Category: Accounting
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How much does payroll service cost for a very small business?
How much does payroll service cost for a very small business? This is a simple question without a simple answer. As we might suspect, the answer is wrapped up in the details. 1. Service contract – Who pays penalties for screw-ups and responding to an audit? How reliable is the provider’s assurance? Keep in mind that a…
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“CPA is too expensive” says this woman
but ignorance is priceless! A professional tax preparer shared this hilarious story: A single woman with a salaried position was looking for help with her “simple” tax return. She also has a side business as an artist. The art work generates minimal income but much larger tax deductions that resulted in losses of at least…
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Lessons to be learned from Manco and Manco tax evasion case
Philadelphia area newspapers have been following a high-profile tax evasion prosecution of the owners of South Jersey’s most successful pizza shops. The owners of Manco and Manco pizza are accused of failing to report almost a million dollars of cash receipts over a period of years. I have no intent to comment on the details of…
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Sales tax on interstate accounting services
The Democrat-led Finance Committee of the Connecticut General Assembly voted yesterday (4/29/2015) to expand its state sales tax to include accounting services. The Senate President Pro Tem said that he supports the changes but there appears to be opposition to the move beyond that. Three states currently tax professional services: New Mexico, Hawaii and South…
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Income tax preparation fees in 2015
The average income tax preparation fee in the mid-Atlantic region was $314 this year; an increase of about 4% over last year. That average rate is calculated as a benchmark for a tax return with a Schedule A for itemized deductions and on state income tax return. Average fees for other tax schedules are listed…
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Variance in taxes is part of the game
I have little patience lately for tax accountants who assert that their approach is “correct” and that all other results are “errors”. This is like having the sideline judge disagreeing with the referee on the field that called the play. We understand the mentality that the law is meant to be precise and therefore the results…
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Financial Planning Considerations When Your Business is Losing Money
This post was inspired by the stories of some of my neighbors and clients in southern New Jersey. Most were struggling with a weak economy before super storm Sandy hit in late 2012. Those that re-opened over the next few years face continued business losses and the prospect of continued weakening of the local economy…
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Fixed Asset Accounts in QuickBooks Online
Here is something I learned about the conversion of fixed asset accounts (like machinery or vehicles) from QuickBooks desktop to QuickBooks Online. (While I am a QuickBooks Online ProAdvisor and currently in the middle of studying for advanced certification, many new issues come up on a daily basis that are not obvious or well-documented. This…
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Top 10 things small businesses will love about the new QuickBooks
why small businesses will love the new QuickBooks
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QuickBooks pricing changes effective today
This post and pricing information is now out of date. The new QuickBooks pricing took effect today with the 50% discount still available through ProAdvisors. I wrote about it here last week. It seems like it will take the market a while to adjust to the concept that a small business can save $20 per month…