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 […]

Change to client services agreement

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

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 […]

Still don’t have a financial plan?

Posted Leave a commentPosted in Financial Planning, Self-employed, Tax Planning

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 […]

Three simple steps to tax nirvana

Posted Leave a commentPosted in Financial Planning, Tax Planning, Taxes, Wealth Management

Taxes are perceived differently by each individual even though the overall set of chaotic rules is the same for all of us. Yet when it comes to dealing with that chaos in a manner that leads to peace and prosperity, the process always involves the same three steps: Resolve past problems. Old issues don’t go […]