Author: Tony Novak
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Tax preparers consider expanding small business services
Now more than ever before, tax preparers are considering expanding their practice into small business services. We expect the number of self-employed people will continue to rise. They require assistance with a wider range of business support services than traditional individual tax clients. The market for these services is evolving at a rapid pace. Integrated…
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Graduate students outraged by tax change
The tax reform process has triggered uncertainly and angst while final negotiations are worked out. Many groups, including graduate students, have good reason to be concerned. The proposals that passed by Republicans in both the House and Senate change the tax treatment of employer-provided educational benefits. Scholarships that are now tax-free for employees would be…
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Want to pay less tax? Start with a review of your last return
Effective tax reduction strategies start with a review of you last filed tax return. There are at least three types of tax return reviews: 1) a high level review “Does it make sense given the facts?”, 2) a micro-level review “Did I miss anything or transpose any digits?”. and 3) a tax planning review (How…
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Small business action plan to profit from tax reform
We can now begin to make a reasonable forecast of the eventual form of U.S. tax law and, even with the list of uncertain issues, ask what it means to each of us. For me and my small business practice, this is how it plays out: Winners Tax and business advisers Rental real estate owners…
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Two theories of government
“There are two ideas of government. There are those who believe that if you will only legislate to make the well-to-do prosperous their prosperity will leak through on those below. The Democratic idea, however, has been that if you legislate to make the masses prosperous their prosperity will find its way up through every class…
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Remember this night!
Remember this night. Tonight all 52 Republican Senators voted against letting anyone read the new tax code with its many previously unknown special interest amendments crammed in at the last minute and then freshly marked up with handwritten changes added by lobbyists before they required a vote on it. Shocking but true. When the details…
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Business Planning for 2018
As we begin this month of December 2017, it now seems clear that business taxes will be substantially different and more complicated in 2018. We can also be safe in saying that, for most businesses, nothing else will have as much impact on the net financial results of the business as this change in tax…
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Say thanks more often in business
The excerpt below comes from a post on social media by a business mentor. I realize that I don’t say thanks often enough. It’s not that I’m not appreciative but rather that I’m not communicative enough on things that I consider emotional or fluffy. In other words, for me it’s a ‘guy thing’. This works…
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Tax Cuts And Jobs Act: simply a bad idea for our nation
The Organization for Economic Cooperation and Development (OECD) is a unique forum where the governments of 34 democracies with market economies work with each other, as well as with more than 70 non-member economies to promote economic growth, prosperity, and sustainable development. It’s latest report shows the underlying fallacies of the current U.S. tax reform…