"Welcome to my personal web site. I am a Philadelphia-based accountant with 30 years of experience focused on providing online services to professionals and small business owners throughout the U.S. I specialize in compensation and benefits planning and have run several small businesses handling everything from bookkeeping to strategic planning.
Comments, inquiries and feedback are always welcome."
Legal tax shelters are available to everyone who takes the time to consider the options available and builds smart tax planning into their overall financial plan. The most commonly used legal income tax shelter strategies fall into one of five categories:
1) business organization,
2) accounting practices,
3) retirement plans,
4) real estate,
5) executive benefits.
Schedule an easy flat fee consultation now to identify and explore the strategies that may have the best impact in your unique situation.
Tens of thousands of small businesses like yours are caught owing unnecessary excise tax penalties for 2015 simply because they did not modify their employee health plans in time to meet new 2015 regulations under the Affordable Care Act. The excise tax penalty is $100 for each covered employee per day. Don't allow your firm to be one of the victims! Act now to avoid this harsh tax penalty. See these two blog posts for more information:
Let me handle the entire response. It is important to contact me as soon as possible to prepare a timely response. Please have a copy of the audit letter and your tax return available.
If you are not getting accurate, timely and reliable information about your business, talk with me about how to utilize new technology to cut costs and improve results. Many online accounting and financial service providers offer discounted rates or extended free trials for new accounts referred by a CPA who has worked with the firm. Ask about how deals for QuickBooks, Vend, Balance and others can improve the work flow and profitability of your business.
Smart business owners and their advisers are increasingly turning to tax planning to address the loss of tax deductions and the increased wage and income tax costs brought on by the Affordable Care act and other changes. There is no patent solution that applies to every small business. Every business is unique and needs to weight the cost saving options in light of its own financial situation. Tony Novak's list of hot topics for small business was included in the July 2014 edition of New Jersey CPA magazine. An article "Top ten easy tax shelters" is meant to provide ideas for discussion.
Want to know how much accountants charge to prepare income tax returns? See the new national survey results for 2013. Also, it makes sense to compare the cost of DIY services with the risk of missed deductions or errors. For some, it makes sense to do your own but at higher income levels it always makes sense to use a third party preparer. Keep in mind these are averages rates of all tax preparers in the U.S. I'd prefer to see clients spend less spent on tax preparation and more on tax strategy and financial planning so that is usually reflected in my own pricing.
The complete PowerPoint presentation for the New Jersey Society of Certified Public Accountants Webinar delivered November 4, 2013 to reporters and CPA members is available for reference or download.
There are two ways to avoid the new ACA Medicare tax that would otherwise cost average upper middle class taxpayer an additional $2,000 per year. The first way is to avoid triggering the tax at all. These tax strategies are most effective if planning starts well in advance. The second approach is to minimize the basis of the tax assessment after it is triggered. It is important to know where you fall under the new tax law. A tax review and planning session is the best way to know for sure. This can be done in person, by telephone or via video conference (Skype, Google+, Facetime).
Opinions expressed are the solely those of the author and do not represent the position of any other person, company or entity mentioned in the article. Information is from sources believed to be reliable but cannot be guaranteed. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues or a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. Tony Novak operates as an independent adviser under the trademarks "Freedom Benefits", "OnlineAdviser" and "OnlineNavigator" but is not a representative, agent, broker, producer or navigator for any securities broker dealer firm, federal or state health insurance marketplace or qualified health plan carrier. He has no financial position in any stocks mentioned. Novak does work as an accountant, agent, adviser, writer, consultant, marketer, reviewer, endorser, producer, lead generator or referrer to other companies including the companies listed in the articles on this web site.