There are many ways of measuring risk, but did you know that your sales concentration may be placing an unnecessary risk to your business? This also applies to sales professionals as well. I have seen it over and over again, whereas a small business relies heavily on one or several large customers, and then the […]
Financial
Children and Tax Benefits
With the upcoming birth of our son or daughter, I thought it would be appropriate to write about the tax benefits of raising children. The rules can get tricky, and your children must meet certain criteria to become your qualifying children for tax purposes. Here are a few highlights: Dependency Exemption: For each qualifying dependent […]
But It’s Tax Deductible!
Paying mortgage interest, property taxes, equity loan interest, and business expenses are all generally tax deductible. But does it make sense to incur excessive expenses just to produce a tax benefit? For example, if you are looking to move to a bigger house, you will save a lot of money in taxes, right? Yes, you […]
Are You Overwhelmed By Debt?
Why or how do so many people get into trouble with debt? When does it become a problem? There are so many reasons, such as job loss or, health problems, but overall it is a disconnect between income and spending, and not enough focus on financial management. I’d like to share a few simple ways […]
A Primer on QuickBooks
What exactly is QuickBooks? QuickBooks is an accounting program that is used primarily by small businesses. It is very user-friendly, which makes it ideal if you are not an accountant. QuickBooks will enable you to take control of your business finances to help you to make better decisions. Business owners can keep track of receivables […]
I Received a Notice from the IRS – Now What?!
If you receive a letter in the mail from the IRS, the first thing you should do is open it! It might not be as bad as you think. The most common notice I see is that a client forgot to include interest, dividends, or wages from a W-2 on their income tax return and […]
Thinking of Starting a New Business?
Starting a new business can be an exciting endeavor. You get to be your own boss, create your own hours, and possibly achieve a greater sense of satisfaction. But what should you do to make sure your business is successful? Proper planning goes a long way, and a business plan is an excellent starting point. […]
FSA Plan = Money Saved
What exactly is an FSA plan and how can it save you money? FSA stands for flexible spending account, which is a special account that is used to pay for medical expenses on a pretax basis. In other words, the money put towards the plan is not subject to income taxes and social security/medicare taxes. […]
An Overview of IRS Audits
There are different types of IRS audits. The first and least complex is the correspondence audit, next is the office audit, and lastly and most complex, the field examination. I highly recommend to anyone who receives a letter from the IRS, or even the State of NJ, to contact their tax advisor as soon as […]
Price vs. Value
Understanding the difference between price vs. value will probably save you a lot of headaches, improve your finances, and even your life. To simplify, price is the dollar cost, while value represents the benefits or worth received. Price is very easily measured, and is an okay measure to use when purchasing goods and services of […]