Even though the beach is still calling, it’s almost time for students to think about the days when they’ll be loading up their backpacks, charging those computers and setting alarms for earlier than 10 a.m. – because the new school year will be here before you can say ‘fall semester.’
If that sound stressful to you, you’re not alone. On top of all the stresses associated with learning new material, meeting new people and challenging yourself intellectually, there is also a significant financial cost associated with the start of a new academic year. Regardless of whether you’re a parent thinking about your children’s back-to-school budget, a college student living away from home, or a full-time worker attending night school, the challenges are similar.
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The last few years have been inundated with major acquisitions, each creating buzz from within and beyond the business world. To name a few, in June of 2016, Microsoft acquired LinkedIn (which had already acquired online learning site Lynda.com the previous year). Fast forward to last month when Walmart announced it would buy Bonobos – a mostly-online men’s upscale clothing retailer – and Amazon announced it was set to buy Whole Foods Market.
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When people learn you’re a CPA, one of the first things they assume is that you “do taxes.” Often, they have a “quick tax question.” If you are a tax practitioner, you know a quick tax question is an oxymoron. It’s nice, however, to be able to translate some of our CPA lingo into easily understood information, both for clients and friends. One issue that stands out to me is: when and why does it makes sense to consider making quarterly estimated tax payments?
Individual estimated tax payments – a primer
The government likes to get their money on a regular schedule. For most people, that means withholding from a paycheck. But if that’s not your situation, the IRS has estimated tax penalties in place that preclude you from waiting until April 15 every year to pay the balance due. In order not to be subject to those penalties, during the year you must pay at least 100 percent (or 110 percent depending on your level of income) of your previous year’s tax liability OR at least 90 percent of your current year’s tax liability. And unless there is a special circumstance where your income fluctuates during the year, those payments are expected to be paid in quarterly installments.
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We all get used to doing things a certain way. It’s easy. It’s comfortable. But over time, we lose sight of whether what we’re doing makes sense. Is it effective? Is it worthwhile? Does it take more time and energy than it returns? It’s worthwhile to take a hard look at how you market your services and ask tough questions.
Every day, CPA firms across the country rely on ideas for promoting their services that might not present the best value. Call them old habits or if-it-ain’t-broke-don’t-fix-it syndrome, but the result is the same: results that are “meh.” What more could you do to promote the very real value you bring to clients on a daily basis? Let’s start with what you might be doing now that may not be effective.
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As a child, I loved watching movies about summer vacations. To someone from a low-income household whose summer adventures were circumscribed to the occasional elementary school-run day camp, the idea of vacationing was exotic – regardless of whether the family went to Walley World (National Lampoon’s Summer Vacation) or to a charming Massachusetts beach town like Amity (JAWS). Even the latter, where an insatiable Great White swallows poor beachgoers whole, seemed preferable to languishing away hours reading comics in my sweltering bedroom, ignoring my mom’s relentless nagging to ‘go play outside.’
Although many cast JAWS aside as simply a horror movie, to me, it’s always been much more. It’s a classic-if-not-quintessential man vs. beast odyssey, not much unlike those found in Greek mythology. But whether you classify the film as horror or adventure, JAWS undeniably plays to certain fears. Galeophobia (the fear of sharks) is akin to a fear of the dark in that it taps into an anxiety of being unable to see those things which may harm us. In terms of sharks, however, this fear is largely misguided.
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