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Information about the Federal Economic Impact Payment – Stimulus Check
Economic Impact Payments (stimulus payments) are issued by the federal government to help ease the economic burden created by COVID-19. These stimulus payments are not subject to Income Tax in New Jersey and should not be reported on your New Jersey Income Tax return.
New Jersey cannot provide any information about the amount, eligibility, or when you may receive a payment. Please visit the IRS website for more information on stimulus payments.
2nd Quarter Estimated Payments Still Due on June 15, 2020
2nd Quarter Estimated Payments Still Due on June 15, 2020
Estimated tax payments for the 2nd quarter are still due on June 15 for both Income Tax and Corporation Business Tax taxpayers. Any 2nd quarter payments made after June 15 will be considered late and may be subject to interest charges. Only estimated payments originally due on April 15 have been extended to July 15, 2020.
Self- Employment (Net Profits From Business)
If you provide a service, own a business, or own and run a farm, you are self-employed. Self-employment income is reported as Net Profits From Business on your New Jersey Income Tax return.
Some examples of self-employment include:
Hairdressers;
Landscapers;
Child care providers;
Contractors; and
Gig workers.
Examples of gig work include:
Ride sharing;
Freelancing;
Digital marketing & search engine optimization;
Consulting; and
Renting and selling property.
Be sure to maintain business records throughout the year if you plan to claim a NJEITC. You must be able to prove you earn income to claim this credit.
Business records can include:
Your Sales Tax Certificate of Authority;
Your business license, permit, or certificate. (Cosmetology and Hairstyling License or a Home Repair Contractor License issued by the New Jersey Division of Consumer Affairs)
Your website address;
Books, records, or ledgers showing expenses paid (such as supplies) as well as business income earned. Documents that support the entries in the records submitted. For example, cash register receipts, bank statements, invoices, credit card bill statements, etc.;
Any 1099-MISC statements;
Copies of bank statements in the business’s name;
Proof of business advertising.
If you are not able to produce adequate business records, we may not be able to approve a NJEITC.
Division of Taxation
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