Category: Small Business
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How to help employees on Obamacare
How does a small business employer help an employee who receives subsidized Obamacare coverage but still struggles to afford the cost of out-of-pocket costs including the large deductibles? The easiest way is to set up an employer-sponsored supplemental insurance coverage. This option is increasingly popular because it is exempt from most types of tax regulations…
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College Pro Bookkeepers
CPA-supervised college students handle remote accounting with great advantages to small business owners. In 1971 a college student named Greig Clark founded College Pro Painters, giving other college students a chance to pay for their schooling and to secure post-graduation careers. I recall that their story was part of the early advertising message and I…
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Would your church or synagogue benefit from a financial tune-up?
Yesterday I finished an engagement setting up a high performance accounting system for a local religious congregation with more than 1,000 members. My total fee was $1,650. The work took about 90 days because of required coordination with the bank and other software systems. They now has a reliable online accounting, verified membership list, automated…
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Tax tip to prevent identiy theft
If you are a small business person operating as a sole proprietor, LLC or partnership then the IRS requires you to provide your business name and address and tax ID along with an attestation statement to anyone who pays you more than $600 during the year. The tax form used to provide this information of…
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Easy Button for Small Business Accounting
Forty percent of small business owners said that dealing with bookkeeping and taxes are the single worst parts of owning a company according to a survey conducted by SCORE. Yesterday I spent two hours showing a small business client how to automate most bookkeeping tasks and save thousands of dollars on bookkeeping costs. I introduced our session…
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Use of life insurance in small business 412(i) pension plans
An explanation of the tax law changes affecting fully insured annuity pension plans
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Pension plan design and contribution calculation example
an example of how a one persion annuity pension plan contribution is calculated
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Target benefit annuity plans
how to use a 412(i) target benefit annuity pension plan for a self employed individual
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Adios 2016 business disasters
No doubt 2016 was a tough year for me. Overall my business revenue dropped $17,600 despite my adding new accounting and planning clients at a healthy pace. I easily worked over 4500 hours at three different businesses. This means that my overall gross receipts were under $25 per hour and I had a net business loss…