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What kind of tax deductions can you use in a small business in New Jersey?
Wiki User
∙ 16y ago
NJ businesses can use the same deductions allowed for the federal government, with a few exceptions. Depreciation may have to be computed differently, and state income taxes are not deductible. It is important to remember that NJ minimum corporate tax is now based on gross sales, so even if a corporation has a loss there may still be up to $2K owed. For sole proprietorships and flow-through entities, NJ does not allow losses to be claimed in the NJ personal income tax return.
Wiki User
∙ 16y ago
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What kind of tax credit can I get for my small business?
The IRS provides a list of Business Tax Credit forms at www.irs.gov/businesses/small/article/0,,id=99839,00.html The legal webpage Nolo offers some top tax deductions for small businesses as - auto expenses, utilities, advertising, office supplies, repairs, education expenses, outstanding debts for goods sold, entertaining, travel, new equipment, interest, moving expenses, software, charity contributions, and taxes. Business.gov also offers a list of Small Business deductions at www.business.gov/finance/taxes/business-income/tax-deductions.html
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There are a 5 main areas for tax deductions relating to cars according to experts. The 5 areas are general business use, depreciation of a vehicle, miles driven for business,sales taxes on vehicles sold before January 2010 and leasing a business vehicle.
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Please take a look at the related links section of this question for some great small business ideas.
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