Help Center & FAQs

The best structure depends on your tax goals and asset protection needs. For most small businesses in NJ, an LLC (Limited Liability Company) is ideal because it protects your personal assets from business liabilities without the double taxation of a large corporation.

To register an LLC in NJ, you must file a Certificate of Formation online with the NJ Division of Revenue, appoint a registered agent, pay the state fee, and obtain a federal EIN. Our team handles this entire process to ensure you start in full compliance.

A standard LLC is a pass-through entity where you pay self-employment tax (15.3%) on all net profits. By electing S-Corp status, you can pay yourself a 'reasonable salary' with withholdings and receive the rest as distributions free of self-employment tax.

The EIN is issued by the IRS and is required to open business bank accounts, hire staff, and file business taxes. As part of our business formation packages, we obtain your EIN from the IRS immediately.

Yes, any foreign national or non-resident can legally open an LLC or Corporation in New Jersey. You do not need a Social Security Number (SSN); it can be done using an ITIN. At Audicont Consulting, we specialize in assisting international and immigrant entrepreneurs.

Bookkeeping is the daily recording and classification of all financial transactions (sales, purchases, payments). Accounting takes that data to analyze the financial health of the business, prepare balance sheets, and design tax strategies to reduce liability.

Outsourcing your bookkeeping saves you valuable time, prevents costly mistakes, and ensures compliance with IRS guidelines. Doing it yourself often leads to reconciliation errors and missed tax deductions.

You should review three key reports: the Profit and Loss (P&L) statement to see net profits, the Balance Sheet to track assets and liabilities, and the Cash Flow statement to monitor cash. We prepare and explain these reports monthly.

Having your books reconciled monthly makes tax filing fast and cost-effective. It prevents last-minute rush charges and ensures all business deductions are properly documented in case of audits.

Generally, you must file taxes if your gross income exceeds the standard deduction for your filing status (single, married, head of household) or if you have self-employment income (1099) of over $400 a year.

You need valid IDs (SSN or ITIN), income statements (W-2 for employment, 1099 for contract work), health insurance forms (1095), and deduction receipts like mortgage interest, donations, or tuition fees.

By reviewing and applying all available tax credits (child tax credits, dependent care, earned income tax credit) and deduction categories. We analyze your tax profile to ensure no benefits are missed.

It depends on its tax classification. A single-member LLC files on the owner's personal return (Schedule C). A multi-member LLC files a partnership return (Form 1065) and distributes K-1s. If elected as an S-Corp, it files a corporate return (Form 1120-S).

By optimizing business expenses (meals, vehicles, home office), applying accelerated depreciation on equipment (Section 179), and planning salary vs. distribution structures through an S-Corp election.

A W-2 employee works under your direct supervision, uses your equipment, and has payroll taxes withheld from their paycheck. A 1099 contractor is an independent business that provides their own tools, sets their own schedule, and pays their own taxes.

Employers pay the employer share of Social Security (6.2%) and Medicare (1.45%) under FICA, federal unemployment tax (FUTA), and NJ state unemployment (SUTA) and disability taxes. We calculate and submit all of them for you.

A notary public is a state-commissioned official authorized to act as an impartial witness to the signing of important documents, verify the identity of the signers to prevent fraud, and administer oaths.

You must bring the complete document unsigned (you must sign it in the notary's presence) and a valid, government-issued photo ID (passport, driver's license, or state ID).

An ITIN is a tax processing number issued by the IRS for individuals who do not have and are not eligible for a Social Security Number. It allows you to file taxes, open bank accounts, and register business LLCs legally.

Not if you work with an authorized preparer. We verify your passport in person at our office and submit certified copies to the IRS, protecting your original document from being lost in the mail.

Term life insurance covers you for a fixed period (e.g., 10, 20, or 30 years) and pays only if you pass away during that term. Whole life is permanent, covers you for life, and builds a cash value that grows with tax advantages.

Self-employed individuals can open retirement plans with excellent tax deduction benefits, such as a SEP IRA or a Solo 401(k). These allow you to reduce your business taxable income while saving for your future.

Yes, Newark imposes a local payroll tax of 1.0% on the gross payroll paid to employees for services performed within the city. Businesses must file and pay this tax quarterly to the Newark Division of Tax.

We serve the **Newark, NJ 07104** area. We provide in-person services by appointment at our office in Newark, or virtually/remotely for your convenience. Call us at +1 (862) 306-5473.