Author: Tony Novak
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What’s up with QuickBooks?
Intuit Corporation’s QuickBooks product is easily the most popular small business accounting platform in the nation. This popularity carries through to my law firm market niche where most use some type of QuickBooks platform to connect various components of financial management. Most of these users are converting from older desktop software to more modern hosted…
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Does Pennsylvania sales tax apply?
The best official publication for determining if sales and use tax applies is this “Retailer’s Information” guide from the Commonwealth. For help setting up sales tax in QuickBooks Online, just call for on site or remote setup help or for help setting up desktop version see this article by Charlie Russell.
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QuickBooks Online for law firms
Intuit corporation will release record high earnings this week that surpass stock market analysts’ expectations. The driving force is the success of QuickBooks Online, a product used by almost 4 million small businesses. The number of businesses subscribing to QuickBooks Online is growing quickly as businesses move from the desktop version, just as management predicted.…
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Federal income taxes for farmers and fishermen
Most businesses are subject to quarterly estimated tax payment requirements. A failure to make these required payments on time results in a penalty. The final estimated tax payment deadline for the prior calendar year is January 15 of the current year. Many small businesses, struggling to keep up with government paperwork demands, miss the deadline…
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Five types of tax shelters
There are five categories of tax shelters that benefit many individual U.S. taxpayers and account for most of the tax savings available to us. Four of those categories of tax shelters are potentially on the chopping block this month with Congressional tax reform discussions. This post is simply a brief overview of the five categories…
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A business cannot deduct personal auto expense
Again today a business owner asked me to deduct his auto mileage expense on his business tax return. That’s not how it works! A partnership, S-Corp or C-Corp generally can not deduct the cost of personal auto expense. There are workarounds but we need to discuss and actually set it up. I covered the topic…
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Coping with loss of security in the gig economy
Forbes published an article yesterday on the important topic of the gig economy and, in general, the loss of financial security and employment benefits that accompanies this trend. This is a huge issue in out lives that, in my opinion, is not getting nearly the attention required by advisers like me. It is foolish for…
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Great advice from IRS
This comes directly from an IRS email: “Offering time-saving alternatives to a telephone call, the Internal Revenue Service reminds taxpayers they can get fast answers to their refund questions by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than…
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Employee vs contractor; more misclassification risks
“Employee misclassification is a major issue. Employers who misclassify employees are failing to provide unemployment insurance and workers’ compensation. Those employers can also leave workers with large employment tax liabilities.“ This new article delivers information on even more risks. Correct handling of worker compensation is not so difficult or expensive. It doesn’t make sense to shortcut this…