In the best of worlds, taxes can be complicated, provoke anxiety, and, of course, be costly. In a divorce situation taxes have the potential to become yet another battleground for the exhausted parties. Many of the financial decisions made by the parties – or made for them if they cannot agree – have serious, [...]
Q: I donate my time to a non-profit. Is it tax deductible? A: No. The tax code allows for many types of donations – cash, real estate, old clothes and securities are among the most common. Now, volunteering your services is invaluable, even charitable, but clearly not tax-deductible. However, if you itemized [...]
How much is my business worth? A Guest article by Gary Schine We hear these questions a lot from business owners. Sometimes it’s because they want to sell their business or take on a partner, or do some estate planning. More often, it’s because they’re just curious; it’s just nice to know [...]
Here is the slide show from one of my recent presentations. Some of the topics I address: Tax deductions for artists, designers and makers; minimizing audit risk; incorporation options; record-keeping. I love doing these; let me know if you want me to speak, in person or remotely, to a receptive audience you are familiar with. [...]
Lawyer Loses Bid To Claim Over $100,000 in Deductions for Prostitutes and Related Expenses « JONATHAN TURLEY.
How well are YOU taking care of your (tax) body? Tell me whether these are Y-Deductible; N-Not Deductible; USC –Under Specific Circumstances Answers in the Comment section below The one you ALL ask me about – Cost of hotel room for sex therapy? Navajo healing ceremonies (a/k/a “sings”) Jewish healing ceremonies (a/k/a “zings”) Clarinet lessons Flute [...]
I am delighted to have been interviewed by “The Sassy Ladies” — a pioneering and successful enterprise launched here in Rhode Island a couple of years ago. Their focus is helping women entrepreneurs but I have always considered myself an honorary “Sassy Lady”. The interview speaks for itself – click here:
Every taxpayer’s worse nightmare. On the other hand, it is the price we pay for having a kind of “honor” or “voluntary” or system. I don’t mean at all to suggest that the government has no right to collect taxes or that you are not (generally) obligated to file — (I am not a Minuteman). [...]
Tax Advantages Of A Home Based Business I was recently interviewed by Kevin Grover, of the Kevlor Marketing Group (contact information below). Kevin is also co-owner of Divorce Resource Center of RI, an outstanding local resource (www.drcri.net) Q: How should I calculate the percentage or ratio of the area of my home, apartment and home [...]
Indeed. Yours truly, self and other styled “Zen Mensch CPA” was interviewed by a local cable show, “One Hour With Bob”. I talked about my background and some tax issues. The show airs in Rhode Island starting Thursday March 3 and plays at various times through the next week — may be extended to two [...]
It is quite possible you are not getting as much “value” out of your little pumpkin as you could. No, I am not suggesting sending her out to work – yet. I am talking about squeezing some extra dollars out of tax credits that are passing you by. Most parents know that you can take [...]
Yes. It’s true. This is not April’s Fools. What? Didn’t I just breathe a sigh of relief because the sales tax was not expanded dramatically? Yes. But I am talking about income taxes – and what happened last year that is already affecting you. Specifically, in 2010 the state legislature quietly overhauled Rhode Island’s income [...]
For many of us, these are the most economically uncertain of times. Sure there are never any guarantees, but the last few years seem to have had a sharper edge. If not already financially strapped, we are less confident about the future. How then to save or plan?
By Rich Streitfeld, CPA Impoverishing One Impoverishes All If at all possible try to think as an economic unit, at least until the divorce is final. You are right, your spouse is a louse– and you do need to have your financial needs met in a fair and equitable fashion. However when one party [...]
My partner and I recently did a webinar on a hot topic — non-profits with for-profit enterprises (“hybrid non-profits). They come in various guises and go by various names, including social enterprise, social ventures and L3C. Click more to view the slideshow.
I am honored to be speaking via webinar for the Arts and Business Council Greater Boston on that time-honored topic: sales taxes. The title is “Ten Percent of Priceless — Sales Tax for Artists” but it really applies to anyone in business. And you can participate from anywhere. The date is December 13, 7 PM. [...]
I like to think that Larson Gunness is to financial planning what I am to accounting: completely professional AND totally bucking the stereotypes. Larson has worked for years in the investment field and is NOT your button downed guy pushing the latest stock or insurance product. To the contrary, he has authored the colorful, informative [...]
You have a charitable idea you and want to start a non-profit. Great! My company specializes in 501 (c) (3) applications, the most common form of tax-exemption. Before you plunge in, I have some questions for you. Can You Share Control?
