Straight Talk CPA - Blog

Do You Qualify For Tax Credits?   Posted by: Salim Omar

A refundable tax credit is a credit that can reduce your tax liability below zero, in turn creating a refund for you.  Hence, the term, refundable credit (a refund of the credit).  If the refundable credit amount is larger…

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Is Canceled Debt Taxable?   Posted by: Salim Omar

What exactly is canceled debt and how does canceled debt affect taxes? Let’s first answer what canceled debt is and then we will delve into how canceled debt can affect your tax situation.  In brief…. Canceled Debt is debt…

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5 Question to Ask Before Choosing a CPA For Your Business   Posted by: Salim Omar

It’s widely known that death and taxes are the two “certainties” in life. Yes, I know, death can be a gloomy topic but its certain that one day, you and I will have to exit planet Earth. The second…

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Sales Tax Nexus; Does it Exist For Your Business?   Posted by: Salim Omar

What does the term nexus really mean?  While the term nexus relates to several different matters, herein, we’re going to focus on nexus as it relates to sales tax.  In brief, sales tax nexus means that if an out…

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Beware; Employment Taxes   Posted by: Salim Omar

If you’re a business owner and have employees, you already are aware that there is a mandatory requirement to timely pay employment taxes. But what exactly are employment taxes? Employment taxes are withheld federal income tax, withheld social security…

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Independent Contractor or Employee? How to Tell.   Posted by: Salim Omar

If you hire someone who is receiving compensation for the work they do for you, they are considered either an employee or an independent contractor.  Independent contractors are self-employed and if paid more than $600 during the year, will…

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Avoid These Tax Return Mistakes   Posted by: Salim Omar

Avoid These Tax Return Mistakes Every year there are tax return mistakes…shocker, I know. But with the participation on social media and professionals striving to engage and educate their audience, many of these mistakes can be avoided because they…

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To Keep or Not To Keep Your Business Documents.   Posted by: Salim Omar

How Long Should You Keep Your Business Documents? The so-called “three-year law” is the federal law that requires you to maintain copies of your tax returns and supporting documents for three years. Some people automatically dispose of documents after…

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Salim Omar is on TV!   Posted by: Salim Omar

When I got to the office this morning after my Business Breakthroughs’ Networking Breakfast, my office manager had some really exciting news . . . “Salim, News 12 NJ called and they want to come over to the office…

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New Jersey Minimum Wage Increase 2018   Posted by: Salim Omar

Pursuant to Article 1, Paragraph 23, of the New Jersey Constitution, and N.J.A.C. 12:56-3.1(b), effective January 1, 2018, the State minimum hour wage rate increased from $8.44 to $8.60. The increase is a 1.9 percent (rounded to the nearest penny)…

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