Category: Uncategorized
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Best tax shelters for 2017
Will this be the year that you reduce or eliminate your federal income taxes? I help reduce taxes for clients with income income ranging from $50,000 to $4,300,000. There are plenty of legal and well-proven tax shelters available to taxpayers in every category. The top ten most common tax avoidance strategies are covered here. Tax…
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A new type of identity theft
I read another account this morning of a taxpayer using a professional’s credentials to file a fraudulent tax return. In this case the CPA prepared other late tax returns for the taxpayer but not this late-filed fraudulent return. CPA-prepared returns are afforded different treatment than self-prepared returns under IRS examination. Of course, the taxpayer had…
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Reality has a liberal bias
A friend shared this graphic that appears to have over 2 million views online. That’s encouraging considering all that we are learning of the fake news industry and international propaganda efforts through fake news. I do not know the original source. I commented that conservatives would likely say that those mainstream sources listed as “great…
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Nonprofit statistic observations
There are about 600,000 nonprofit organizations in the U.S. that are required to make annual accounting filings. There are also about 600,000 CPAs in the U.S. so that is a 1:1 ratio. There were about 240 CPAs at today’s Nonprofit Confetence sponsored by NJCPA. Attendees reported handling from one to more than 100 nonprofit clients.…
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Attack on our two basic freedoms
Ordinary Americans rely more on two basic freedoms than any other. The recent attacks on these two basic freedoms scares me more than anything else in these tumultuous times. By ‘attacks’, I don’t mean that we are at risk of losing these rights. Rather, I mean that our crucial rights are most vulnerable when we…
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When is it worthwhile to challenge a tax demand?
Is it worthwhile for a taxpayer to dispute a demand from the IRS or state tax authority for additional tax payment? Does the expected savings resulting from a tax case justify the cost of the dispute process? The answer, we might suspect, it that “it depends”. It depends on the type of demand, the amount and the dispute process that is…
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The toughest part of small business accounting
Helping small businesses with their accounting and financial management is actually pretty easy. The toughest part of the job is figuring out how to communicate most effectively with each client. The optimal combination of telephone, in person, Skype, text, email, postal, and electronic document transfer systems varies with every client.
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Secret small business trend
Over the next few years more than half of the businesses in my target market will switch their accounting to QuickBooks Online. That is a shocking prediction considering that: a) there are more than 300 excellent accounting software programs, and b) many are opposed to remote hosted accounting now. But I believe the prediction because I…
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Another risk for crowdfunded products
Crowdfunding Insider warns that if a successful crowdfunded product is easy to copy, it will be copied and offered at a lower price by Chinese manufacturers. The risk is that crowdfunding companies put their best ideas online for public viewing before they have any developed markets or brand loyalty. Customers who found them online can…
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Mobile technology is awesome
I was running errands in a tightly packed schedule today when I picked up an email message on my phone from a former client sent a message asking for a copy of his 2014 tax return. I have just recently switched over to an Office 365 platform and there are still some kinks to be…