Steiny

The Atypical Accountant Blog

177 posts in this topic

What to Do If You Get a Tax Notice From the IRS

What’s the one thing that is worse than doing your taxes? Receiving a tax notice from the IRS. We all hate them and many of us are even scared of them. I want to talk with you today about what to do if you receive a tax notice. I know it can be scary when [...]

http://thequantifygroup.com/what-to-do-if-you-get-a-tax-notice-from-the-irs/

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Hey guys - been awhile since I posted here. Now that tax season is over I am going to start posting a bi-weekly question/answer mailbag for questions my clients have for me. I would like to involve anyone here who has questions also. I am looking for general business, accounting, and tax questions. If you want to ask questions in that arena that are investment-related that works also (ex - wash sale rules, etc). My goal is to make it informative yet easy to read.

You can post questions here or PM them to me - whichever you feel comfortable doing.

I will be posting a link to the mailbag in addition to what I have been posting recently as well. If we start to get some traction on this over the next few months I may even consider a blogtalkradio podcast or something along those lines - but we'll see as time moves forward.

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10 Things You Need to Know About Choosing an Accounting Software

So your company has finally outgrown your accounting software and you need a more robust accounting software package. Choosing the “right” one can be a bit overwhelming, but here are the top 10 things to look for when reviewing your options. Chart of Accounts Your chart of accounts is the engine behind your entire accounting [...]

http://thequantifygroup.com/10-things-about-choosing-accounting-software/

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Another idea I have been tossing around is doing a weekly or bi-weekly podcast (or blogtalkradio show, etc) for accounting, tax, and financial related question.  If we did this would anyone here be interested in listening?  We recently merged in a wealth advisor so he could answer general market questions and/or provide insight as well. 

 

The hope would to have listeners call in with questions and/or e-mail them to me in advance.

 

What do you guys think?

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Don't Mind the Crows

I love everything about the outdoors and I spend a lot of time there. I have seen some amazing things that many people don’t get to experience in their lifetime. I have also seen the reality of nature and how brutal it can be at times. For whatever reason something that I always take note [...]


http://thequantifygroup.com/dont-mind-the-crows/

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I thought I posted the first article already but here are the 1st two articles I wrote....

 

The Numbers Guy

It’s been awhile since I last made a foray into the world of blogging, but now I am back. Many of you may already know me, but allow me to reintroduce myself. I’ve been a numbers guy all of my life. It all started at the young age of 5 when I would harass my...

http://www.thequantifygroup.com/the-numbers-guy/


Why Should I Hire an Experienced Accountant?

My wife and I recently got our two month old Cairn Terrier puppy, Stella, from a breeder near where she grew up in the Catskill Mountains. The purchase happened to coincidence right as this year’s tax season bonanza was starting in early February. What I didn’t know was that I was in for a crazy...

http://www.thequantifygroup.com/experienced-accountant/

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Learn How to Step Away So You Don't Run Away

My parents have a cabin in northern PA. It’s about 4 hours away from where I live and in the middle of nowhere. Since there is no Wi-Fi or cell service, I always enjoy heading up there to “unplug” for a few days. In the past I haven’t been overly aware of the resource this [...]

http://thequantifygroup.com/learn-how-to-step-away/

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Does It Truly Matter If My Accountant Is a CPA?

I love basketball. Growing up I used to watch every NBA finals game no matter what time it started. I wouldn’t dare miss a game because I might have missed a classic or an unbelievable play. I can still remember all of the great teams and players from the ‘80s, ‘90s and the early ‘00s. […]

http://www.thequantifygroup.com/does-it-matter-if-my-accountant-is-a-cpa/

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Turkey Hunting and Business Strategy?

As I’m sure you’ve been able to put together now, I am an avid outdoorsmen. I love every aspect of God’s beautiful creation. A few weeks ago I had the opportunity to go turkey hunting with a good friend of mine. I promise this story is business related, so stick with me. We arrived at [...]

http://thequantifygroup.com/turkey-hunting-and-business-strategy/

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What Should You Look for When Hiring a CPA?

You can’t do it all. I’m sure you’ve heard that phrase before. A major problem that I see in the small business world is that owners think they can handle every function of the business themselves. If you are trying to truly grow revenues you need to take a step away and let experts help […]

http://www.thequantifygroup.com/hiring-a-cpa/

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Your Most Valuable Asset

What would you say is your most valuable asset? Is it money? Notoriety? Your home, or car? I want to argue that everyone’s most valuable asset is time. You have all heard the saying time is money, and it really is true: If you had more time you could make more money, then in turn [...]


http://thequantifygroup.com/your-most-valuable-asset/

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Is Hiring a CPA Worth Your Investment?

The NBA finals are over and LeBron James and the Cavaliers are the champions. Before the start of the playoffs it seemed like there was no chance the Cavs could defeat the great Warriors. LeBron had to take his game to another level for them to ever start thinking about the title. He did that […]

http://www.thequantifygroup.com/cpa-worth-your-investment/
 

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If anyone any specific business, accounting, or tax questions post them up here and I will write an answer in my next blog post.

