Category: Small Business
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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.…
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What options are available to employers who wish to help employees afford the cost of health care?
Provisions of the Affordable Care Act dramatically changed the tax treatment of employer-paid health benefits. Some of the most popular traditional health plans of the recent past now trigger an extremely harsh tax on the employer. Taxes of up to $36,500 per employee per year kicked in on July 1, 2015 for businesses with less than…
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How to compare financial service companies
What are the key differences between your bank and its major competitors? What about your insurance company, payroll service provider or investment company? Would one of them offer you a better deal if you had specific information to make that request? The financial services industry is fiercely competitive and each firm is impressively skilled in promoting…
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Do readers want an accountant’s emotions?
I made an interesting observation this past month: my most popular business writing in the month of September had nothing to do with the many important legal issues in the news that affect small businesses, tax deadlines or money saving tips. The two most popular posts were about my personal feelings and emotions. My first reaction…