Our Blog
De Minimis or 179 Expensing or Bonus Depreciation?
Ernie Neve, CPA
January 18, 2019
Before tax reform, the de minimis safe harbor election was the best way to immediately expense the entire cost of your small-business assets for federal income tax purposes.
Now that the Tax Cuts and Jobs Act tax reform gives you 100 percent bonus depreciation through 2022, you have three possible reasons to use 100 percent bonus depreciation as your federal income tax...
Entertainment Facilities after the TCJA Tax Reform
Ernie Neve, CPA
January 17, 2019
Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses.
Next, say, 10 years later, without any tax consequence to you, you start using the beach home as your own.
Is this possible? Yes. Are there some rules on this? Yes. Are the...
Tax Reform's New Qualified Opportunity Funds: Helpful or Hype?
Ernie Neve, CPA
January 9, 2019
Qualified opportunity funds are a new tax-planning strategy created by the Tax Cuts and Jobs Act tax reform.
The new funds have the ability to defer current-year capital gains, eliminate some of them later, and then on the new investment make capital gains tax-free. To put the benefits in place, you need to navigate some new rules and time...
Tiny Violins for Very Large Men
Ernie Neve, CPA
January 7, 2019
2019 is here, and it's almost time to file your first tax return under the new law. But you probably sat around watching sports all weekend instead of talking taxes, didn't you. (Did Santa bring a new TV?) So, as we ring in the New Year, let's take a look at how the new tax bill affects some of those athletes you've been watching.
Washington sold the Tax Cuts and Jobs...
Avoid IRS Audits: Fix the 1099 Prepaid-Rent Mismatch
Ernie Neve, CPA
January 1, 2019
Two questions:
- Did you prepay your 2019 rent so that you have a big 2018 tax deduction?
- How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord?
For the 1099-MISC, do you simply look at your checkbook or payment ledgers to identify the...
Ernie Neve – Plymouth Meeting Accountant on Facing the Wrath Of The IRS and Surviving
Ernie Neve, CPA
December 27, 2018
Link to the PODCAST >>> https://businessinnovatorsradio.com/ernie-neve-plymouth-meeting-accountant-facing-wrath-irs-surviving/
In this episode, host Neil Howe talks with Certified Public Accountant Ernie Neve of The Neve Group, LTD. Ernie helps...
Great Moments in Tax Litigation
Ernie Neve, CPA
December 26, 2018
Some of the greatest stories in America reach their dramatic finale in a courtroom. Who doesn't admire Gregory Peck as Atticus Finch standing up to racism in Jim Crow-era Alabama in To Kill A Mockingbird? Who can forget Tom Cruise baiting Jack Nicholson into bellowing out that yes, he did order the Code Red at the end of A Few Good Men? And who can't imagine the smile of...
Five last-minute year-end business deductions
Ernie Neve, CPA
December 25, 2018
Who says year-end tax planning has to be difficult?
If you know the tax law inside out (and we do!), there are easy steps you can and should take right now that will cut your tax bill big time.
What money-saving strategies can you put to work in the final days of December 2018?
You'll find out when you read my new article titled
Holiday Tax Advice From Epidemiologists
Ernie Neve, CPA
December 19, 2018
Holiday season is in full swing, and millions of Americans are celebrating with their favorite libations. Breweries are rolling out their winter brews. Wine stores are stocking up on champagne. And somewhere in a gentrifying warehouse district near you, a hipster bartender in a flannel shirt and man bun is crafting his favorite seasonal cocktail.
But alcohol can be a...
IRS BREAKING NEWS ON 2018 TAX FORMS
Ernie Neve, CPA
December 17, 2018
The IRS has posted the final 2018 Form 1040, U.S. Individual Income Tax Return, numbered Schedules 1 through 6 and the 1040 Instructions. The 2018 Form 1040 uses a “building block” approach so taxpayers with straightforward tax situations only need to file Form 1040, while those who need to provide supplemental information can use the new numbered schedules they need. For tax year...
IR-2018-251
Ernie Neve, CPA
December 14, 2018
WASHINGTON — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
•58 cents per mile driven for...
