Author: Tony Novak
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Bait and switch warning for tax refund loans
Tax refund loans were always a bad idea but this year appears to be worse. Some companies stepped up their advertising this year with claims of large loan approval amounts. But now some tax preparers who use these services report that the majority of cases they submit are approved for only $500 refund even if…
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New Jersey ‘Use Tax’
Many people here don’t know that New Jersey has a Use Tax. Use Tax is owed by New Jersey residents and businesses that buy products out of state, online, or via the mail, and then bring the products to New Jersey or have them shipped here. The Use Tax is the same 6.625% as the…
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Democrat or Republican: still a dangerous fraudster
I supported Van Drew back when Trump was a Democrat fraudster. Now Trump’s a much more dangerous Republican fraudster. Fraud is still fraud. This is not about party politics. Dear Congressman Van Drew: You wrote in a fundraising letter that we “are fixated on one thing and one thing only. Bringing down Donald Trump. I…
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The risks of being a data-driven decision maker
Lately I notice that my ability to piss people off is on the rise. This well-honed irritating behavior targets all groups: Democrats, Republicans, conservatives, liberals, environmentalists, capitalists, politicians, community groups, Christians, Jews and atheists have all been offended by my work. Yet, on closer look, I see that it is the collective social response that…
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Benefit of 401(k) tax credit for small business that start 401(k) plans
My brother John Novak, a well established 401(k) expert, shared some calculations that he made for his own clients illustrating the impact of the SECURE act tax credit for small businesses that want to start a 401(k) plan. This is the first analysis of this type that I’ve seen using “real life” 401(k) plan fees…
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Income tax preparation services for 2019 returns
CPA tax preparation services completed the easy, affordable and efficient way! This post covers: Why use a CPA Timing Pricing Communication How to Get started Certified Public Accountants in private practice, like me, offer a high level of service for the preparation and filing of annual income tax returns. We handle a small number of…
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3 IRS tax forms that you may need in 2020
Most of us file taxes electronically without any need for paper forms. However, paper forms are allowed in most cases and may be useful. Here are three downloadable and printable IRS forms from cpapracticeadvisor that may be useful now: 2019 Form 1040 for individual income tax filing 2019 Form W2 for reporting wages paid 2020…
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Big tax savings for New Jersey small businesses
Today New Jersey Governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act. This new law allows flow-through businesses in New Jersey to elect to pay income taxes at the entity level instead of at the personal income tax level. Since there is no limit on deductions on the federal level for…
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Update on Gig Workers
The evolving saga of “employee vs contractor”, from the small business employer’s perspective, means that you should revisit the conversation for business planning purposes now. Background In case you’ve been so engrossed with other headlines that you haven’t read any business news: the world of independent contractors, so-called “gig workers” is facing rapid and dramatic…
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TurboTax is great! but…
The most common question I get this time of year is “Hey Tony, I was wondering how much you charge to do taxes? I usually use TurboTax but …”. In the ‘old days’ at my former firm I used to just politely decline these requests without offering explanation. But over time I realized that I’m…