Author: Tony Novak
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What does “repeal Obamacare” really mean?
Republicans have shouted about repealing Obamacare for the past six years. The war chants grew even louder since the November election. Now that the Republican Congressional leadership actually has the ability to defund and repeal the health care law they despise, almost all of the discussion in the news this month is about the features of…
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College Pro Bookkeepers
CPA-supervised college students handle remote accounting with great advantages to small business owners. In 1971 a college student named Greig Clark founded College Pro Painters, giving other college students a chance to pay for their schooling and to secure post-graduation careers. I recall that their story was part of the early advertising message and I…
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Would your church or synagogue benefit from a financial tune-up?
Yesterday I finished an engagement setting up a high performance accounting system for a local religious congregation with more than 1,000 members. My total fee was $1,650. The work took about 90 days because of required coordination with the bank and other software systems. They now has a reliable online accounting, verified membership list, automated…
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Tax tip to prevent identiy theft
If you are a small business person operating as a sole proprietor, LLC or partnership then the IRS requires you to provide your business name and address and tax ID along with an attestation statement to anyone who pays you more than $600 during the year. The tax form used to provide this information of…
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Beware ‘house flipping’ sellers
I read an accountant’s story of a client who purchased a $40,000 “house flipper plan” through a seminar buy hasn’t flipped a house yet. I’m guessing that 2017 isn’t looking too good for that strategy. The business has no income, only losses. Now it it time to file the first tax return and the client…
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Warning to small businesses about 1099 filing requirements
Facebook Live video added. Based on a handful of disturbing conversations and online exchanges over the past two days, I feel compelled to send this message to my small business clients: “This year the Internal Revenue Service has moved forward the deadline for filing information returns for payments that businesses made in 2016 to its contractors. Form…
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Scoreboard: Radical Republicans – 0, Concerned Citizens – 1
Anyone who doesn’t believe that outspoken citizens can make a difference remember today, the first day of the new 2017 Congressional session. I’ve been clear for the past month that my leadership plan this year is to draw attention to feeble policies and unacceptable individual actions for the purpose of emboldening leadership to oppose the stated…
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Easy Button for Small Business Accounting
Forty percent of small business owners said that dealing with bookkeeping and taxes are the single worst parts of owning a company according to a survey conducted by SCORE. Yesterday I spent two hours showing a small business client how to automate most bookkeeping tasks and save thousands of dollars on bookkeeping costs. I introduced our session…
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Have you outgrown your tax preparer?
Fast, cheap, personal, secure online tax filing service. Request a free tax organizer and personal online tax document portal. [contact-form-7 id=”4556″ title=”Boilerplate Contact”]
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My most popular tax planning blog posts in December 2016
I had four tax planning blog posts draw more than 200 unique viewers in the month of December 2016. The average number of viewers is about 50 for the total pool of 38 blog posts I made last month so the 200 viewer figure is statistically significant as an indicator that something is working better than…