2018 Last-Minute Vehicle Purchases to Save on Taxes
Ernie Neve, CPA
December 7, 2018
Two questions:
Do you need a replacement business car, SUV, van, or pickup truck?
Do you need tax deductions this year?
Here are some ideas for you to consider:
1. Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000 Pounds
Let’s say that on or before December 31,...
2018 Last-Minute Year-End Tax Deductions for Existing Vehicles
Ernie Neve, CPA
December 7, 2018
It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions.
Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic rules:
Gains attributable to depreciation produce ordinary income.
Gains in excess of original basis produce...
2018 Last-Minute Year-End General Business Deductions
Ernie Neve, CPA
December 7, 2018
Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash.
Prepaying your 2019 expenses right now reduces your taxes this year, without question. While it’s true you kicked the can down the road some, perhaps you...
2018 Last-Minute Year-End Medical and Retirement Deductions
Ernie Neve, CPA
December 7, 2018
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action.
I’ve included below six action steps for 2018 that can help you reduce your taxes and pocket extra money.
- Put your retirement plan in...
2018 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
Ernie Neve, CPA
December 7, 2018
The beauty of tax planning your year-end stock portfolio is that it might cost you pennies in commissions but allow you to pocket real money.
Here’s the basic strategy:
Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income.
Lower the taxes to zero—or if you can’t do that, then lower them...
2018 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Ernie Neve, CPA
December 7, 2018
Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends.
Put Your Children on Your Payroll
Did your children under age 18 help you in your business this year? Did you pay them for their...
2018 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Ernie Neve, CPA
December 7, 2018
Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends.
Put Your Children on Your Payroll
Did your children under age 18 help you in your business this year? Did you pay them for their...
Update on Claiming Business Deduction for Work-Related Education
Ernie Neve, CPA
December 7, 2018
As a small-business owner, you probably incur work-related education expenses from time to time. You may even decide to pursue an advanced degree, such as a Master of Business Administration (MBA).
You likely want your employees to be on a path of continuous improvement.
There’s much to know about how such business deductions work for both...
Paying Your Tax Bill With Magic Beans?
Ernie Neve, CPA
December 5, 2018
If you pay attention to financial news, you can't escape hearing about Bitcoin and other cryptocurrencies. Bitcoin is just like country music, Justin Bieber, and pineapple on pizza — people either love it, or hate it, but there's no middle ground. The billionaire Warren Buffet dismisses it as a "mirage," a "Buck Rogers" phenomenon, and "rat poison squared." But legions of fans see it...
Carrots Versus Sticks
Ernie Neve, CPA
November 28, 2018
Take a look at our Internal Revenue Code. No, really, take a good look. (You can buy it on Amazon for just $161.89: two thick paperbacks totaling 4,968 pages. You even get free Prime shipping!) At first glance, it's all about the revenue. For FY 2019, federal income taxes should hit nearly $1.7 trillion. Payroll taxes will top $1.2 trillion. Corporate taxes, $225 billion. And estate...
Over-the-Top Thanks for This Tax "Break"
Ernie Neve, CPA
November 21, 2018
Wall Streeters have a lot to give thanks for this holiday season. Earnings are up, so bonuses are up. And that, in turn, means taxes are up, too. The New York Post just reported that Wall Street Bankers Are Throwing Excessive Parties To Dodge Taxes. But will the wining and dining actually put money back in their pockets? Or is the tax angle just a convenient excuse to party up...
LeBron James Scoffs at These Taxes
Ernie Neve, CPA
November 14, 2018
If you were coaching your kid's basketball team, you wouldn't win many games if you told them to aim for the backboard. Your opponents might love you, but there would be at least one dad in the stands screaming at you the entire time. So why have some tax collectors given up aiming for the hoop and settled for rebounds?
At first glance, the tax code looks like...
Hey, Jealousy
Ernie Neve, CPA
November 7, 2018
Reality television has introduced us all to the joy of the "big reveal." HGTV specializes in this sort of story. The perky couple, handsome brothers, or plucky first-time homeowners spend most of an episode covered in plaster dust and paint. Then after the final commercial break, they pull back the curtain on the dream interior so viewers can feel inadequate about their own homes....