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Generational Values

A few weekends ago was Fathers Day, and during that day I was thinking back on things that my dad has taught me over the past 29 years. There are three major attributes that I have learned from him. Without these learned qualities, I know for a fact I would not be where I am [...]

http://www.thequantifygroup.com/generational-values/

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The Real Truth About the Home Office Deduction

The sports world lost two legends this past week, Pat Summitt and Buddy Ryan, and they will be missed immensely. I have to admit that I don’t watch much college basketball, but growing up an avid sports fan I remember being in awe of Pat Summitt’s accomplishments – among many others there are her 1,000 […]

http://www.thequantifygroup.com/home-office-deduction/

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3 Reasons You Need Your Books on the Accrual Basis

I’ve had a lot of conversations recently around the topic of cash vs. accrual financial statements. This is an incredibly important topic that every business needs to understand. For the most part, every business needs to keep their books on the accrual basis internally. There are 3 main reasons to do this, but first let me give a quick explanation of accrual basis in case you’re unfamiliar.

http://thequantifygroup.com/accrual-basis-books/

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The Home Office Deduction Follow Up

So much as happened over the past two weeks in sports, it’s almost hard to keep track of everything but two NBA stories took center stage for me. NBA free agency kick started July with some fireworks when Kevin Durant took his talents to the Warriors. Even though there had been rumors of the Warriors […]

http://www.thequantifygroup.com/the-home-office-deduction-follow-up/

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Keep Your Records!

Two of the greatest players from my generation were inducted into Cooperstown this weekend – Ken Griffey, Jr. and Mike Piazza. There are so many things I could write about Piazza but Griffey has a special place in my childhood memories. I’ll never forget his years in Seattle during the early to mid ‘90s...

http://www.thequantifygroup.com/keep-your-records/

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Tax Notice? No Problem!

When big sports events are on the horizon I tend to get nostalgic and think about the “good ole’ days”. With the Olympics opening ceremony on Friday night and the U.S. Men’s basketball team’s first game on Saturday, memories of the 1992 Dream Team in Barcelona flood my mind.

http://www.thequantifygroup.com/tax-notice-no-problem/

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Valvoline IPO today

Tried  a premarket order but no can do

 

I was at Ashland 2 days ago inspecting the Valvoline lab when I found out about the IPO

Numbers look good but would like your quick over view

 

they are spinning off the Valvoline part

 

placed order for 250 shares and waiting to see how the wind blows on this to buy more

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Everyone - I will be posting blogs again in the near future. My business has been going under some major changes and this was put on the backburner temporarily. I'm expecting weekly or bi-weekly articles to resume sometime in October or November.

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Getting back to my weekly blogs... here's a post on year-end taxes:

 

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Yes, I know it has been a great deal of time since I last wrote an article for you.  But now I am back with some important last minute tax considerations that you may have not even thought of yet.  With a new President starting in January 2017, it is imperative to take advantage of the current tax law as it stands.  Although nothing is written in stone, it appears that income tax rates for individuals and businesses will become much more favorable in 2017.  How can you capitalize on this?  Below will provide some quick and easy tax savings measures for you that can be done over the next few days:

Business Owners & Self-Employed Individuals

Trump is currently proposing a 15% tax rate for business income.  Currently the top tax rate is 39.6%.  That’s a huge spread – almost 25%!  In general, this means deductions will be worth for 2016 than they will in 2017. 

  1. Pay your recurring monthly recurring bills that are due in January 2017 by December 31st, 2016.  Examples include but are not limited to internet, electric, water, health insurance premiums, and rent.

  2. If you are planning to buy large items next year such as computers, office furniture, etc do so by December 31st, 2016.

  3. For those who utilize a home office, see #1 above.

  4. Consider maxing out your IRA, SEP IRA, etc.  Please note you have until you file your 2016 tax return to do this so you do not have to do this immediately.

If you are a cash basis taxpayer, the check and/or electronic bill pay must be dated by December 31st, 2016.  You can also pay by credit card to get the deduction (you can even wait to pay the credit card bill when it’s due instead of paying upfront!).

If you are an accrual basis taxpayer, make sure you provide all of your unpaid invoices to your accountant as these are deductible if paid by the time you file your taxes.  Additionally, if a vendor does not invoice you until January 2017 for services provided in 2016 then tell you accountant as well so he/she can accrue these expenses against your taxes.

 

Personal Taxes

Trump is proposing to significantly lower the individual tax brackets so if you are a high-income earner, deductions will be worth much less in 2017.   If you itemize your deductions on Schedule A of your taxes then here are some tax savings for you:

  1. Pay your January 2017 mortgage payment by December 31st, 2016.  This will provide an additional interest deduction on your itemized deductions.

  2. Pay your Q4 2016 state & local estimated tax payments by December 31st, 2016.  There are limitations on the deductibility of these payments with regards to the Alternative Minimum Tax (“AMT”).  If you typically pay the AMT tax, then speak with your accountant before doing this.

  3. Sell some “loser” investments this year.  You can deduct up to $3,000 of capital losses against your taxes.  Please speak to your accountant about the Wash Sale rules before you do this.

  4. Get your charitable donations (cash or property) in by year-end.

These tips only scratch the surface, so if you have any questions for me about your personal and/or business tax situation do not hesitate to contact me!

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