Starting and Operating a Business in New Jersey

Starting and Operating a Business in New Jersey (July 2023 Edition) thoroughly covers federal tax and business laws as well as New Jersey laws and taxes that are generally applicable to new and small businesses and is a comprehensive tax and legal guidebook for New Jersey small businesses. The author, a retired tax attorney and CPA and a Harvard Law graduate, provides a detailed but easy to read explanation of the "ground rules" a small business owner needs to know to navigate successfully through the complex maze of federal and New Jersey tax and business laws and regulations.. Federal tax laws that apply to small businesses are analyzed and explained, showing how you can benefit from recent beneficial changes (and avoid the new pitfalls), in order to structure your small business and operate it so as to best reduce taxes and also comply with numerous non-tax regulations.. Federal taxes and laws are fully updated to 2023 in this edition, including 2023 federal tax rates and brackets, 2023 retirement plan limitations, and other 2023 inflation-indexed items of the tax law.. Federal tax and legal coverage includes individual and corporate income, self-employment, estate, gift, and excise taxes, payroll taxes, withholding taxes; the new Corporate Transparency Act that will apply ONLY to small businesses; the Americans with Disabilities Act; environmental laws; minimum wage/overtime and child labor laws; anti-discrimination and health care reform laws that apply to employers; immigration laws affecting hiring; OSHA job safety compliance; ERISA (employee benefits) compliance; the Family and Medical Leave Act rules (and how to earn the family leave tax credit); mail order sales and telemarketing regulations; Internet taxation and regulation; and much more.. NEW JERSEY LAWS AND TAXES: This edition is updated fully for 2023 state tax and business law changes, including recent changes in the child labor laws regarding working hours for 16- and 17-year-olds, frequency of required work breaks for minors, and parental consent for work permits; new severance pay requirement for mass layoffs; increases in the state minimum wage; and other recent state labor law changes. New Jersey tax and legal coverage includes the New Jersey Gross Income Tax, state corporate income and/or franchise taxes, annual minimum taxes on S corporations, New Jersey sales and use, property, and unemployment taxes, the temporary disability insurance (TDI) tax on employers, withholding of employment taxes (Family Leave Insurance and worker's share of unemployment tax and TDI), and other state and local business taxes; state fair employment laws, which differ from federal; basics of the New Jersey minimum wage, overtime, and child labor laws; mandatory workers' compensation insurance; new hires reporting; unpaid family leave law; wage payment requirements; when/if registration of fictitious business names (trade names) is required; and much more.. OTHER IMPORTANT INFORMATION AND ADVICE: In addition to extensive, up-to-date coverage of federal and New Jersey business laws and taxes, you will also find a gold mine of other useful information and advice for running your business. An entire chapter, with diagrams, is devoted to site selection for your business; also covered is how to choose accounting methods and tax year-end; do's and don'ts when buying an existing business, acquiring a franchise, or signing a lease; pros and cons of corporations, LLCs, LLPs, and other business entities. Other chapters deal with subjects such as how to protect your assets from creditors; incorporation in a state other than New Jersey; when to classify workers as either employees or independent contractors; advice about joining a multilevel marketing program; exporting tips; cash flow management and fraud detection; and estate planning, to name some of the covered topics.