Let me count the ways. Financial, emotional, legal, physical. This site addresses divorce from multiple perspectives. Look at the array of articles – “When Divorce Happens Over Forty”, How Personality Disorders Drive (aggressive) Family Court Litigation” – this is not just about money and custody (which are expertly covered as well). As divorce survivors, founders [...]
(originally written for The Water Trough, Ed Drozda’s fabulous website): Have you just started a business and been wondering whether or not to incorporate? Or freelancing for a while and wondering if now is the time to do it? What are the pros, cons, choices? LLC, S Corp, L3C, R2D2 – my head, she is [...]
Did you just open a business, start freelancing or receive a “1099 Form” for the first time? Congratulations on joining the ranks of the self-employed. You have earned the privilege of paying estimated taxes directly to the IRS, and perhaps your state as well. The skinny:
I am happy to be partnering with Attorney Tobias Lederberg to provide FREE one on one consulting sessions to area businesses. We have set aside two hours in both August and September to help you with your legal or accounting needs — or both. Thirty minute sessions, by reservation, are available. Details in the announcement [...]
A new and important program, authorized by the state legislature. Per Rhode Island’s Division of Taxation: “A unique opportunity for you to get a fresh start. Pay what you owe in delinquent state taxes—no matter the type of tax. In exchange, we waive penalties and reduce the amount of interest we’d normally charge.” Translation: You [...]
Please join me for this live and lively webinar. The topics I will cover in this popular presentation include: What can an artist/designer deduct? Keeping the books Should I incorporate? Sales tax blues Minimizing audit risk Learn from the privacy and convenience of your couch, studio, or [...]
Free, informative and friendly — What’s not to like? Building on its initial success, I will be holding Biz Aid sessions in Southern Rhode Island in October, while continuing the monthly business-legal sessions in the Providence area. Meanwhile, my newest partner is the fabulous business coach Ed Drozda. ———————————————————————————————————————– My friend, the “Small Business Doctor” Ed [...]
In the best of worlds, taxes can be complicated, provoke anxiety, and, of course, be costly. In a divorce situation taxes have the potential to become yet another battleground for the exhausted parties. Many of the financial decisions made by the parties – or made for them if they cannot agree – have serious, long-lasting tax consequences. Care and consideration must be given, as illustrated in the following examples:
It ain’t over till it’s over. Bette and Peter* are negotiating a particularly nasty separation that will span two calendar years. Peter is a banker and Bette is a stay-at-home mom. Peter wants to file as a couple – “married filing jointly” – so they will get a small refund. Because of the acrimony between them, Bette will not agree and thus they have to each file “married separately” returns – she will still not owe anything (no income) and Peter will owe a ton (the rates are much higher and the credits limited for “married filing separately”).
Logic dictates that Read more
Answers to your questions
Q: I donate my time to a non-profit. Is it tax deductible?
A: No. The tax code allows for many types of donations – cash, real estate, old clothes and securities are among the most common. Now, volunteering your services is invaluable, even charitable, but clearly not tax-deductible. However, if you itemized your deductions then mileage driven on behalf of the organization is deductible as a charitable contribution at $.14 per mile for 2012. Certain unreimbursed expenses of volunteers may also be itemized as charitable contributions – for instance, Read more
The author (Gary Schine)
How much is my business worth?
A Guest article by Gary Schine
We hear these questions a lot from business owners. Sometimes it’s because they want to sell their business or take on a partner, or do some estate planning. More often, it’s because they’re just curious; it’s just nice to know how much something you own might be worth.
There are all kinds of rules of thumb out there as to how the value of a business is established, such as: Read more
Here is the slide show from one of my recent presentations.
Some of the topics I address:
Tax deductions for artists, designers and makers; minimizing audit risk; incorporation options; record-keeping.
I love doing these; let me know if you want me to speak, in person or remotely, to a receptive audience you are familiar with. View the slide show: Read more
Free, informative and friendly — What’s not to like? Building on its initial success, I will be holding Biz Aid sessions in Southern Rhode Island in October, while continuing the monthly business-legal sessions in the Providence area. Meanwhile, my newest partner is the fabulous business coach Ed Drozda.
———————————————————————————————————————–
My friend, the “Small Business Doctor” Ed Drozda, will be offering free sessions at my firm’s office in Cranston the afternoon of October 19 from 1 PM to 3 PM.
As with all Biz Aid offerings this is a no fee, no obligation consultation designed to help you remedy a burning business challenge.
You can sign up for one of the October 19 sessions with Ed at 508-695-2146 or ed@thesmallbusinessdoctor.com.
