Quick Answer
Small business owners in Howell, Farmingdale, Freehold, Colts Neck, Wall and Jackson usually need to handle New Jersey sales tax, the state annual report, quarterly estimated taxes and payroll filings. Our Farmingdale office at 39 Main Street works with local owners on all of these.
New Jersey sales tax
New Jersey's sales tax rate is 6.625%. Many services are taxable in New Jersey, not just products, so contractors, landscapers and repair businesses should confirm what they charge tax on. Sales tax returns are filed on a schedule set by the state.
Annual report for LLCs and corporations
Every New Jersey LLC and corporation files an annual report with the state to stay in good standing. Missing it can lead to revocation, which causes problems with banks and contracts.
Estimated taxes
Owners of pass through businesses (LLCs, S corporations, sole proprietors) generally pay federal and New Jersey estimated taxes quarterly, since no employer withholds for them. New Jersey also offers an elective pass through business tax that can matter for federal SALT planning.
Common local situations
- Contractors working jobs in both New Jersey and New York
- Seasonal shore businesses with uneven income
- Family businesses deciding between LLC and S corporation status
- First year owners who never set aside money for taxes
This is general information. Talk with a preparer about your own business before acting.
Keep reading
Questions about your own situation? Book an appointment with the My Tax Fella team.