Category: Small Business
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What I learned this tax season
Tax season is always an educational experience for me and I suspect that I’ll write at least a few blog posts on what I learned this year. But one issue jumped out as the most startling issue. I noticed how many married taxpayers filing joint returns actually act like two taxpayers filing individual returns. I…
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3 out of top 20 business schools in Pennsylvania
It is great to see three Pennsylvania business schools listed in the top 20 ranking by this year’s Bloomberg survey. Villanova #1, Penn #16, and Penn State #19. I am blessed to have family or community connections with all three. http://www.bloomberg.com/features/2016-best-undergrad-business-schools/.
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Winding down the tax season
I have less than 10 tax returns to compete or put on extension, my own included. In all cases these are ones where I’m waiting for information and will probably need to just make some guesses to get the extensions filed. My main job today is making calls and emails that say: “If I do…
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A better way to take a home office deduction
IRS and state tax authorities allow taxpayers to deduct expenses for areas of their home used exclusively for a home office. But there are downsides and risks to taking the deduction. Those disadvantages include: Part of the sales price of the home may eventually become taxable (most home sales are otherwise non-taxable) Detailed accounting records…
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Concerns for the regional remodeling industry?
The National Association of the Remodeling Industry (NARI) announced the winners of its highly regarded Contractor of the Year awards in 37 project categories. I noticed that none of the awards were issued to contractors of homes on the east coast metropolitan region. This is quite different from when I was president of the local…
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Professional tax filing by cell phone
Need professional help with taxes? Just text 856-723-0294 for instructions for filing by cell phone for as little as $30 for simple returns.
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Still the Unaffordable Care Act to CPAs
I received this message embedded in an email from a peer CPA this morning: “I am also determined to vote for whoever will work to repeal the unaffordable care act. It has affected everyone on so many levels and no one from the people to the insurance companies to the government knows what they are doing”.…
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CPAs: “from crisis manager to opportunity director”
The theme of this year’s New Jersey CPA convention is changing our primary roles and focus “from crisis manager to opportunity director”. My mantra over the past few years is that CPAs need to be the agents of change for today’s businesses. I’m looking forward to hearing more about what others are doing in this…
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SEP IRA or Solo 401(k)?
If you are self-employed, is it best to use a Simplified Employee Pension Individual Retirement Account (SEP IRA) or a one person 401(k) plan? The answer depends on a range of factors that should become clear in a short discussion of your objectives. Both are easy and inexpensive methods to save on current taxes and…
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Help for last-minute tax filers
These final 20 day of tax season can be stressful on taxpayers and tax preparers. I will work at least 14 hours a day in order to meet my own work deadlines and contribute to the workload of other tax preparers. Yet it makes sense for a young accounting practice to reserve time for new…