Accountants Behaving Badly, Part 40
Ernie Neve, CPA
October 31, 2018
Big-league baseball players like the ones who just wrapped up the World Series enjoy careers that last 5.9 years on average, and with 162 games per year, they enjoy lots of chances to be heroes. But eventually, even the best of them hang up their cleats and join the rest of us in the real world. The lucky ones find high-profile gigs running car dealerships or calling games from the broadcast...
A Scary Disconnect
Ernie Neve, CPA
October 24, 2018
Legend holds that in 1494, an Italian friar named Luca Pacioli was sitting under an apple tree when an apple bounced off his head. In a flash of insight, he invented the "double-entry bookkeeping" system where each entry has a corresponding and opposite entry to a different account. Those entries, called debits and credits, help accountants avoid headaches — if the debits and...
The Taxpayer Who Never Was
Ernie Neve, CPA
October 17, 2018
Life is full of ups and downs, and sometimes the downs can be so low that it doesn't feel like there's ever going to be an up again. How many people have dreamed of faking their own death and disappearing under a new identity, never to return to their problems again? It's called "pseudocide," and it's popular enough that novelists have a field day writing thrillers about it. John Grisham...
Don't Let These Guys Catch You Paying Taxes!
Ernie Neve, CPA
October 10, 2018
Streaming TV services like Netflix have changed how we watch television, dropping an entire season of a series at once for us to binge on. They've even breathed new life into "quality television," a phrase that used to provoke laughs from that insufferably smug type of person who used to brag that they didn't even own what we all used to call the "idiot...
Something to Fight About!
Ernie Neve, CPA
October 3, 2018
Fall is officially here, and that means whiskey season is back. Most drinkers probably don't think much about taxes when they visit their favorite bar or spirits shop. Liquor levies are generally based on volume, not price, so you pay the same amount of tax on a $4 fifth of Olde Ocelot as the swells pay for their $269 Pappy Van Winkle. But did you know that whiskey played a central role in...
All Fun and Games
Ernie Neve, CPA
September 26, 2018
Some of the world's most popular board games give players the chance to live out professional fantasies. Aspiring property sharks can cheat each other with the classic Monopoly. Would-be Sherlock Holmeses can track down killers with Clue. Armchair generals can settle down to an evening of Risk. But until today there's never been a game to let aspiring tax planners outwit the...
R-E-S-P-E-C-T the Plan
Ernie Neve, CPA
September 19, 2018
Aretha Franklin left this world with a musical legacy for the ages. The Queen of Soul started singing for her father's "gospel carnival tours" at 12, cut her first record at 18, and scored her first hit a year later. She went on to record 112 hit singles, including 20 #1s, and won 18 Grammies. She performed for presidents and even sang for a real queen (of England). When word broke...
Floating Palace, Indeed!
Ernie Neve, CPA
September 12, 2018
This week's story is a briny chowder of petty vandalism, tax avoidance, partisan posturing, and flat-out misinformation. There's probably something in here to offend everyone. So buckle your seat belts and get ready for a ride!
Education Secretary Betsy DeVos has been one of Donald Trump's most controversial cabinet officials since barely surviving Senate confirmation...
Can You Imagine the Smell?
Ernie Neve, CPA
September 7, 2018
The Infinite Monkey Theorem holds that if you sit an infinite number of monkeys down at an infinite number of typewriters, eventually one of them will bang out the complete works of William Shakespeare — or, at the very least, Hamlet. But do you know what those monkeys are banging out when they're not banging out Shakespeare? The Internal Revenue Code, of course! (Sadly,...
Mark's Terrible, Horrible, No Good, Very Bad Day
Ernie Neve, CPA
September 7, 2018
When Mark Zuckerberg was 19 years old, he launched Facebook from his Harvard University dorm room. (Some cynics might say "stole" is a better word than "launched," but who wants to start that debate?) Since then, he's made Facebook one of the internet's most valuable brands. And as he's done it, his net worth has climbed as high as $81.6 billion, making him the world's...
