QuickBooks Online for law firms

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

Intuit corporation will release record high earnings this week that surpass stock market analysts’ expectations. The driving force is the success of QuickBooks Online, a product used by almost 4 million small businesses. The number of businesses subscribing to QuickBooks Online is growing quickly as businesses move from the desktop version, just as management predicted. […]

Federal income taxes for farmers and fishermen

Posted Leave a commentPosted in aquaculture, Farming

Most businesses are subject to quarterly estimated tax payment requirements. A failure to make these required payments on time results in a penalty. The final estimated tax payment deadline for the prior calendar year is January 15 of the current year. Many small businesses, struggling to keep up with government paperwork demands, miss the deadline […]

Five types of tax shelters

Posted Leave a commentPosted in Tax Planning, Taxes

There are five categories of tax shelters that benefit many individual U.S. taxpayers and account for most of the tax savings available to us. Four of those categories of tax shelters are potentially on the chopping block this month with Congressional tax reform discussions. This post is simply a brief overview of the five categories […]

A business cannot deduct personal auto expense

Posted Leave a commentPosted in Small Business, Taxes

Again today a business owner asked me to deduct his auto mileage expense on his business tax return. That’s not how it works! A partnership, S-Corp or C-Corp generally can not deduct the cost of personal auto expense. There are workarounds but we need to discuss and actually set it up. I covered the topic […]

Coping with loss of security in the gig economy

Posted Leave a commentPosted in Employee Benefits, self-employed

Forbes published an article yesterday on the important topic of the gig economy and, in general, the loss of financial security and employment benefits that accompanies this trend. This is a huge issue in out lives that, in my opinion, is not getting nearly the attention required by advisers like me. It is foolish for […]

Great advice from IRS

Posted Leave a commentPosted in IRS

This comes directly from an IRS email: “Offering time-saving alternatives to a telephone call, the Internal Revenue Service reminds taxpayers they can get fast answers to their refund questions by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than […]

Rest in power @1pissedPolack

Posted Leave a commentPosted in Leadership, Off-Topic, Social Media, Values, Writing

Amy Jean Wojtaszek, age 44, of Aberdeen, Maryland died this past weekend. I knew her only on Twitter as @1pissedPolack where she was a powerful activist with over 44,000 followers. I was just one of them, often amazed by her world view. But I actually cried when I read a eulogy that said “rest in […]

Employee vs contractor; more misclassification risks

Posted Leave a commentPosted in Accounting, payroll, Small Business

“Employee misclassification is a major issue. Employers who misclassify employees are failing to provide unemployment insurance and workers’ compensation. Those employers can also leave workers with large employment tax liabilities.“ This new article delivers information on even more risks. Correct handling of worker compensation is not so difficult or expensive. It doesn’t make sense to shortcut this […]

Getting your taxes filed is as easy as sending a text!

Posted Leave a commentPosted in Taxes

Clients increasingly prefer to contact me and send tax documents via text message. That’s fine. SMS text messages and attachments are considered secure for most purposes. I just want you to know that there is a more secure delivery method available if you prefer. I offer, at no charge, a secure online portal for transmitting and […]