Author: Tony Novak
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Accepting QuickBooks invitation to online accountant
Some blog post I write just for me, so that I’ll remember next time the situation comes up. If this helps another accountant, great. This is a workaround to a overly sensitive security issue that’s caught me a few times. A prospective client sends the accountant invitation through QuickBooks Online. (If you are not an…
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When do I get my tax refund?
The IRS begins accepting tax returns and processing refunds next Tuesday January 29. I can prepare and submit your tax return for e-file acceptance before then but it essentially sits in an electronic waiting list until the 29th. See tonynovak.com/taxes for information on getting started with an early tax return filing. The first tax returns…
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Forecasts are not political opinions or endorsements
A financial planner’s success in fields like taxes, healthcare planning and investments revolves around the ability to make accurate forecasts about future events. The ability to identify and analyze trends is the key to profitability. Success in forecasting is required if the expected result is to exceed industry average performance. I find that accurate forecasting…
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Getting started toward sanity in divorce planning
Getting tax and financial advice during a divorce does not need to be a complicated, expensive or difficult process. Over the years, I’ve noticed that taking the first step toward a logical approach toward tax and financial planning during a divorce is the most difficult. Yes, it is usually a long and usually painful process…
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At one month, panic is setting in as we learn what government shutdown really means
The federal government shutdown is affecting an increasing number of my small business and individual clients in ways we never expected or anticipated. All indications are that these problems will get worse before the situation gets better. I am scheduling calls this week to address contingency and emergency plans with those most affected. I don’t…
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How to refer me for income tax services
At this time of year I often receive questions like: “Do you handle individual taxes?“ “How much would it cost?“ “How do I get more information to get started?“ “Do I have to come to your office?“ YES, we welcome new individual tax clients and we make…
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Last minute 1099 preparation
At this time of year (the last 10 days of January) it is typically too late for small businesses to order the required paper forms to prepare and mail Form 1099s to avoid penalties by the January 31 deadline set by IRS. This triggers questions about whether I can do it as a stand-alone last…
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Blogging that doesn’t work
Accountant blogging doesn’t bring new clients but is useful for other reasons. We often read that business blogs are supposed to help with business marketing. They can build brand identity, familiarity, goodwill, and confidence. My marketing adviser calls this the “know, like, trust factor”. But read more and you’ll learn that technical advice blogs provided…
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Pass through income exclusion for rental properties
If you own investment real estate, maybe your taxes will be lower, or maybe not. One of the most uncertain issues of 2018 tax reporting was clarified today by IRS Notice 2019-7. This notice provides a safe harbor for determination of when a rental property is a business that qualifies for the 20% exclusion from…
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2019 in employee benefits: by the numbers
These are the numbers we commonly use in planning this year’s tax free employee benefits: 401(k) pre-tax contribution limits = $19,000 401(k) catch-up contribution limit = $6,000 IRA contribution limits = $6,000 Annual Health Savings Account contribution limit for individuals = $3,500 Health Savings Account contribution limit for family coverage = $7,000 High Deductible Health…