SBA

2016 SBA New Jersey Lender Awards | Thursday., January 26, 2017 @ 11:30am

The SBA New Jersey District Office

requests the pleasure of your company as we

honor the achievements of our lending partners at the

 

2016 SBA NEW JERSEY

LENDER AWARDS LUNCHEON

 

Thursday, January 26, 2017  |  11:30 AM to 1:30 PM

(Doors Open at 11:00 AM)

Cost: $35 per person

(Reserved Tables Available)

   

FORSGATE COUNTRY CLUB - 600x600_1298321661775-front

Forsgate Country Club

375 Forsgate Drive

Monroe Township, New Jersey 08831

 

Register

Click Here to Register or copy the below link into your Internet Browser:

https://www.eventbrite.com/e/2016-sba-new-jersey-lender-awards-tickets-29453355780

Sponsored By:

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New-Jersey-color-with-band

 


8 Small Business Tax Preparation Mistakes to Avoid

By Caron_Beesley, SBA Contributor

Tax time brings with it a sense of urgency and pressure, and mistakes inevitably follow. Tax deductions go unclaimed, paper trails go awry and costly surprises can result.

Here are eight of the most common tax preparation mistakes that small businesses make, plus some tips for mitigating them.

 

Start a business last year? Write off the expenses

New business owners can write off the expense they incurred before technically opening their doors for business. Don’t overlook this important deduction. Read more in How to Write Off the Expense of Starting your Business.

 

Car deductions

A lot of confusion exists about what constitutes a legitimate business driving deduction. SBA guest blogger Barbara Weltman clears the air in her blog “Driving for Business.” What is business driving? “When you travel from your office to see a customer or vendor, this constitutes business driving. Whether travel from your home to another location is a business trip depends. If you commute from home to your office (and back), this is a nondeductible personal expense. If, however, you work from a home office for which you claim a tax deduction, then travel from home to any business location (and back) is treated as deductible business driving.”

The mileage deduction for tax year 2014 is 56 cents per mile.

Another big mistake that business owners make is to limit their deductions to mileage. If you can prove that they are business expenses, you can also deduct other costs including gas and oil, tires, insurance, lease payments, tolls and parking fees. Read more.

 

Don’t forget the small stuff

Petty cash purchases, magazine subscriptions, educational classes and more. These “small” expenses can add up quickly. Make sure you track all your expenses and check with your tax advisor about what you can and can’t deduct.

 

Don’t exaggerate your deductions

Your accountant can ensure you don’t overdo or exaggerate your deductions – something that can raise the possibility of an IRS audit. For example, many small business owners mistakenly assume that they can deduct 100% of meal costs while traveling or client gifts. They are actually only partly deductible.

Likewise, if your expenses are a lot higher this year than last or not considered typical for your industry or business type, the IRS may get inquisitive.

 

It’s not all about the IRS

The IRS is only one piece of the tax pie; don’t forget about your other tax obligations – property, payroll, local taxes, excise tax, self-employment taxes, etc. These can all come back to bite you if you aren’t compliant in a timely manner.

 

Separate personal and business

Intermingling your personal and business bank accounts is a big cause of confusion around tax time, making it hard to track income and expenses. Furthermore, if you operate a home business, make sure you keep that space distinct and separate from the rest of the home so that you can correctly claim the home office deduction.

 

Avoid payroll mistakes

Payroll tax compliance is something that many small business owners struggle with. The financial consequences of getting it wrong aren’t pleasant either. Statistics show that approximately 40 percent of small businesses incur an average of $845 per year in IRS penalties. To make sure that your payroll taxes are deposited correctly, outsource your payroll function to a payroll company. The benefits often far outweigh the fees. Read more about the five payroll tax mistakes to avoid from Barbara Weltman.

 

Keep your records up-to-date

This is a common problem for small businesses and often leads to missed opportunities for reducing your taxable income for the year. Make sure your expenses are reconciled, tracked and supported with receipts (the IRS requires it). Spend time each week to review your accounts – receivable, payable, credit card transactions, cash flow, etc. if your business is growing, consider accounting software (which synchronizes all your financial transactions and activities in one centralized dashboard) or retain the services of an accountant.

 

Article Originally Published on SBA.gov at:

https://www.sba.gov/blogs/8-small-business-tax-preparation-mistakes-avoid

 


 

 

About the Author:

Contributor

Caron Beesley is a small business owner, a writer, and marketing communications consultant. Caron works with the SBA.gov team to promote essential government resources that help entrepreneurs and small business owners start-up, grow and succeed. Follow Caron on Twitter: @caronbeesley

SBA Disaster Loan Deadline is April 22 for New Jersey Severe Winter Snow Storm

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DISASTER NEWS

Loans for Businesses of All Sizes, Homeowners and Renters

SBA Disaster Assistance – Field Operations Center- East – 101 Marietta Street, NW, Suite 700, Atlanta, GA 30303

 


Release Date:  Mar. 22, 2016

Release Number: 16-261 NJ 14639/14640

Contact:  Michael Lampton

Phone:  (404) 331-0333

E-mail: Michael.Lampton@sba.gov

 

SBA Disaster Loan Deadline is April 22 for New Jersey Severe Winter Snow Storm

 

ATLANTA – The U.S. Small Business Administration reminds businesses of all sizes, private nonprofit organizations, homeowners, and renters in New Jersey of the deadline to submit disaster loan applications for damages caused by the severe winter snow storm on Jan. 22-24.   The deadline to submit applications for physical damage is April 22, 2016.

 

Low-interest disaster loans are available in Atlantic County and the adjacent counties of Burlington, Camden, Cape May, Cumberland, Gloucester and Ocean in New Jersey.

 

Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small aquaculture businesses and private,
nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

 

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent for homeowners and renters with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

 

Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

 

Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

 

The filing deadline to return applications for physical property damage is April 22, 2016.  The deadline to return economic injury applications is Nov. 22, 2016.

 

###

 

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.

 

Art Goetz

FEMA Region 2 External Affairs

Sandy Branch

Cell  609.508.2945

Arthur.goetz@fema.dhs.gov


Business Continuity Resources

In light of recent concerns of an increasingly strong weather pattern, we want to make sure you and your business is ready for any type of disruption.

Below are some resources to help you plan and be prepared for anything.


IMMEDIATE LOCAL ASSISTANCE

New Jersey County Office of Emergency Management Coordinators

County Access and Functional Needs Liaisons (more info here): http://www.ready.nj.gov/plan/special-needs.html

 

 


 

DISASTER RECOVERY INFORMATION

 

SBA: Disaster Cleanup

https://www.sba.gov/content/disaster-cleanup

FEMA: Disaster Assistance

http://www.fema.gov/disaster-assistance-available-fema

IRS: Disaster Assistance and Emergency Relief for Individuals and Businesses

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Disaster-Assistance-and-Emergency-Relief-for-Individuals-and-Businesses-1

 


 

 

USEFUL CHECKLISTS/ INFO

 

Basic Emergency Preparedness
http://www.ready.nj.gov/plan/kit-plan.html

Winter Weather Preparedness
http://www.agilityrecovery.com/assets/SBA/wntrweathersba.pdf

Flood Preparedness
http://www.agilityrecovery.com/assets/SBA/floodprepsba.pdf

Safe Generator Use
http://www.redcross.org/prepare/disaster/power-outage/safe-generator-use

Electrical Safety Precautions
http://publications.usa.gov/epublications/safety/precautions.htm

 

 


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