Ignorance among professionals is a growing problem

Posted Posted in Accounting, Financial Planning, Leadership

Is it just me? I’m increasingly shocked with the collective level of ignorance surrounding us. In my work, naturally, I see it most often among people who call themselves tax and financial professionals. The details of behavior described as the Dunning-Kruger effect make the problem worse. Back in the 1980s and early 90s when professional […]

Tax strategies for high income individuals

Posted Posted in Financial Planning, Tax Planning, Tax shelter

Of all the services I offer to high income clients, no other has such a rate of return on investment of time and money as income tax planning. Applied consistently year after year as part of an overall financial plan, it can easily add hundreds of thousands of wealth that would otherwise be paid as […]

Overview of American Rescue Plan Act of 2021

Posted Posted in Aquaculture, Farming, Financial Planning, News and Politics, Tax Planning

Background In February 2021 the U.S. Senate, The House of Representatives and the Executive Branch led by the White House took a series of actions designed to address the pandemic recession by allowing a huge proposed economic stimulus bill to move through to approval without relying on Republican party votes. The Democratic Party members of […]

The 2021 investment shakeup

Posted Posted in 401(k), Financial Planning, Investment, Tax Planning

After more than a decade of one-way intense focus in the stock market, investors are now changing strategies. We see more wisdom and opportunities in the broad investment asset reallocation than ever before. A number of clients are diversifying into asset these classes for the first time. These decisions have significant long term consequences on […]

Updated 2020 Tax Planning Checklist for Small Business Owners

Posted Leave a commentPosted in Financial Planning, Tax Planning

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 […]

Round Two of Small Business Recovery

Posted Leave a commentPosted in crisis management, Financial Planning, Financing, HEROS Act, Small Business

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 […]

Main Street Lending Program Q&As

Posted 1 CommentPosted in Banking, crisis management, Financial Planning, Small Business

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 […]

29 “Five Star” online reviews! Thank You!

Posted Leave a commentPosted in Accounting, Financial Planning, Small Business

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 […]