Democrat or Republican: still a dangerous fraudster

Posted Leave a commentPosted in Leadership, New Jersey, News and Politics

I supported Van Drew back when Trump was a Democrat fraudster. Now Trump’s a much more dangerous Republican fraudster. Fraud is still fraud. This is not about party politics. Dear Congressman Van Drew: You wrote in a fundraising letter that we “are fixated on one thing and one thing only. Bringing down Donald Trump. I […]

The risks of being a data-driven decision maker

Posted Leave a commentPosted in Education, News and Politics, Values

Lately I notice that my ability to piss people off is on the rise. This well-honed irritating behavior targets all groups: Democrats, Republicans, conservatives, liberals, environmentalists, capitalists, politicians, community groups, Christians, Jews and atheists have all been offended by my work. Yet, on closer look, I see that it is the collective social response that […]

Benefit of 401(k) tax credit for small business that start 401(k) plans

Posted Leave a commentPosted in 401(k), Retirement, Small Business, Tax Planning

My brother John Novak, a well established 401(k) expert, shared some calculations that he made for his own clients illustrating the impact of the SECURE act tax credit for small businesses that want to start a 401(k) plan. This is the first analysis of this type that I’ve seen using “real life” 401(k) plan fees […]

Income tax preparation services for 2019 returns

Posted Leave a commentPosted in Accounting, Taxes

CPA tax preparation services completed the easy, affordable and efficient way! This post covers: Why use a CPA Timing Pricing Communication How to Get started Certified Public Accountants in private practice, like me, offer a high level of service for the preparation and filing of annual income tax returns. We handle a small number of […]

3 IRS tax forms that you may need in 2020

Posted Leave a commentPosted in IRS, Taxes

Most of us file taxes electronically without any need for paper forms. However, paper forms are allowed in most cases and may be useful. Here are three downloadable and printable IRS forms from cpapracticeadvisor that may be useful now: 2019 Form 1040 for individual income tax filing 2019 Form W2 for reporting wages paid 2020 […]

Big tax savings for New Jersey small businesses

Posted Leave a commentPosted in Accounting, Small Business, Taxes

Today New Jersey Governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act. This new law allows flow-through businesses in New Jersey to elect to pay income taxes at the entity level instead of at the personal income tax level. Since there is no limit on deductions on the federal level for […]

Update on Gig Workers

Posted Leave a commentPosted in News and Politics, Payroll, Small Business, Tax Planning

The evolving saga of “employee vs contractor”, from the small business employer’s perspective, means that you should  revisit the conversation for business planning purposes now. Background In case you’ve been so engrossed with other headlines that you haven’t read any business news: the world of independent contractors, so-called “gig workers” is facing rapid and dramatic […]