Awwww, He Has His Daddy's. . . Tax Break?
Ernie Neve, CPA
September 5, 2018
Mother Nature knew exactly what she was doing when she made babies cute. In fact, evolutionary biologists at Oxford University recently concluded they evolved that way to survive by encouraging the rest of us to look after them. "This is the first evidence of its kind to show that cuteness helps infants to survive by eliciting care-giving, which cannot be reduced to simple, instinctual...
IRS Loves "New" Math
Ernie Neve, CPA
August 22, 2018
As many of you know, I am the father of twin 12 year old boys. I am learning that parenting is full of all sorts of milestones. Some of them are precious, like your child's first steps, their first words, first time on skates, first hockey goal, oh yeah, and their first day of school. Some of them are less welcome, like a first broken bone, first stitches, or growing feet.
Love Stinks. Yeah, Yeah
Ernie Neve, CPA
August 15, 2018
The best marriages, so they say, age like fine wine. They gain richness, and color, and depth. They ripen and mellow as experience piles upon experience, bonding the couple and deepening the intimacy as husband and wife stroll hand-in-hand through the majestic tapestry of life. (Cue the rainbows, and unicorns, and George Harrison lyrics.)
Remy and Lara Trafelet didn't have that...
Now That's Shelter
Ernie Neve, CPA
August 1, 2018
Classic rock fans celebrated a milestone birthday on July 26: Rolling Stones front man and rock legend Mick Jagger turned 75! If that doesn't make you feel old, try these on for size: Aerosmith's Steven Tyler is old enough to collect maximum Social Security benefits. Cyndi Lauper still just wants to have fun, but now she's on Medicare. And 80s icon Madonna can finally take money from her IRA...
It Came From Under the Ground!
Ernie Neve, CPA
July 25, 2018
Earlier this month, archaeologists digging in Egypt unearthed a 2,000-year-old black granite sarcophagus 16 feet below the surface. Pretty cool, right? But then they announced they were going to open it. What a terribleidea! Have they never seen The Mummy? When the lid came off, they found three skeletons rotting in some dirty water that had probably leaked in from a...
Here's to Your Health!
Ernie Neve, CPA
July 18, 2018
When Congress raises the hood on the tax code, they're usually working to raise money to pay for government. But sometimes they're more interested in nudging us to behave in ways they can't legislate directly. Take the mortgage interest deduction, for example, which "cost" the Treasury $69.7 billion in 2013. That deduction encourages millions of Americans to spend billions of dollars buying...
Don't Cry 4-3, Argentina
Ernie Neve, CPA
July 11, 2018
Americans love a champion, and every year, sports fans get to see new champions crowned. We've got a World Series, a Super Bowl, and NBA finals that drag on for months. We've got the Kentucky Derby, the Indianapolis 500, and the Nathan's Famous National Hot Dog Eating Contest. And every even-numbered year, the Olympics bring us more exotic champions in curling, synchronized swimming, and...
Manly Men Doing Manly Things in a Manly Way
Ernie Neve, CPA
June 13, 2018
Back in the early 80s, a group of Democratic legislators decided to room together to cut the cost of staying in Washington for the three nights or so per week that Congress is in session. The motley crew included Representative George Miller of California (owner of the blue-gray house in Southeast DC), Senators Dick Durbin and Chuck Schumer, future Defense Secretary and CIA chief Leon...
Guaranteed Winners
Ernie Neve, CPA
May 30, 2018
On May 14, the Supreme Court struck down the Professional and Amateur Sports Betting Act that had made Las Vegas the only state where bettors could gamble on college and professional sports. (Sorry, wrestling fans, no betting for you. Spoiler alert — the matches are fixed.) Imagine how much louder your neighborhood sports pub will get when the obnoxious drunk at the end of the bar...
She Did It!
Ernie Neve, CPA
May 23, 2018
Early on Saturday morning, 29 million Americans woke up to take a break from school shootings, Russian collusion, and partisan gridlock to watch a California woman achieve a rare fantasy. The woman in question watched the sun rise as plain old Meghan Markle. But by the time it had set, she had become Her Royal Highness Meghan, Duchess of Sussex. (When she's in Scotland, she's the Countess of...
