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 […]

IRS issued more guidance on wage tax withholding

Posted Leave a commentPosted in payroll, Small Business, Tax Planning, Taxes

Yesterday the IRS issued more guidance on wage tax withholding rules in response to changes triggered by the Tax Cuts and Jobs Act.  Notice 2018-14 provides guidance to both individual taxpayers and employers on tax withholding requirements for wages. One of the most significant changes is the default rate of withholding on bonuses or supplemental wages is […]

Tax savings with accountable plans

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

The Tax Cuts and Jobs Act snuck up on many of us. Suddenly in January 2018 tens of millions of Americans are denied a range of tax deductions that have been part of our personal and business financial culture for more than a lifetime. While most taxpayers will see a decrease in taxes, some of us […]

3 steps to perfect small business bookkeeping

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

Small business bookkeeping in a perfect world would involve three steps: STEP 1: Enter transactions as they occur by the person actually making the transaction. For example, you stop to buy gasoline. You snap a photo of the receipt on your cell phone and enter the transaction on your mobile phone accounting app. Later you […]