Changes to Tony Novak CPA business practices for 2019

Posted Leave a commentPosted in Accounting, payroll, Tax Planning

***DRAFT VERSION *** This post is meant for peer advisor discussion purposes only at this time. I expect to make these five changes to improve client services in 2019. The changes apply to my core client group, local law firms, as well as other individual, small business and nonprofit clients.   1) Payroll Services Complete […]

Why are so many paying higher income taxes this year?

Posted Leave a commentPosted in Financial Planning, News and Politics, Tax Planning

65% of taxpayers will pay less federal income tax in 2018. Only 6.5% will pay more (1). This isn’t news. We’ve known for months and had reliable sources of data to back this up. The problem is that many of the people in this 6.5% don’t seem to know. That means that they did they […]

2019 Tax Saving Checklist for Attorneys

Posted Leave a commentPosted in 401(k), Employee Benefits, Law firm, Tax Planning

Forecast 2019 taxes now based on 2018 year-to-date results. (If you don’t have 2018 YTD then we really need to talk). Use a Health Reimbursement Arrangement (HRA) for tax-free payments of out-of-pocket expenses Use a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) for insurance assistance Add a Health Savings Account (HSA) for long term health […]

Five factors that put you at greatest risk of higher income taxes

Posted 1 CommentPosted in Tax Planning, Taxes

Most people across the country will have lower federal income taxes in 2018 than in 2017. But that’s not true of my core group of clients in the Philadelphia and New Jersey area. This blog post list the characteristics that put a taxpayer at highest risk of facing a higher tax bill this coming spring. […]

A fresh look at RMDs

Posted Leave a commentPosted in Financial Planning, Retirement, Tax Planning

Background Required Minimum Distributions (RMDs) are a common topic of focus in personal financial planning. This is nothing new. I first published this blog post titled “IRAs and the Retirement Income Myth” based on 2005 and 2006 data. The underlying big picture issue is the split in needs between the “haves” and “have-nots”: Relatively few […]

Invest Like a Venture Capitalist

Posted Leave a commentPosted in aquaculture, Banking, Crowdfunding, Farming, Financial Planning, Tax Planning

One of the most overlooked tax savings strategies is to avoid federal income taxes on large capital gains. Allowing investments to grow tax free over decades can result in tremendous growth in wealth and is one of the most reliable paths to a tax-free retirement. This tax-free capital gain tax strategy is employed by almost […]

Turn employee health expenses into tax savings

Posted Leave a commentPosted in Employee Benefits, Health Insurance, Tax Planning

Small business employers who do not offer an employee health plan are missing out on valuable tax savings. These small firms may be understandably nervous about offering employee health benefits. Less than half of small firms even try. We’ve heard about high costs of medical care and health insurance that rise year after year. This cab be […]

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 […]

Biggest tax news of the year: 30 million will owe IRS this spring

Posted Leave a commentPosted in Financial Planning, Tax Planning, Taxes

The biggest tax news of the year came out buried inside the pages of a report issued last month by the General Accounting Office. I call this the ‘biggest news’ because it adversely affects almost 30 million people. The people most likely to be affected are upper middle income taxpayers – in other words, my […]