There are many facets to doing business as a Contractor these days. The Contractors State License Board has a laundry list of regulations to follow just so you can do what you love doing. But there are also so many other laws that come into play. City alcohol license, County license, State license, Fictitious business name, Sellers permit, the EDD, Franchise Tax Board and the list goes on.
Every cloud has a silver lining. Although New Jersey boasts the highest real estate taxes in the country, they do not tax social security or military pensions. They also keep groceries, medicine and clothing exempt from the sales tax. This state might still stay on your best states to retire in radar when it is mentioned thatit also allows residents 62+ with incomes of $100,000 or less to exclude up to $15,000 ($20,000 for married couples filing jointly) of pensions, annuities and IRA withdrawals.
When I first started my online business, I really didn’t have anyone else to talk with about it. My friends, while supportive and sweet, didn’t “get” what I was trying to do and of course couldn’t offer advice.
CTEC classes If you have not owned a home in the past 3 years, you are seen as a first time homebuyer. You are eligible for a tax credit of up to five percent the value of the purchase price of the home. The maximum is $10 000 which will be dispersed in increments over 3 years. For instance, if your credit is $10 000, you should be paid $3,333 annually.
CTEC approved provider The way the homebuyer tax credit basically works is you will earn the credit when you file your state income tax. This is completely separate from any Federal incentives. When you file taxes the credit will be applied for that year up to three years.
As you might imagine, local retailers think this is a tad unfair. Maybe they are right. Maybe they aren’t. Up to now, however, no state has been able to come up with a way to force Amazon and other big retailers into collecting and paying the taxes. There are laws on the books from the 1970s related to catalog sales that hold that such companies do not have to deal with sales taxes if they don’t have a physical presence in the states in question. Up to now, this standard has been applied to the web as well.
CTEC courses The Problem: This is going to create CHAOS…phone calls and emails will begin flooding in and will be routed to whomever you listed as the “contact.” Hope it wasn’t the CFO. Many of the recipients of these letters will be placed in a state of utter confusion. However, once they realize this is about money, they suddenly need it immediately.
Many of us dream to live in our own home, and it is not a cheap endeavor as long-term loans are needed to pay for a house. Many different opportunities are given by the government to help relieve this burden. They provide this tax credit as well as grants to ease the amount of the loan taken.