a form. All income is reportable with or without a 1099. Self-employment tax is 15.3 percent on 92.35 percent of net earnings; example: $10,000 of profit means about $1,413 of self-employment tax. Dates: January 15, 2027 fourth 2026 estimated payment; February 1, 2027 Form 1099-NEC due from payers; April 15, 2027 Form 1040 with Schedule C and Schedule SE due. Estimated payments are generally needed if you expect to owe $1,000 or more federally, more than $400 in New Jersey, or $300 or more in New York State.
Tax Planning · Nov 6, 2026

How Much Do You Have to Make on a 1099 to File Taxes in 2026?

How much do you have to make on a 1099 to file taxes? $400 of net self-employment earnings. Why the $2,000 1099 rule doesn't decide it, plus 2026 dates.

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Decision chart: which IRS form to collect from an overseas contractor. Step 1, is the person a US citizen or US resident? Yes: collect Form W-9 and file Form 1099-NEC if you paid $2,000 or more in 2026, due Feb. 1, 2027. No: collect Form W-8BEN from an individual or Form W-8BEN-E from a foreign company. Step 2, where is the work done? Entirely outside the US: foreign-source income, so generally no 1099-NEC, no 30% withholding and no Form 1042-S. Any work done in the US: US-source income, 30% withholding unless a treaty exemption applies (Form 8233), reported on Form 1042-S. Records to keep: signed contract, invoices, proof of payment, the W-8 or W-9 on file, and where the work was performed. A W-8BEN generally stays valid until the end of the third calendar year after it is signed.
Tax Planning · Oct 30, 2026

Hiring Overseas Contractors: W-8BEN vs. W-9, 1099 Rules and the Real Tax Picture (2026)

Hiring overseas contractors to cut costs? Collect a W-8BEN, not a W-9. When a 1099 or 30% withholding applies, what you can deduct and the records to keep.

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2026 small business write-off cheat sheet. Home office: $5 per square foot up to 300 square feet, so $1,500 at most with the simplified method. Car: 72.5 cents a mile Jan. 1 to June 30 and 76 cents July 1 to Dec. 31, 2026, never commuting. Business meals 50%, entertainment 0%, meals for staff at the office 0% from 2026. Client gifts $25 per person. Equipment: $2,500 per item small-purchase rule, Section 179 up to $2,560,000, 100% bonus depreciation. Contractors: Form 1099-NEC at $2,000 or more. Proof to keep: receipt, proof of payment, business purpose, mileage log. Keep most records 3 years after filing, payroll records at least 4 years, and asset records until 3 years after the return for the year you sell.
Tax Planning · Oct 30, 2026

Small Business Tax Write-Offs for 2026: What Counts, What's Limited and the Proof to Keep

Small business tax write-offs for 2026: what counts, what's limited (meals 50%, mileage, home office) and the receipts and logs to keep before Dec. 31.

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2027 Social Security wage base cheat sheet for the self-employed: $192,300 cap (up from $184,500), 12.4% Social Security plus 2.9% Medicare on 92.35% of net profit, up to $967.20 more Social Security tax, worked examples at $80,000 and $240,000 of net profit and a W-2 plus side business, and key dates Jan. 1 and April 15, 2027
Tax Planning · Oct 29, 2026

2027 Social Security Wage Base: $192,300 and What Self-Employed People Pay

The 2027 Social Security wage base is $192,300, up from $184,500. What it means for self-employment tax, side gigs and 2027 estimates, with worked numbers.

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LLC taxed as an S corp one-page guide. File Form 2553 by March 15, 2027 for a January 1, 2027 start, or any time in 2026. Requirements: domestic entity, 100 or fewer shareholders, no nonresident alien shareholders, one class of stock. What changes: owner wages on payroll, a Form 1120-S due March 15, and a state S corporation return. Rough example: $120,000 profit with $60,000 reasonable salary saves about $7,800 in employment tax before added costs.
Tax Planning · Oct 26, 2026

How to Have Your LLC Taxed as an S Corp: Form 2553 Guide

LLC taxed as an S corp: who qualifies, the Form 2553 deadline (March 15, 2027 for a Jan. 1, 2027 start), reasonable pay and New Jersey and New York rules.