Ed has been instrumental in challenging me to fulfill my dreams and potential. He is a fun and creative thinker. I would not miss a chance for some free insights!
————————————————————————————————————————
AND
I am thrilled to be bringing this popular FREE business consulting series to Southern Rhode Island (or,as the locals call it, “South County” — although there is no such county.) Saturday October 20. Details below.
———————————————————————————————————————–
FINALLY, The next Biz Aid in Providence metro, with lawyer extraordinaire Tobias Lederberg and myself, will take place the mornings of Wednesday, October 10 and Friday, November 9. These slots have filled quickly in our first two offerings. E-mail me at rich@alscpa.com to sign up.
Please join me for this live and lively webinar. The topics I will cover in this popular presentation include:
Learn from the privacy and convenience of your couch, studio, or maybe even your car.
The webinar is sponsored by Rhode Island School of Design’s Alumni Relations Department. They are generously inviting any working artist or designer to attend; you do not need to be affiliated with RISD to participate. Read more
reprinted courtesy of clipart.com
A new and important program, authorized by the state legislature.
Per Rhode Island’s Division of Taxation: “A unique opportunity for you to get a fresh start. Pay what you owe in delinquent state taxes—no matter the type of tax. In exchange, we waive penalties and reduce the amount of interest we’d normally charge.”
Translation: You will pay less in total than you otherwise would and – this is starting to affect a lot of people – your driver’s license renewal will not be held up while you repay. (The Division of Taxation now has the authority to deny your registration until delinquent taxes are taken care of. And they have been doing this.)
That’s the good news.
The challenge Read more
I am happy to be partnering with Attorney Tobias Lederberg to provide FREE one on one consulting sessions to area businesses. We have set aside two hours in both August and September to help you with your legal or accounting needs — or both. Thirty minute sessions, by reservation, are available. Details in the announcement below.
Did you just open a business, start freelancing or receive a “1099 Form” for the first time? Congratulations on joining the ranks of the self-employed. You have earned the privilege of paying estimated taxes directly to the IRS, and perhaps your state as well. The skinny: Read more
(originally written for The Water Trough, Ed Drozda’s fabulous website):
Have you just started a business and been wondering whether or not to incorporate? Or freelancing for a while and wondering if now is the time to do it?
What are the pros, cons, choices? LLC, S Corp, L3C, R2D2 – my head, she is spinning.
The turning of the year is a good time to review your options.
Preliminaries
In most situations incorporating* is an option not a requirement. You are a freelance architect, you are an architect with your wife, you are an architect with your wife and your mistress – you may incorporate but you do not have to.
When would you have to? Read more
Test your TaxMed IQ
How well are YOU taking care of your (tax) body? Tell me whether these are Y-Deductible; N-Not Deductible; USC –Under Specific Circumstances
Answers in the Comment section below
Which are true deductions?! Read more
I am delighted to have been interviewed by “The Sassy Ladies” — a pioneering and successful enterprise launched here in Rhode Island a couple of years ago. Their focus is helping women entrepreneurs but I have always considered myself an honorary “Sassy Lady”. The interview speaks for itself – click here:
Every taxpayer’s worse nightmare. On the other hand, it is the price we pay for having a kind of “honor” or “voluntary” or system. I don’t mean at all to suggest that the government has no right to collect taxes or that you are not (generally) obligated to file — (I am not a Minuteman). But there are certain Western countries where the government essentially computes your taxes “for you” — it’s not up to you/your accountant to decide which deductions to take or whether a certain position is “risky”. Read more
photo by "jnyemb" (Flicker Name) under Creative Commons license
I was recently interviewed by Kevin Grover, of the Kevlor Marketing Group (contact information below). Kevin is also co-owner of Divorce Resource Center of RI, an outstanding local resource (www.drcri.net)
Q: How should I calculate the percentage or ratio of the area of my home, apartment and home business expenses that I can legally deduct and use as a tax deduction and write off?
A: Use a tape measure… Literally! Measure the square footage of the interior of your home or apartment and then calculate the space of your home office in square footage, and you’ll determine the percentage of your entire home or apartment that it represents.
Example: Divide the little number by the big number. For example: 108 sq. ft. office (9x12ft. room) / 400 sq. ft. home equals .27 or 27%. That 27 % is the number your accountant will need.
