Get Ready for 2025: Essential Updates and Best Practices
As the year winds down, it’s time to tie up loose ends and prepare your business for a successful 2025. Here are some critical updates and reminders to keep you on track:
- Preparing and Filing 1099s for 2024
If you’ve paid independent contractors $600 or more this year, you must file Form 1099-NEC by January 31, 2025. Start gathering contractor information now to avoid last-minute rushes and double-check details like Taxpayer Identification Numbers (TINs) to prevent filing errors.
For more information visit the IRS.Gov website here.
- NJ Minimum Wage Increases (Effective January 1, 2025)
- Most employers: Increase from $15.13 to $15.49 per hour
- Tipped employees: Increase from $5.26 with a $9.87 tip credit to $5.62 per hour with a $9.87 tip credit
- Seasonal and small employers (fewer than six employees): Increase from $13.73 to $14.53 per hour
- Agricultural employees: Increase from $12.81 to $13.40 per hour
- Long-term facility staff: Increase from $18.13 to $18.49 per hour
For more information visit the NJ.Gov website here.
- NJ Tax Rates for 2025
| Tax | 2024 Rate | 2024 Maximum Wages | 2025 Rate | 2025 Maximum Wages |
| NJ Disability Insurance | 0% | 0.23% | $165,400.00 | |
| Family Leave Insurance | 0.09% | $161,400.00 | 0.33% | $165,400.00 |
| Unemployment Insurance | 0.425% | $42,300.00 | 0.425% | $43,300.00 |
For more information visit the NJ.Gov website here.
Make sure your payroll systems are updated to reflect the above changes.
Here’s to a Prosperous 2025!
We’re dedicated to helping your business thrive in 2025. We become an extension of you and your company so we can work together to find the right ways to increase efficiency, cut costs, and free up your time to concentrate on revenue-producing activities.
Let’s make the most of the new year—contact us today to schedule a Complimentary Consultation and discuss how we can support your financial goals.
Wishing you a joyful holiday season and a strong start to 2025!
