Category: Financial Planning
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Still don’t have a financial plan?
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…
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Three simple steps to tax nirvana
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…
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Fast paced change brings 2020 opportunities to small businesses
After some tweeking (thanks to my peers for the crowd-sourced feedback!) this is the version of the email message that will be used this week: Dear _ : This past year brought more changes for small business owners than any other year in the past generation. This means new opportunities to save money but also…
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A primer on the China tariffs
What do you need to know as a consumer about about the China trade tariffs that starts today? This is a short bullet point summary. Legal background Tariffs are taxes authorized under Title 19 of U.S Code in 1930. The tax is based on Constitutional authority “The Congress shall have Power To lay and collect…
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Legal advice by an accountant
Avoiding the unauthorized practice of law I have added this clause to all engagement agreements for clarity on making distinction on the issue of authorized and unauthorized practice of law. Legal advice Advice regarding business strategies may involve an application of general principles of business law but my services do not extend to the actual…
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Exercise caution when changing your state of residence
Changing residence is an important legal issue with financial consequences. It can also be complex in some situations. I suggest giving this matter the attention it deserves in both your personal and business financial planning. Tax issues If you are moving from a higher tax state to a lower tax state be aware of the…
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Avoiding taxes for IRA accounts
Avoiding taxes on money held inside an IRA can be challenging. This article in Barron’s discusses how one more easy tax planning tool is likely to be eliminated and how to adjust to avoid triggering taxes in large IRAs. But there is always a way to reduce or eliminate taxes if you make your financial…
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An accounting niche opposite the AICPA trend
An advertisement by a top-qualify national information publishing firm joined up with a prominent AICPA event to deliver an educational program designed to prepare CPA firms for imminent change. The bullet points describing the course content are: End-to-end, automated cloud-based tax preparation AI-enhanced, highly intuitive tax research A cloud-driven, Integrated Audit Approach that focuses on…