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Schedule C for single-member LLCs and sole proprietors, one-page guide. Who files: sole proprietors, single-member LLCs with no corporate election, and statutory employees. Key dates for 2026 returns: fourth 2026 estimated tax payment January 15, 2027; 1099-NEC to contractors paid $2,000 or more by February 1, 2027; Form 1040 with Schedule C and Schedule SE due April 15, 2027, or October 15, 2027 with Form 4868. Self-employment tax is 15.3 percent on 92.35 percent of net profit once net earnings reach $400. Deductions to track: 2026 standard mileage rate 72.5 cents per mile January to June and 76 cents July to December; home office simplified method $5 per square foot up to 300 square feet; qualified business income deduction up to 20 percent.
Tax Planning · Oct 23, 2026

Schedule C for Single-Member LLCs and Sole Proprietors

What the Schedule C tax form is, who files it, the April 15, 2027 due date, 15.3% self-employment tax, and the deductions single-member LLCs miss.

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Form 1120-S and S corp distributions one-page guide. Due dates for 2026 returns: March 15, 2027 for Form 1120-S, September 15, 2027 with Form 7004, New Jersey CBT-100S April 15, 2027, New York CT-3-S March 15, 2027. Late penalty $260 per shareholder per month, up to 12 months. How distributions are taxed: not taxed up to stock basis, capital gain above basis, reasonable wages must be paid first, wages carry payroll tax and distributions do not.
Tax Planning · Oct 20, 2026

Form 1120-S and S Corp Distributions: How They're Taxed

Form 1120-S in plain English: who files, the March 15, 2027 due date, how S corp distributions are taxed, reasonable pay and the $260 per shareholder late penalty.

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Adoption tax credit at a glance. 2025: up to $17,280 per child, up to $5,000 refundable, phases out between $259,190 and $299,190 of income. 2026: up to $17,670 per child, up to $5,120 refundable, phases out between $265,080 and $305,080. Automatic refunds: for 2025 returns with 2020 to 2024 carryforwards, no amended return needed, notice within about 30 days, most done by year-end.
Tax Planning · Oct 19, 2026

Adoption Tax Credit Refund 2026: IRS Sending Automatic Refunds

Adoption tax credit refund 2026: the IRS is sending automatic refunds to 50,000+ families with 2020-2024 carryforwards. No amended return needed. What to check.

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SALT cap 2026 cheat sheet: $40,400 limit ($20,200 married filing separately), cut by 30% of income over $505,000 down to a $10,000 floor; worked examples at $300,000, $555,000 and $620,000 of income; key dates Dec. 31, 2026, Jan. 1, 2027 and March 15, 2027 for NJ BAIT and NY PTET elections
Tax Planning · Oct 15, 2026

SALT Cap 2026: The $40,400 Limit and the NJ and NY PTE Tax Fix

SALT cap 2026: you can deduct up to $40,400 in state and local taxes, less above $505,000 of income. Year-end moves plus the NJ BAIT and NY PTET workaround.

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Year-end tax calendar: Oct. 15, 2026 extended returns and SEP-IRA; Dec. 31, 2026 charity, tuition prepayment, 529, RMD and 401(k) deferrals; Jan. 15, 2027 fourth-quarter estimated tax; April 15, 2027 IRA, HSA and new Solo 401(k) deadline
Tax Planning · Oct 12, 2026

Year-End Tax Planning 2026: 4 Dates That Can Still Lower Your Tax Bill

Year-end tax planning 2026 in four dates: Oct. 15, Dec. 31, Jan. 15 and April 15. What to do by each one, with 2026 IRA, HSA and 401(k) limits.

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Key numbers and a four-point checklist for the federal scholarship tax credit starting Jan. 1, 2027: $1,700 per person, $3,400 for joint filers, five-year carryforward, 30 participating states, and the New Jersey status
Tax Planning · Oct 12, 2026

Federal Scholarship Tax Credit 2027: The New $1,700 Credit Explained

The federal scholarship tax credit starts Jan. 1, 2027: up to $1,700 per person for cash gifts to approved scholarship groups. Who qualifies, which states, and NJ.

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Comparison chart of Section 179 and 100% bonus depreciation for 2026 with limits, year-end checklist and New Jersey differences
Tax Planning · Oct 9, 2026

Section 179 vs. Bonus Depreciation for 2026: Year-End Equipment Guide

Section 179 deduction 2026 limit is $2.56M and 100% bonus depreciation is back. How to write off equipment by Dec. 31, which to use, and the NJ catch.

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