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Tommy Boy’s Wisdom on the Guarantees of H&R Block, TurboTax, and Similar Services

By TaxesNo Comments

One of Chris Farley’s many classics is the movie Tommy Boy.  In the movie, Tommy is out trying to save the company by getting sales. In a conversation with a Ted, a potential customer, Tommy gives us some legitimately profound insight on how guarantees work.   (If you want to see the full clip check out The dialog goes: Ted Nelson, Customer: But why do…

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H&R Block “Get Your Billions Back” is Misleading

By Business, Tax Strategy, Taxes5 Comments

If you watch TV, chances are you’ve seen the new H&R Block commercials for this tax season. As a small Utah CPA firm, I covet H&R Block’s marketing budget.  In my opinion, its marketing messages have been pretty compelling.  But therein lies the problem with its marketing.  Compelling doesn’t mean truthful or accurate. Starting with the fine print on the commercial, I feel H&R Block’s…

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Why Should You Care that Your CPA Can Work 80 hours a Week and Still be Lazy?

By Accounting, Business, Taxes2 Comments

During tax season, I hate it when I hear, “I’m surprised to see you.” Background: In case you didn’t know, client referrals are a huge part of any CPA firm’s growth.  At Incite, we make a concerted effort networking with clients and other professionals.  Between the months of January and April, when we network, we will hear “I’m surprised to see you” more than a…

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Keeping a Mileage Log for IRS Purposes

By Accounting, Business, Tax Strategy, TaxesNo Comments

Each year I do a few things the exact same way. I set my New Year’s resolutions, the next day I break my New Year’s resolutions, and then I create my mileage log template. (I actually don’t do resolutions. I believe in setting SMART goals in annual, monthly, weekly, and daily increments.) But the mileage log I definitely do. Here is the template I am…

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How do you Choose? 1099 or W-2?

By Business, Payroll, Tax Strategy2 Comments

The IRS created a 20-point checklist that a business owner can use to determine if the new hire is an employee or a contractor.  Just because one says he’s an employee or one says she’s a contractor doesn’t make the determination.  The whole list has to be considered. Please also note that if you want the new hire to be a contractor, this list can…

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Statutory Employees – My Rant!

By Business, IRS, PayrollNo Comments

Uncle Sam Grinch can be green with greed often.  The “statutory employee” is certainly one of those areas. What is a statutory employee?  IRS defines them as independent contractors that may be treated as employees for employment tax purposes.  Oh blessed charitable spirit of the IRS!  The taxpayer may be treated as employees for the 15.3 payroll tax.  It should read have to be treated…

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Pay Your Kids = Save on Taxes

By Business, Payroll, Tax StrategyNo Comments

By Sunny McIntosh Having kids can be such an amazing experience.  Kids enrich our lives with all sorts of predictable and unpredictable challenges.  But they can be really expensive!  If you own a business, consider hiring your kids.  Teaching them life lessons related to money starting young will not only be good for them, but also hopefully mean they won’t be living in your basement…

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Paying Yourself – Confused How It Affects Taxes?

By Business, IRS, Payroll, Tax Strategy, TaxesNo Comments

If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…

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Factoring – Know what you Don’t Know

By BusinessNo Comments

And Avoid Dropping the Ball by Denny Goodenough One of the biggest challenges facing most businesses is cash flow. Start-ups have often put all the their cash into R&D and set up of their business, so giving credit to clients is out of the question. Rapidly growing businesses often find it hard to keep up with orders and waiting thirty days or longer for customers…

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Questions to ask yourself about Health Insurance

By Business, Tax StrategyNo Comments

Click here for the pretty version of understanding your insurance. by guest Kellie Scott With the 2015 Open Enrollment approaching, we want you to be prepared. Did you know? To have a health insurance plan start on January 1, 2015 you must enroll between November 15, 2014 and December 15, 2014. Did you know? To get great coverage you don’t have to pay for the most…

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