Author: Tony Novak
-
“from whatever source derived”
What exactly is tax planning? Internal Revenue code section 61 defines gross income broadly as coming “from whatever source derived”. However, the following code section 62 begins to differentiate the sources eligible for exclusion from taxable income. Volumes of tax authority follow behind this basic law defining these two concepts to further define the distinction…
-
Dylan Thomas’ new popularity
Dylan Thomas seems to have found new footing lately in mass media. This is his most famous poem “Do not go gentle into that good night” that is featured on a new TV commercial. The poem was written around 1949 in Italy. He would have been around age 36 when he wrote the poem and had…
-
Five reasons to not extend your business tax return due date
As a tax planner and an advocate of automated accounting systems, I’ve said many times that preparation of the tax return is the least important and certainly least valuable service that I provide. I’ve used the phrasing, even over the objections of tax preparers, that the business tax return should almost effortlessly “fall out” of…
-
Tax Preparation Fees for 2017 Tax Returns
This post and pricing information is now out of date. “How much do you charge for tax returns?” Of course this is a common question from new and prospective clients during tax season. The answer is that I simply use the published national average fee for tax services as a benchmark. Those rates are published…
-
Alternative Investments: Now More Than Ever
I’m convinced that most people don’t know about vast array of alternative investment options available to them including through tax-advantaged individual retirement accounts. Consider the broad environment of alternative investments that we face today: We’ve been brainwashed1 to think that alternative investments are not safe while investments in the US securities markets are safer. Financial…
-
How will the Philadelphia Eagles Superbowl win affect your small business?
The Philadelphia Eagles won the Superbowl last night and I suspect that is a good thing for our region’s economy. I have a small accounting business just west of Philadelphia and a small aquaculture business south of Philadelphia (covered in the Philly Daily News in the photo). This morning I am considering the Superbowl win…
-
Everything you need to file your income tax return.
About half of us file our own returns and half get professional help. Of the options remote professional tax service is fast, efficient, safe and economical. No matter what method, now is the time to check to e sure you have the information necessary to file. Today is February 4 and you should have everything needed…
-
Today’s adventures with IRS
CLIENT #1 – My first telephone call to IRS this morning was dropped at 2 minute 10 seconds while I was on hold before I reached any person. The second call was answered at 32 minutes. I sent a fax to the agent that took another 13 minutes to transmit and confirm. The total call…
-
A fight between two wolves
This caught my attention and is simply a copy/paste from a friend. I don’t know the original source. An old Cherokee is teaching his grandson about life. “A fight is going on inside me,” he said to the boy. “It is a terrible fight and it is between two wolves. One is evil – he…
-
Fun and games with the IRS
Lately I’ve taken to venting my frustration with the IRS’s low level of telephone service with these posts that document the details. Today’s adventure was to make a telephone call that I hoped would be the final call after five long calls to resolve a delinquent tax and set up a payment plan. We had…