When does it make sense to prepare your own tax return?

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If your income is less than $66,000 then it is easy to file your tax return on your own. This service is free and available online. See these resources for details. Early indications I’ve read from comments by other tax accountants of the promised ‘post card return’ indicate that this approach would result in a […]

How the new tax law affects NJ commercial fishing and aquaculture

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New Jersey’s seafood producing companies that can generally be classified as growers or harvesters(1). The Tax Cuts and Jobs Act offers an opportunity for tax savings to all pass-through businesses, and we expect that many of our seafood producers will qualify for this 20% income exclusion provision. In addition, the new tax law contains a provision for […]

LIFT (Livable Incomes for Families Today) the Middle Class Act

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California Senator Kamala Harris, ranked as one of the top 2020 possible presidential candidates, proposed repealing the 2017 tax reform law and replacing it with a $6,000 tax credit or direct payment to middle-class and poor individuals and families. After reading the press release from a Harris’ office, I felt that this plan made more sense than […]

HRA for a sole proprietor business

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This podcast discusses the two main issues controlling a Health Reimbursement Arrangement in a sole proprietorship. Spoiler alert: it is possible but there are no income tax benefits for the business owner so it rarely makes sense to do as a ‘stand alone’ strategy. Other strategies used in combination with a HRA are usually preferred. […]

Capital gains indexing overview

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The Treasury Department’s current proposal to index cap gains would certainly save a lot of money for some people. News coverage refers to the proposal as “Tax Cuts 2.0”. This single proposal would cut federal income taxes by $102 billion over the next decade. 86% of the savings would go to top 1% wealthiest people. […]

Accountant’s letter

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Please read this if you are required to provide a letter from a Certified Public Accountant. I am pleased to provide accountant’s letters for various purposes. It may be a verification for litigation support or another type of legal proceeding, a bank loan or employment issue. The American Institute of Certified Public Accountants calls this an “Agreed-Upon Procedure” […]

Sample accounting services engagement agreement

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This is a sample high-value agreement for small business accounting services that incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised July 22, 2018).  Contents: A) Communications B) Work Process C) Fees D) After End of Agreement E) Miscellaneous Provisions Thank you for choosing me […]