Category: Small Business
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Tax planning is tough for high income clients
Many people do not realize that tax planning becomes more difficult as income increases. The easy strategies like those discussed in the article “Top 10 easy tax strategies” do not work as well. Tax planning sometimes requires adjusting to rapidly rising income; not such a terrible problem to face. But the tax calculation changes triggered…
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Wix vs. WordPress for small business web sites
I spent some time tonight reading about Wix web site building options for my small business clients. I use WordPress now and a consultant suggested that I consider switching to Wix for ease-of-use. There are several reviews available by Googling “Wix vs. WordPress“. I read them and basically they conclude that the options are equally…
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The gap in small business employee benefits advice
Yesterday I had a great telephone conversation with a guy I met on LinkedIn. His business sells a variety of innovative employee health care solutions. I was impressed. The problem is that they focus on groups with 50 or more employees. I explained that my business is driven by incoming inquiries and that these are…
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General power of attorney
General power of attorney forms are useful for a wide range of purposes. They can be customized to specific scope of authority, length of time, and the third party. A sample power of attorney form is attached that I use for individuals and small business clients. Note that this is not a durable power of…
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Avoidable small business taxes in 2015
Small business owners know that some taxes are unavoidable. Taxes are the price we pay to live and work in this society. Yet other taxes are simply the result of sloppy management or failing to keep up with changes in the tax law. It is this latter category of small business taxes that is grabbing most of my attention…
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Email scams about small business accounting
Small business accountants who provide online services report an increase in the number and level of sophistication of various attempted scams presented as business service emails. The emails are typically a purchase confirmation or a request for information about services. I have received a variety of these myself and find it increasingly difficult to separate…
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Fall is the best time for financial planning
Early fall is often the best time for small business owners to review their finances and tax strategies. A small investment of time typically pays off in big and almost immediate savings. I am available by telephone or in person to discuss the best ways to: Cut accounting and compliance costs Incorporate tax shelter strategies…
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11 tax traps for small business health plans
The issue starts out innocently enough: a small business employer simply wants to help employees pay for the cost of health care. So the employer voluntary offers to make a payment for that purpose. That’s where the simplicity ends and the tangle of tax laws comes into play. It is far too easy for an employer…
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Retroactive termination of employee benefit plans
Don’t believe everything you read on the Internet! Lately I’ve written that the general rule is that you can not retroactively terminate or amend an employee benefit plan but that under certain circumstances it may be better to do so than not. This is not a topic that lends itself well to a blog post.…