Author: Tony Novak
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Taxes for ministers: Summary of federal income tax planning issues
Planning the federal income tax treatment for ministers1 must consider several topics that are unique to ministers. Employee status A minister is considered an employee under the common law rules and yet payments for services as a minister are considered income from self employment pursuant to IRC §§ 1402(c ) and 3121(b)(8). This is the…
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Grateful for New Jersey Christmas trees
New Jersey is home to hundreds of small farms that grow Christmas trees. Most are small family-run business operations. Together, these farms cover 4,600 acres that produce 69,000 Christmas trees every year. Overall, this small but important industry generates about $3.5 million annual revenue each December. Most of these farms invite families to come out…
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Six things I can’t believe that you are not using yet
As we end the decade, I look around with amazement at the general lack of regard for online security. I don’t know if people don’t know the risks, underestimate the risks, object to the cost, simply don’t care, or possibly there is some other reason. I would have presumed that most people would have adopted…
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My small contribution to helping the world get back on track in 2020
Sometime early in this millenium I navigated to a path as a progressive environmental activist. I went from a young man in the Young Republicans Club with a background in animal science (now recognized as an environmentally unsustainable field), driving fast sports cars and boats to a mature guy focused on restorative aquaculture and renewable…
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South Jersey takes another political hit
For my entire adult life, I recall neighbors and politicians complaining that South Jersey does not get the political attention or support that we deserve, based on our population and financial contributions to New Jersey. One way of improving this, of course, is to build stronger “grass roots” political leaders to represent us in Trenton…
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Small Pennsylvania hospital story illustrates the need for reform
The worst of our healthcare system – and actually our entire economy – is illustrated in this news story of Ellwood City Hospital near Pittsburg, Pennsylvania. It is typical of smaller more rural hospital and health care facilities that historically relied on cash flow from wealthy nonprofit donors or government payments to keep its doors…
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Impact of the SECURE Act on business retirement plans
Ted Benna, called “the father of 401(k)s” was one of my first business mentors when I left Wall Street in 1997 and started my own firm serving small businesses in the Doylestown, Pennsylvania area. His comments today in ThinkAdviser on the impact of the new SECURE Act are ‘spot on’: • “Hopefully the operating efficiencies a…
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Why the changes to NJ S4202 ( employee vs contractor) are no big deal
Keep it simple: if you primarily provide your labor to someone for pay then you are an employee. If you run a licensed business, with typical business features like a business plan, advertising, business insurance, and pay business taxes then you likely work as an independent contractor. I’m aware that some people are making a…
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Technology opens the door to nonprofit success
Rapidly evolving business technology makes it easier, faster and less expensive for a nonprofit organization to pursue its goals. Technology can help spread the message, recruit new supporters and board members, expand the target audience and deepen communications within the stakeholder groups. But every new technology should be vetted for consideration of how it will…
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Small business sales tax update
I see evidence that some electronic payment processors are charging small business service providers even when no tax is due.