Category: Tax Planning
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How to market a new tax practice
This is not one of those “how to” posts that provides advice by a person presuming to have some expertise. This post is about me asking questions about how to market my new tax practice. I face the challenge of relaunching my solo tax preparer practice over the next few weeks. I was drawn back to this…
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CPA Tax Rates for 2015
Until now, I have used negotiated flat fees for all accounting services – including tax services – under an approach commonly called “value pricing”. These fees should have some reasonable basis and market rate or competitive pricing may be one input into this basis of pricing. We presume that there is social value in having consumers…
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What I learned this week ending 12/6/2014
Local issues I learned that the weapon cache firepower of my South Jersey neighbors greatly exceeds the weapons cache of our local police forces. There was never much cause to think about this issue in the past but with all the talk about riots this week… It looks increasingly like something is not right with…
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estimating defined benefit contributions
I was impressed by onepersonplus-for-db.com estimator for maximum defined benefit contribution. The proposal it generates is simple. The discussion that must accompany the planning for this type of strategy is not simple. I know most people who consider a new pension plan are largely unaware of the risks, cost and potential downsides. So A tool…
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Surprise announcement by DOL affects small business health care planning
I didn’t see this one coming either: A small business employer who gives an employee money to help pay for the cost of Obamacare under any circumstances is considered to have set up an illegal group benefit plan that may trigger penalties under the Affordable Care Act. The warning is titled “FAQs about Affordable Care…
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Tax planning engagement letter for individual clients (revised)
Update in September 2015: I am no longer using this letter. The new version is shorter, more segmented, and is in a format intended to be delivered by email and not on paper or PDF. The collaboration section is now simplified and changed. I am working on updating and expanding my tax planning engagement letter for…
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How I inadvertently contributed to incorrect tax treatment of HRAs
Imagine that you are a mechanic and someone walks into your shop and asks you to put wings on his Honda Civic. You might say, “That’s silly, Civic’s don’t fly” and dismiss the request. Then three more owners walk in with the same question. You think about it some more and say “Well, it might look…
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New CPA Office Makes a Value Offer for 2014 Tax Preparation
I am pleased to announce the launch my tax return preparation practice for the 2014 tax season. I am prepared with the most advanced software, qualified support staff and ready to handle electronic filing for all types of individual and small business tax returns anywhere in the U.S. In order to reduce the risk that…
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Disagreements about taxation of individual health insurance in 2014
It seems that the most confusing tax topic this year in the wake of the Affordable Care Act implementation is the taxation of individual health insurance when an employer is involved in the payment of the cost. No doubt other confusing issues are still on the horizon, but this one is here and now. Small business…
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Tax planning: keep priorities in focus to ensure success
“When a CPA simply files your tax return and doesn’t provide strategic tax planning or advice, you may not be getting your money’s worth.” – Forbes I couldn’t agree more. Unfortunately, far too often our priorities get buried in the pace of business today. Financial planning is muddled, tax planning opportunities are missed, and tax return…