Author: tonynova
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New Jersey business drain continues
New Jersey faces a serious problem with business owners leaving the state. Some have called it the “millionaire drain”. I prefer to call it the “job creator drain”. I am among those small business owners who have given up NJ residency, although I still hold out hope for recovery and the possibility of returning someday.…
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Section 105 medical plan for self-employed’s spouse
Is anybody still marketing Section 105 medical reimbursement plans to self-employed people? IRS made it a point to highlight the restrictions in recent years and it seems that most self-employed people and their advisers got the message. But today I received a call from a guy who says that some reputable firms including an ex-IRS lawyer are…
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Venmo fees
I set up a Venmo account and understand that it is a popular way for young internet users to transfer money online. Venmo charges 3% to send money from a credit card and some debit cards with a credit card logo (like mine). Other methods are cheaper or free. Of the dozens of online banking…
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The most common small business tax screw-up
Perhaps the most common small business screw-up that generates tax penalties? IRS requires that when you make business expense payments to individuals (as opposed to corporations), you must additionally send them a form 1099-MISC unless an exception applies. My simplified chart is intended to make it easy to identify the exceptions. In reality, it is…
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A dark day for Christianity
Today we have compelling reasons to be ashamed of elected officials claiming Christian values. Yesterday a group of Christian clergy connected with Moral Movement Tennessee staged a demonstration at the Tennessee state capital. The clergy object to Tennessee state lawmakers claiming Christian values but blocking expansion of health care for the state’s poor under the Affordable Care…
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Supreme Court hears employee benefit case Wednesday
This week the Supreme Court hears Little Sisters of the Poor v. Burwell, a landmark case challenging the Department of Health and Human Services contraceptive mandate under the Affordable Care Act. The plaintiff’s belief that abortion coverage under a contract with a third party health insurance company depends on the religious beliefs is so bizarre…
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Homeowner tax credits for energy efficient upgrades
Have you overlooked a small tax credit? The IRS offers two types of tax credits to homeowners in 2015 and 2016: the Residential Energy Efficiency Property Credit and the Nonbusiness Energy Property Credit. The first applies only to solar and renewable energy systems and is not discussed in this article. The second type of tax…
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Relaunch of FreedomBenefits.org web site
Today I am pleased to relaunch of FreedomBenefits.org web site on a new WordPress content management system that makes it easier to manage and utilize content going forward. This site is unique in that it is the only known site of this type that offers 100% free resources, no strings or limitations. The site offers 36 pages of…
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Small business 1099-MISC worksheet (downloadable)
Still wondering if you need to file 1099-MISC forms? I made this simple downloadable worksheet for a client who does not use a computerized accounting system. 1099-MISC worksheet
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Avoid small business tax penalties TODAY!
How the late filing works for small businesses Today is March 15, the due date for U.S. corporation tax returns, including one shareholder S corporations and C corporations. I am checking in with my small business contacts to make sure that they have filed the tax return or requested an extension to the filing date.…