Why the changes to NJ S4202 ( employee vs contractor) are no big deal

Posted Leave a commentPosted in Accounting, Employee Benefits, New Jersey, Self-employed, Small Business, Taxes

Keep it simple: if you primarily provide your labor to someone for pay then you are an employee. If you run a licensed business, with typical business features like a business plan, advertising, business insurance, and pay business taxes then you likely work as an independent contractor. I’m aware that some people are making a […]

Address review – October 2019

Posted Leave a commentPosted in Legal, New Jersey, Pennsylvania, Self-employed, Tax Planning

For all of my adult life I’ve had more than one address. Occasionally government entities and agencies have launched investigations or made complaints about my address. I suspect this is politically motivated but I have no proof. Those government actions have accelerated lately and I anticipate more aggressive prosecutions in the future. The tension is […]

What to do if you didn’t get a tax cut

Posted Leave a commentPosted in lawyer, Self-employed, Small Business, Tax Planning, Tax shelter, Taxes

What if you work in “any trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of 1 or more of […]

Introduction to tax planning for professionals

Posted Leave a commentPosted in Law firm, lawyer, Self-employed, Small Business, Tax Planning

You didn’t benefit from the Tax Cuts and Jobs Act? Your business and personal income taxes are still way too high? Don’t give up. Plan a new approach to build tax free income and a secure financial future. I’ve helped dozens of business and professional clients increase the portion of their earnings that they keep […]

How to reduce small business labor costs (without paying employees less)

Posted Leave a commentPosted in Employee Benefits, Self-employed, Small Business

This blog post uses examples of real current small business clients. I’m taking this opportunity to reinforce that the stories and examples that I use in frequent public posts are never presented in a way that compromises the privacy or identity of the business or individual. Small business owners feel the financial pressure of overhead […]

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 […]

QuickBooks Self-employed revisited

Posted Leave a commentPosted in Accounting, QuckBooks, Self-employed, Small Business

This month I took a fresh look at QuickBooks Self-employed version. As much as I want to endorse and offer this platform for self-employed individuals, I can not. The simple reason is that Intuit does not support this product under the same platform as other QuickBooks products. I find the support to be inefficient, unprofessional […]

One QuickBooks Online account for multiple small businesses

Posted Leave a commentPosted in Accounting, QuckBooks, Self-employed

A client wants to upgrade his bookkeeping system to QuickBooks Online but was resistant to opening a separate QuickBooks account for each of his small companies. Through a fast screen share, I was able to show him how I use my own QuickBooks account to run several businesses that each report to a separate tax […]

The most important tax tip of the year

Posted Leave a commentPosted in Accounting, Self-employed, Small Business, Tax Planning, Taxes

Take advantage of the most generous part of the Tax Cuts and Jobs Act, known as Section 199A by; 1) Exploring whether your business CAN benefit, and 2) Settling protocol to make sure that your business DOES qualify based on the 184 pages of proposed regulations just released this month. The important thing is to […]