online accountantQuickBooks Certified ProAdviserThe small business accountant
Tony Novak, MBA, MT, Certified Public Accountant
Cell 856-649-4171   onlineadviser@live.com   @tonynovak



   
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ACCOUNTING, TAX AND FINANCIAL PLANNING TOOLS

Better information leads to better business decisionsfinancial planning

If you are not getting accurate, timely and reliable information about your business, talk with me about how to utilize new technology to cut costs and improve results. Many online accounting and financial service providers offer discounted rates or extended free trials for new accounts referred by a CPA who has worked with the firm. Ask about how deals for QuickBooks, Vend, Balance and others can improve the work flow and profitability of your business.

Checklists and Organizers

NOVEMBER NEWS: 2014 Tax Organizers are now available, free on request when you make an early reservation for tax preparation.

I'm a strong supporter of using checklists and organizers as primary tools in the tax and financial planning process. Checklists are already widely used across many other industries and even the World Health Organization endorses the use of a checklist to ensure safe surgery environment for patients. Yet not everyone knows about or uses these tools in tax and financial planning. Some financial planning industry leaders think that checklists should become a standard within the financial planning process and I think that we will see this standard evolve over time as the industry matures. Checklists help to organize ideas, facilitate discussion and help promote uniform standards of quality within the planning process. This is a list of checklists I've used that are available online free of charge. The data organizer (highlighted in bold below), is the most comprehensive and likely the most useful if you are considering hiring an adviser.
  1. Tax planning checklist
  2. Small business accounting system setup checklist
  3. Checklist of health insurance savings strategies
  4. Accountants checklist when client or client's family member faces imminent death
  5. Estate planning checklist
  6. Financial planning checklist for unmarried couples
  7. Financial planning / tax planning data organizer
  8. Financial adviser interview checklist
  9. REVISED: Small business health plan compliance checklist
  10. NEW: 50+ employee health plan checklist
  11. OnlineAdviser initial financial planning consult checklist
  12. Troubleshooting checklist for family limited partnerships
  13. 401(k) fees checklist
  14. Two Page / 30 Minute Business Plan Template

Small businesses face higher taxes in 2014 and 2015small business taxes

With the tax season behind us, smart business owners and their advisers are turning to tax planning to address the loss of tax deductions and the increased wage and income tax costs brought on by the Affordable Care act and other changes. There is no patent solution that applies to all small business firms. Every business is unique and needs to weight the cost saving options in light of its own financial situation. Tony Novak's list of hot topics for small business will be included in the July 2014 edition of New Jersey CPA magazine.

Managing the cost of accounting services

Want to know how much accountants charge to prepare income tax returns? See the new national survey results for 2013. Also, it makes sense to compare the cost of DIY services with the risk of missed deductions or errors. For some, it makes sense to do your own but at higher income levels it always makes sense to use a third party preparer. Keep in mind these are averages rates of all tax preparers in the U.S. I'd prefer to see clients spend less spent on tax preparation and more on tax strategy and financial planning so that is usually reflected in my own pricing.

Obamacare's impact on small businessObamacare

November 4, 2013 - The complete PowerPoint presentation for the New Jersey Society of Certified Public Accountants Webinar delivered November 4, 2013 to reporters and CPA members is available for reference or download.

Tax planning made easytax planning made easy

revised 10/28/2013 - Shrinking your personal or business  tax bill is probably easier than you realize. Tax planning is the process of systematically looking for legal ways to reduce taxes that fit into your overall financial plan. Tax planning is quite different from tax return preparation... (read more)
 

How to avoid the new Medicare tax

There are two ways to avoid the new ACA Medicare tax that would otherwise cost average upper middle class taxpayer an additional $2,000 per year. The first way is to avoid triggering the tax at all. These tax strategies are most effective if planning starts well in advance. The second approach is to minimize the basis of the tax assessment after it is triggered. It is important to know where you fall under the new tax law. A tax review and planning session is the best way to know for sure. This can be done in person, by telephone or via video conference (Skype, Google+, Facetime).

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Member of New Jersey Society of Certified Public AccountantsThis Web site is independently owned and operated by Tony Novak operating under the trademarks "Freedom Benefits", "OnlineAdviser" and "OnlineNavigator". Opinions expressed are the sole responsibility of the author and do not represent the opinion of any other person, company or entity mentioned. Tony Novak is not a representative, agent, broker, producer or navigator for any securities broker dealer firm, federal or state health insurance marketplace or qualified health plan carrier. Novak is compensated as an accountant, adviser, writer, consultant, marketer, reviewer, endorser, producer, lead generator or referrer to the commercial companies listed on this site or non-governmental commercial insurance exchanges. Information is from sources believed to be reliable but cannot be guaranteed. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues or a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. Novak would be pleased to perform the requisite research and provide you with a detailed, written analysis at your request. Such an engagement would be subject to an engagement letter that would define the scope and limits of the desired consultation services.

Tony Novak  |  P.O. Box 333  Newport NJ 08345  |  141 Jones Street Bala Cynwyd PA 19004