Running a business without a plan is likely to result in one's company being run into the ground. Flying by the seat of one's pants may not help produce the successful business one wants. So business planning is essential, as many company owners in New Jersey know, but it is not the only planning one should do. Tax planning or the failure to do so can also make or break a business.
Many people in New Jersey have family members -- children or adults -- residing in their homes, who have special needs. These individuals pay and sacrifice a lot to care for these family members. With careful tax planning, it is possible for them to save a bit, reduce costs and limit their tax liabilities.
When going through the estate planning process, it is normal to want to protect beneficiaries from experiencing a significant tax burden when they inherit the estate. Tax planning for both estate and inheritance taxes can go a long way in ensuring one's assets go to whom they are intended and not to Uncle Sam. This week, this column will give a basic overview of how estate and inheritance taxes work in the state of New Jersey.
Being a small business owner in New Jersey, or elsewhere for that matter, is not easy. Those who are have to work extremely hard to keep their companies up and running. One thing that can help small business owners do this is tax planning.
Taxes, taxes and more taxes. Whether one resides in New Jersey or elsewhere, taxes are a big part of life. The only way to escape taxes is through death, but even then one's family may be left holding the bag, so to speak. This is where tax planning comes into play. With a carefully thought-out tax plan in place, one may be able to reduce one's tax liability, which can be beneficial now and into the future.