Q: My business is Incorporated (S Corp., C Corp.). Does that matter? Read more
Indeed. Yours truly, self and other styled “Zen Mensch CPA” was interviewed by a local cable show, “One Hour With Bob”. I talked about my background and some tax issues. The show airs in Rhode Island starting Thursday March 3 and plays at various times through the next week — may be extended to two weeks. An Hour with Bob airs Thursday at 11pm, Friday at 10pm, Sat at 1pm on 13, 32, 49. Also on Sat at 11pm and Mon at 10:30pm on Cox 18 and Verizon 31 and 2. Fall River Wed 6 PM Channel 95.
It is quite possible you are not getting as much “value” out of your little pumpkin as you could. No, I am not suggesting sending her out to work – yet. I am talking about squeezing some extra dollars out of tax credits that are passing you by.
Most parents know that you can take a credit for childcare when you file your taxes. However, a far more lucrative option is to find out if your employer offers a pre-tax” cafeteria plan” with a dependent care option. Why? Read more
Yes. It’s true. This is not April’s Fools.
What? Didn’t I just breathe a sigh of relief because the sales tax was not expanded dramatically? Yes. But I am talking about income taxes – and what happened last year that is already affecting you.
Specifically, in 2010 the state legislature quietly overhauled Rhode Island’s income tax structure. Rates – especially the top rates – were “flattened”. The stated goal was to make RI competitive with other nearby states for high income taxpayers. Top rates dropped from almost 10% to less than 6%.
BUT – mindful of the budget, this overhaul was “revenue neutral”. What does this mean, Senator. Read more
For many of us, these are the most economically uncertain of times. Sure there are never any guarantees, but the last few years seem to have had a sharper edge. If not already financially strapped, we are less confident about the future. How then to save or plan? Read more
By Rich Streitfeld, CPA
Impoverishing One Impoverishes All
If at all possible try to think as an economic unit, at least until the divorce is final. You are right, your spouse is a louse– and you do need to have your financial needs met in a fair and equitable fashion. However when one party tries to grab all the tax benefits at the expense of the other, all may lose out – less money for the kids, more money for the lawyers. For instance if Sharon refuses to sign a joint return while the divorce is in process and Greg makes more money, she may save $500 but he may lose $5,000. This may make Sharon happy, but may also make a settlement more elusive, drag out the proceedings and make it more difficult for Greg to provide for his share of any agreement.
A better way? Read more
My partner and I recently did a webinar on a hot topic — non-profits with for-profit enterprises (“hybrid non-profits). They come in various guises and go by various names, including social enterprise, social ventures and L3C. Click more to view the slideshow. Read more
I am honored to be speaking via webinar for the Arts and Business Council 
Greater Boston on that time-honored topic: sales taxes. The title is “Ten Percent of Priceless — Sales Tax for Artists” but it really applies to anyone in business. And you can participate from anywhere.
The date is December 13, 7 PM. For more details click here: And check out all of ABCGB’s great offerings, including upcoming webinars on The Visual Artists Rights Act (VARA) and on Trademark and Your Personal Brand. Click here for the full calendar.
Image Source: Anna Rosenfield; appears in Finance for Artists
I like to think that Larson Gunness is to financial planning what I am to accounting: completely professional AND totally bucking the stereotypes. Larson has worked for years in the investment field and is NOT your button downed guy pushing the latest stock or insurance product. To the contrary, he has authored the colorful, informative and unique as unique gets site — Finance for Artists.
The site reflects Larson’s love of writing and his passion for helping fellow artists. There is a non-technical glossary, (“accountant: a professional who keeps you out of debtor’s prison”.) and hilariously familiar case studies that teach you stuff: Here Art talks to his accountant:
“I don’t want to go to prison,” Art says again. Only this time, Read more
You have a charitable idea you and want to start a non-profit. Great! My company specializes in 501 (c) (3) applications, the most common form of tax-exemption. Before you plunge in, I have some questions for you.
Can You Share Control? Read more
Let me count the ways. Financial, emotional, legal, physical. This site addresses divorce from multiple perspectives. Look at the array of articles – “When Divorce Happens Over Forty”, How Personality Disorders Drive (aggressive) Family Court Litigation” – this is not just about money and custody (which are expertly covered as well). As divorce survivors, founders Lori and Kevin Grover understand the unique trauma divorce is to each spouse and child. Originally Divorce Resource Center of Rhode Island, RIDMC collaborates with professionals across the board to assist its clients (full disclosure: I am one.) And the site just gives stuff away –clean, comprehensive listings of local family courts. A concise summary of Rhode Island divorce laws — in English, not legalese. Who knew? As befits this approach, local attorney Jeanne LaPiana hosts a free legal seminar on divorce twice per month at RIDMC’s offices, in Cranston, Rhode Island. Whether in business or divorce I like to think that a foundation of openness and collaboration can succeed.
