Taxes for ministers: Summary of federal income tax planning issues

Posted Leave a commentPosted in Payroll, Self-employed, Tax Planning, Taxes

Planning the federal income tax treatment for ministers1 must consider several topics that are unique to ministers. Employee status A minister is considered an employee under the common law rules and yet payments for services as a minister are considered income from self employment pursuant to IRC §§ 1402(c ) and 3121(b)(8). This is the […]

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 […]

Tax services fees in 2019 (for 2018 tax returns)

Posted 4 CommentsPosted in Self-employed, Taxes

In 2020 ( for 2019 tax returns) I adopted a new business model that includes income tax return preparation as one of a bundle of services designed to streamline your compliance requirements and improve overall financial performance. Pricing is based on a monthly fee rather than a transactional fee, starting at $100 for individuals and […]