Many of us tax professionals are wrapping up the most challenging tax season of our lives. I’m pretty well on pace to finish early for the deadline on the 15th so I paused to write a few short reflections: At least one client won’t file taxes this year primarily due to depression. A few others […]
Begin by forecasting 2020 taxes based on 2019 results – easy with today’s professional tax software Maximize tax-free pandemic relief payments Use a Health Reimbursement Arrangement (HRA) for tax-free payments Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) for insurance assistance Add a Health Savings Account (HSA) for long term health security Adapt an employer-sponsored Education […]
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Two months ago the U.S. House of Representatives passed a bill called the “HEROS Act” that included financial resources to small businesses struggling to restart after the disruptive effects of pandemic shutdown. While the entire bill is not likely to become law because of objections by U.S. Republican Senators, the small business portions of that […]
I’ve received a lot of questions about the new Main Street Lending Program. This post is meant to provide general non-technical information as a starting point in evaluating whether the program may work for your business. What is the Main Street Lending program? A program established by Congress run through the Federal Reserve offering loans […]
I started a new small business accounting firm in Millville NJ this past January and got moving just before this shutdown craziness hit us. Tough timing for sure! I know it’s important for a new business to collect client endorsements but there’s been little time for that yet. Even so, I am grateful to have […]
step by step actions needed to create a personal financial plan
This is a template for a new letter to be used beginning today: CHANGE TO CLIENT SERVICES AGREEMENT The past six weeks have been unlike anything I’ve experienced in the past 33 years of serving in the advisory profession. I responded by increasing my average daily client caseload from 3 to 5, increasing hours and […]
This blog post is a reprint and revision of an article originally posted in 2011. The current pandemic underscores that many people, including many of my small business owner clients, do not have access to any type of financial planning document to serve as a basis of strategy, communication and decision-making. I’ve recently decided to […]
consumer finance tips for surviving a layoff