A few years ago (pre-chicpeajc), my parents who are entrepreneurs tried to convince me that I should leave my corporate job and open my own business. My response was “Hell no.” The thought of having to manage a business from the ground up sounded daunting and just plain crazy and now, well here I am, in the thick of it. I am pretty sure every creative and small business owner I know at some point complained about doing their accounting and taxes! Can’t we just stick to the fun stuff?! The tasks we are good at? In my case writing witty captions on Instagram.
Well, we can, thanks to the Jersey City Taxman; Jon Donenfeld of JLD Tax and Accounting. Jon is an entrepreneur himself so he understands the complexity of running a small business. He invited me to his office at Indiegrove to talk about his services and he also gave me some great tips to share with my readers!! He is extremely knowledgeable and really easy to talk to. Like the coolest accountant ever! FYI- Your first consultation is free.
What’s your name? Jon Donenfeld.
What do you do? I’m the founder and president of JLD Tax and Accounting. We’re a CPA firm providing tax and accounting services to individuals and businesses throughout the metropolitan area with a priority on working with clients here in Jersey City. We actually have clients all over the country but again our focus is local.
How long have you owned your own practice? About three years, I was working as a tax accountant at a big consulting firm. On the side, I started doing tax returns for some friends and small businesses here in Jersey City. That just grew and I realized I liked that a lot more. So this past June I decided to make this my full-time job. The business has been going for three years, but this is the new full-time version.
Do you like working for yourself? I love it. Being your own boss is way better!
You have a great office in Indiegrove. Yes. This place is amazing. I live a few blocks away so it’s very convenient and there are a lot of great businesses here.
Why is your focus Jersey City? Jersey City has really taken off. With so many new businesses and new people moving here, I saw a need for quality tax and accounting services at an affordable price. The response has been amazing. People in the community really want to support their local businesses.
How many years have you been here in Jersey City? I’ve lived here for over three years.
What is your favorite Jersey City hangout spot? I love Hamilton Park! It’s right by my apartment and there is always something going on, plus I love to play basketball on the courts there.
Can you tell me a little bit more about the types of businesses and people you work with? We have clients [from] someone that just gets a W-2 to someone that has their own business or several businesses. Our clients work in a variety of industries ranging from real estate, restaurants, health and wellness to freelancers, artists [and] creative people.
Cause Creatives don’t know shit about taxes.
Taxes can really be complicated for creative people [or] freelancers. We come in and take care of their tax and accounting needs so they don’t have worry about it. It’s like a weight has been lifted once we start working with them.
So what are your rates? We start with a free consultation! Once we meet with a client we determine a fee based on the services needed and the amount of time it will take. We also provide free organizers that help our clients get their information together for tax time.
Real quick, your Top Tips on how people can save money on their taxes.
- Certain businesses in Jersey City are eligible for reduced sales tax (3.5% vs 7%) and are exempt from sales tax on certain purchases. I can’t tell you how many people I meet that are unaware of this, but it can be huge savings.
- If you’re self-employed you have until April to invest in an SEP IRA, which is a retirement plan that allows you to invest up to 25% of your self-employed income (there are other limits). So basically, you are reducing your taxes now and planning for retirement.
- Health insurance. First, if you don’t have health insurance there is a penalty so it’s important to find a plan. If you’re a freelancer [or] self-employed you may be eligible for certain tax credits. There are also tax credits available if you’re a small business owner and you provide health insurance for your employees.
- If you have children, there is a dependent care credit, so it’s important to keep track of your child care expenses and understand what expenses are eligible.
- For homeowners, there are tax credits available for making your home more energy efficient.
In short, there are a variety of things available, but a lot depends on your personal situation. That’s why it is so important to speak with a professional.
How do you differ than other tax practices? First, we are able to assist individuals and businesses with all of their tax and accounting needs. While some of our competitors may only provide tax preparation, we provide bookkeeping, QuickBooks setup, business start-up services, IRS resolution as well as a variety of other services. Second, we’re a CPA firm. A lot of tax preparers aren’t actually CPA’s and don’t have the necessary experience and qualifications to guide you. Third, one of the issues that people have with their accountant is that they only speak with them in April. We work with our clients throughout the year to help them plan ahead.
Let’s talk more about taxes, anything else you think people can do to be more prepared to get their taxes done? If you go to our website you can download our 2015 individual and business tax organizers. It goes through what you will need to prepare your return. It gives you a head start in getting your information together.
How soon should people start reaching out to you before April 15th? The sooner the better because some of the tips we mentioned are time sensitive. Planning ahead is how you save money in the long run.
Are you crazy-slammed in April? Yes, but I’m used to it now and I try and put off a lot of personal things for other parts of the year. Plus we work with most of our clients throughout the year so that helps the process go smoother.
How do people contact you? They can email us at jldonenfeld@jldtax.com, call us at 646-308-1456, or contact us through our website at www.jldtax.com.
How do you like working at Indiegrove? I love it. Working here is a great way to expand your network and grow your business. Zahra and her team do an amazing job.
Anything else you’d like people to know about you or your business? Our goal is to develop a long-term relationship with our clients. We love meeting new people and enjoy learning about the interesting things that they have going on in their lives.
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