Husband and wife partnerships are complicated

Posted Leave a commentPosted in Accounting, Small Business, Taxes

I’m talking taxes here, not relationship advice. I’m the last person who should be giving advice on marital relationships. Unfortunately, I might not be much help on the tax and legal issues either. The best I hope to accomplish in this blog post is to list some of the issues, in bullet format, that should be […]

Quickbooks pricing revisited

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

I can save businesses $500+. But should I? Quickbooks remains by far the most popular small business accounting platform capturing about 4 in 5 businesses in this market. The services I most commonly work with – accounting, taxes, banking services, financial planning, payroll and benefits – often stem from this core accounting system. Over the […]

More Q&As on the Qualified Small Employer Health Reimbursement Arrangement (QSERHA)

Posted Leave a commentPosted in Employee Benefits, Health Insurance, Small Business

I normally offer a free mini-consultation by telephone for prospective clients1. This allows us to get to know each other, prove that value provided will exceed the costs incurred, and lower risks of misunderstanding and miscommunication. But this week I had trouble connecting with a small business owner in California so we agreed to a […]

Five reasons to not extend your business tax return due date

Posted Leave a commentPosted in Accounting, Small Business, Tax Planning

As a tax planner and an advocate of automated accounting systems, I’ve said many times that preparation of the tax return is the least important and certainly least valuable service that I provide. I’ve used the phrasing, even over the objections of tax preparers, that the business tax return should almost effortlessly “fall out” of […]

Alternative Investments: Now More Than Ever

Posted Leave a commentPosted in 401(k), Financial Planning, Investment, Small Business

I’m convinced that most people don’t know about vast array of alternative investment options available to them including through tax-advantaged individual retirement accounts. Consider the broad environment of alternative investments that we face today: We’ve been brainwashed1 to think that alternative investments are not safe while investments in the US securities markets are safer. Financial […]

How will the Philadelphia Eagles Superbowl win affect your small business?

Posted Leave a commentPosted in Small Business

The Philadelphia Eagles won the Superbowl last night and I suspect that is a good thing for our region’s economy. I have a small accounting business just west of Philadelphia and a small aquaculture business south of Philadelphia (covered in the Philly Daily News in the photo). This morning I am considering the Superbowl win […]

Unreimbursed partnership expenses revisited

Posted Leave a commentPosted in Accounting, Employee Benefits, Law firm, Small Business, Tax Planning

The Tax Cuts and Jobs Act triggers changes to the tax treatment of unreimbursed partnership expenses for 2018. Partnerships should revisit their policies to ensure that partners and employees maximize tax savings under the new law. Under former law a partner could deduct the expenses of the partnership on his or her individual income tax […]

The sad state of my small business telephone system

Posted Leave a commentPosted in Small Business, technoogy

I’m reviewing and looking for suggestions on the best setup for a small business phone system. The stature of the telephone as a business tool has fallen dramatically in status and usefulness in my business career. I remember being one of the early adapters of cellular technology in the late 1980s and early 1990s that […]