Author: Tony Novak
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My web site updated for 2022
Last night and this morning I reviewed, edited and updated all of the 46 pages on my web site. This does not include the blog posts section that total about 2,000, compiled from various sources since the middle 1990s. But it does include details to address the causes of business model failures we incurred this…
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After the fact payroll and defined contribution plans: the late December rush to save taxes
The two hottest small business tax planning topics in these final days of any year are: after-the-fact payroll, and defined contribution employee benefits. What this means is that simply by dating and documenting actions taken before December 31, the business and business owner can lock in valuable tax benefits. While some corrective or mediating action may…
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How bad tax advice tripped millions of investors
“Good tax advice may appear to be expensive, but it’s not as costly as blowing up your IRA” -WSJ What’s the easiest way to lose half of your retirement assets to IRS taxes and penalties? Follow the most popular social media tax and investment advice. Investors who lose tax court cases find that cultural norms…
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Avoiding SALT tax deduction limitation
Yesterday a financial advice column in NJ.com carried a Q&A from a guy who contemplated leaving New Jersey and moving to Florida because he could not deduct all of his state and local taxes. The post went methodically through all the pros and cons and associated calculations of the question posed. But it missed the…
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Reflections on 2021 business
As we wind down this year, I can say unequivocally that I’ve learned more during this period than any other time of my life. Financial results – I had the lowest gross income of my 40 year career, yet made big progress in paying off all consumer debt, improving my credit score (that was dinged…
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Which version of QuickBooks for 2022
Self employed version not endorsed In general, we work with and endorse any of the online QuickBooks versions except the self-employed version. That’s a shame because the self-employed version is the most affordable, ranging from $5 to $15 per month depending on your sign-up promotion. You may use this version and find it perfect for…
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What to do when we find fraud
Accountants are trained to detect fraud. We are not taught what to do when we find it. Peer coaching can help. Accountants are trained to be aware of the possibility of fraud even if we are not looking for it. Some, including CPAs and forensic accountants, are trained in the skills required to detect it.…
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Beware false security in duplicate health benefit plans
A reminder for health benefits enrollment season: Enrolling in two overlapping health plans will increase total premium cost but may not increase the amount of coverage. Current trends seem to indicate that more individuals are enrolling in duplicate health plans. This can happen when two spouses enroll for family coverage under two different employer plans,…
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The toughest year for tax planning
Year end tax saving work for small business owners often involves compensation and benefits planning. Compensation and benefits planning has been at the core of my solo practice for 25+ years, especially since my 1995 graduation from Villanova Law that has an excellent program for this area of practice in their MT program. But the…
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Millville CPA Announces $50,000 in Free Accounting Support to Community
Tony Novak CPA is pleased to announce exciting changes to nonprofit and micro-business accounting services for 2022. We all know that 2021 was a year that triggered us to reevaluate our internal business practices and adapt to cope with the new realities of the business world. This past year our firm was overwhelmed with the…