Month: April 2016
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The sorry state of small business employee benefits
Why are small business employee benefit plans such a mess? This introductory explanation is offered by professional education provider CEU: “The vast majority of jobs in the United States are created by small companies that have fewer than two hundred employees. That market segment is the focus of this course, those small companies that are…
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What I learned this tax season
Tax season is always an educational experience for me and I suspect that I’ll write at least a few blog posts on what I learned this year. But one issue jumped out as the most startling issue. I noticed how many married taxpayers filing joint returns actually act like two taxpayers filing individual returns. I…
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3 out of top 20 business schools in Pennsylvania
It is great to see three Pennsylvania business schools listed in the top 20 ranking by this year’s Bloomberg survey. Villanova #1, Penn #16, and Penn State #19. I am blessed to have family or community connections with all three. http://www.bloomberg.com/features/2016-best-undergrad-business-schools/.
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Winding down the tax season
I have less than 10 tax returns to compete or put on extension, my own included. In all cases these are ones where I’m waiting for information and will probably need to just make some guesses to get the extensions filed. My main job today is making calls and emails that say: “If I do…
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A better way to take a home office deduction
IRS and state tax authorities allow taxpayers to deduct expenses for areas of their home used exclusively for a home office. But there are downsides and risks to taking the deduction. Those disadvantages include: Part of the sales price of the home may eventually become taxable (most home sales are otherwise non-taxable) Detailed accounting records…
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Concerns for the regional remodeling industry?
The National Association of the Remodeling Industry (NARI) announced the winners of its highly regarded Contractor of the Year awards in 37 project categories. I noticed that none of the awards were issued to contractors of homes on the east coast metropolitan region. This is quite different from when I was president of the local…
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Professional tax filing by cell phone
Need professional help with taxes? Just text 856-723-0294 for instructions for filing by cell phone for as little as $30 for simple returns.
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Tax deductible employee business expenses
The basics of an often-misunderstood tax topic If you are an employee with expenses related to your job, these expenses are not taxable income. If your employer reimburses these expenses separately from your wages then these amounts are not taxed and you need to take no further action. But if the amounts were included in your…
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CPAs’ role in the political process
Within the next few weeks I expect to be involved in the filming of a video by the New Jersey Society of CPAs about the importance of CPAs’ legislative involvement. Here is the Illinois version of the same topic: https://www.youtube.com/watch?v=lB_eKQlri-o. While I’m not the filmmaker and am not in any position of charge of the…
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The worst of residential real estate performance
I’ve been negative on residential real estate as a financial asset for at least the past 12 years but that’s perhaps mostly because I’ve personally taken such a beating in suburban Philadelphia and along the bayshore region in south Jersey. Ten years ago in 2006 this historic (c 1901) stone home in Bala Cynwyd on the…