Category: Taxes
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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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Beware ‘house flipping’ sellers
I read an accountant’s story of a client who purchased a $40,000 “house flipper plan” through a seminar buy hasn’t flipped a house yet. I’m guessing that 2017 isn’t looking too good for that strategy. The business has no income, only losses. Now it it time to file the first tax return and the client…
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Warning to small businesses about 1099 filing requirements
Facebook Live video added. Based on a handful of disturbing conversations and online exchanges over the past two days, I feel compelled to send this message to my small business clients: “This year the Internal Revenue Service has moved forward the deadline for filing information returns for payments that businesses made in 2016 to its contractors. Form…
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Have you outgrown your tax preparer?
Fast, cheap, personal, secure online tax filing service. Request a free tax organizer and personal online tax document portal. [contact-form-7 id=”4556″ title=”Boilerplate Contact”]
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Two important small business tax changes for 2017
The good news this year is that the majority small businesses are affected by only two tax changes for the year ahead. Both changes are effective January 1. The first change will increase stress and the risk of automatic tax penalties. The second offers big potential tax savings. It makes sense for small business owners…
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Two changes to tax preparation fees for 2016
The only two significant changes to tax preparation services from 2015 to 2016 stem from changes the IRS implemented to hold tax preparers financially responsibility for tax fraud. IRS knows that a significant amount of fraud comes from two types of tax returns: People who file for refundable tax credits like Earned Income Credit, Child Tax Credit or American…
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Save your nonprofit now!
I learned a simple but extremely valuable lesson yesterday that will be useful for managing nonprofit businesses, thanks to NJCPA nonprofit conference and presenter Robert Lyons, CPA. Many nonprofit organizations experience “mission creep” over time. That’s not a bad thing. Usually it is in response to changing real world conditions. It simply means that the…
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Trump launches fleecing of taxpayers
Yesterday president-elect Trump helped orchestrate a fleecing of U.S. taxpayers in a deal that grants a financial windfall to the large multi-national corporation United Technologies. The amazing thing is the action was couched as some type of patriotic act by the president-elect. I even saw some deplorable on social media taunting Trump critics calling this as a “win” for Trump. I can…
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Rules for Tax Season
I know that I can limit stress to a manageable level and provide a better service to my clients this coming tax season if I follow a few simple rules: Filter out price-sensitive people. Don’t engage with any person who asks about price in the first two sentences of their approach. For example, an acceptable approach would be:…
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Why get up in the morning?
I was annoyed with an IRS agent a week ago who criticized my client’s business. This young businessman client grossed about $100,000 per year in each of his first two years but declared little net income due to high start-up costs. The agent said “Why does he get up and go to work each day? He would…