Desi Talk

DESI TALK October 15, 2021 27 ACCOUNTANTS/CPA TEJAS S. KAPADIA, ESQ. Waldwick, NJ 07463 201-632-1529 tejas@kapadialaw.com Real Estate, Business, Wills (Estate Planning), Immigration & General Law, Practicing in New York & New Jersey. Enrolled Agent with IRS. 07/31-07/23/21-sd SINGH & SHAH Accounting and Tax Preperation for individual & Businesses. 270-01 Hillside Avenue, New Hyde Park, NY 11040 www.singhandshah.com (718) 343 4343 06/26/20 - 06/25/21 HEMISH S. KAPADIA, CPA, EA, MBA, MS SUSHIL T. KAPADIA, CPA, EA, ACA Enrolled Agent with IRS, Certified Public Accountant, Chartered Accountant, Former Tax Auditor & Assistant to Income Tax Commissioner - NYC. 38+ years in practice. Tel: (201) 444-4648 07/31-07/23/21-sd ANJAY ACCOUNTAX SERVICE NJ LLC Harish Hathiwala, CPA Specializing in Small Businesses New Business Set Up Service Hotel-Motel-Property Management Accounting, Auditing, Income Tax, Peer Review Individual • Business • Corporation Jersey City: (201) 656-2000 NY City: (212) 714-1988 Central Jersey: (908) 837-9030 Orlando: (407) 403-6582 04/17/20 To 05/05/21-sd ASTROLOGY International Famed Astrologer Any work possible by vedic Pooja/ Astrological Consultion (201) 420-6750/6259 Acharya Laxmikant Sharma 06/19/20-11/20/20-SH DEGREE EVALUATION Foreign degree evaluation. US/Canadian Immigration help, Help for Citizenship, Sponsorship available for professionals, All languages translation. Call 718-445-2790 www.degreeevaluation.com 03/15/19-03/20/20-SH College Admission in USA EDUCATION 005/22-08/14-SH PEAK PERFORMANCE SAT ACT Prep Free Consultation! Dr. Brad Walfield Med School Graduate Certified Teacher Tutor Since 1998 I’ve Helped Improve The Official SAT & ACT Prep Guides! 1.888.343.9776 www.myPEAKscore.com VIDEO PHOTOGRAPHY 10/15-11/04/22-sd PROFESSIONAL Photography & Video for All occasions Vandan Patel (Paliyadwala) Cherry Hill, NJ 08003 Call (856) 264-6005 (C) www.dipvandan.com Email: dipvandan@yahoo.com To advertise Call: 212-675-7515 Parikh Consulting & Advisors LLC Accounting & Tax Consultants Bookkeeping Services Payroll & Sales Tax Services Individual & Business Tax Returns Federal & State Representation New Business Set Up Nirav Parikh, Enrolled Agent, NTPI Fellow 1 Meadowlands Plaza, Suite 249, East Rutherford, NJ 07073 Tel: (201) 340-2740 Cell: (201) 893-8732 Fax: (201) 817-1374 Email: nirav@parikhllc.com Website: www.parikhllc.com 11/20-05/21-SH ACCOUNTANTS/CPA We Specialize In: ● Accounting & Bookkeeping ● Sales Tax & Payroll tax ● Business startup services ● Income Tax Preparation for Individual & Business ● IRS problems & Representations ● Payroll Services ● Developing & Implementing Business models ● Non-profit Taxes & 501C(3) approvals ● Financial Statement preparation & Attestation To get 20% OFF Ajay Kumar, CPA, MBA EAST BRUNSWICK OFFICE 1 Auer Court, 2nd Floor, East Brunswick, NJ 08816 Phone: 908-888-8901 Fax: 908-888-8909 For new customers only MONROE TWP OFFICE 5 Villa Farm Circle Monroe Twp, NJ 08831 Phone: 908-380-6876 Fax: 908-368-8638 www.saicpaservices.com | akumar@saicpaservices.com MUSIC Calderone School of Music ESTABLISHED 1975 NJRegisteredProfessionalProvider Private Lessons on All Instruments and Virtual Lessons. East Hanover (973) 428-0405 Springfield (973) 467-4688 www.calderoneschoolofmusic.com 041321—04152022(SL) BUSINESS/SERVICES DIRECTORY BAIT Taxes (SALT Workaround Approved by IRS) T he Business Alternative Income Tax (BAIT Tax) was passed to give pass-through entities (Partnerships, LLC and S-Corp) busi- ness owners a workaround to the SALT $10K cap on state and local tax deductions imposed by the Tax Cuts and Jobs Act. This helps business owners mit- igate the negative impact of the federal SALT deduction cap. It’s estimated to save New Jersey business own- ers almost $400 million an- nually and it won’t cost the state anything because it’s revenue- neutral for the state. The bill allows the business owners to pay a business alternative income tax (BAIT) and receive a refundable tax credit against their own personal in- come tax liability i.e. effectively treat- ing the state tax obligation as a business expense. Effective for tax years beginning on or after January 1, 2020, the legislation gives the state’s S-corporations, part- nerships, and limited liability compa- nies (with more than one member) the option to elect a pass-through entity tax rate between 5.675% and 10.9% based on pass-through income. The members then receive a credit against their gross income tax equal to each member’s share of distribu- tive proceeds paid by the pass-through entity. The tax rate is determined by the fol- lowing thresholds: Single-member limited li- ability companies and sole proprietorships may not elect to pay the Pass-Through Business Alternative Income Tax. I would like to emphasize that each person’s situa- tion is different so it’s important to fully consider your specific situation before deciding what sort of expenses you can claim. For more information, please check: h t t p s : / / www. i r s . g o v / p u b / i r s - drop/n-20-75.pdf By Ajay Kumar, CPA, MBA Ajay Kumar, CPA, MBA To advertise Call: 212-675-7515

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