Have You Taxed a Ford Lately?
Ernie Neve, CPA
May 16, 2018
On May 2, fire broke out at the Meridian Magnesium Products of America plant in Eaton Rapids, Michigan. The factory supplies components to Audi, BMW, Daimler, Fiat, GM, Tesla, Jaguar and Mercedes. But their most important product may be the die-cut radiator "front bolster" supports in Ford's F-150 pickup. Workers pressure-feed molten magnesium into a mold, then rapidly cool it like Jell-O....
Free Agent Scores Spicy Signing Bonus
Ernie Neve, CPA
May 9, 2018
Baseball is back in swing, and several teams have already made it clear that they won't be contending for playoff berths. The Cincinnati Reds are leading that sorry pack, the first team to lose 20 games in the season. But the Orioles, White Sox, and Rangers are all nipping at their heels. If any of them are serious about winning this year, it might be time to take a look at signing some free...
Such a Bore
Ernie Neve, CPA
April 11, 2018
Everyone has a mental picture of what a tax professional or accountant looks like. Probably pretty boring, right? Dull. Predictable. Not quite smart enough to do useful work, like engineering. Definitely not slick enough for sales. Probably balding and paunchy, bleary-eyed from too many late nights at the office typing numbers into boxes on government forms. But that's not always...
Auditors on Deck
Ernie Neve, CPA
April 4, 2018
Baseball is back, even as some teams are looking at early-season snow days. My 12 year old twin hockey players are in their final year of little league and literally skated off the ice and on to the field for their first practice on Saturday. The new Phillies Field Boss Gabe Kapler is already taking major abuse because he is a stats geek- prepping spreadsheets to crunch numbers like WAR (Wins...
Where Does Cardi's Money Go?
Ernie Neve, CPA
March 28, 2018
If you know me, you know I like rap music. Yep, may be the only accountant that can beat box and rhyme with the best of them. Love a great tax story about a rapper. Here is one you will find interesting.
The rapper Cardi B grew up in the South Bronx's Highbridge neighborhood, where the median family income barely tops $27,000. Cardi, born Belcalis Armanzar, couldn't wait...
Ooops!
Ernie Neve, CPA
March 21, 2018
Back in 1985, a group of ambitious lawmakers set out to reform the federal income tax code. House Ways & Means Chair Dan Rostenkowski introduced the legislation. (This was before he became inmate #25338-016 at the Oxford Federal Correctional Institution.) Congress held dozens of hearings, cast 29 roll call votes, and debated 111 amendments on philosophical questions like Dan...
IRS Investigates Pot of Gold at End of Rainbow
Ernie Neve, CPA
March 14, 2018
St. Patrick's Day is here, and every "Irish for a day" tippler in your social circle will take advantage of this convenient excuse to haul grandma out of the house for a little day-drinking. (It seems unnecessary on a Saturday, but whatever.) It already started with this weekend's parade in Conshy. Faux-Irish saloons across America are tapping kegs of Guinness, pouring shots of...
Area Man Treats Colleague to Dinner, Drinks
Ernie Neve, CPA
March 7, 2018
The three-martini lunch has a long and mostly honorable history as a deductible business expense. As former President Gerald Ford once said, "Where else can you get an earful, a bellyful, and snootful at the same time?" Ford's successor, famed buzzkill Jimmy Carter, tried (and failed) to cut the deduction from 100% to 50%. The Tax Reform Act of 1986 succeeded in that goal, and today's...
Romantic Tax Collectors Love Valentine's Day, Too
Ernie Neve, CPA
February 14, 2018
It's February, and love is in the air. Restaurants are advertising intimate specials for two. Florists are rolling out the red carpet. And in the greeting card racks across the country, Hallmark's most accomplished poets are debuting their new verse.
We're talking about Valentine's Day, of course. 62% of Americans say they'll celebrate the occasion. (Of course, that means the rest...
Country Crooners Sing the Blues
Ernie Neve, CPA
February 7, 2018
Country music embraces a long tradition of songs about sadness and ruin, heartbreak and pain. It just makes sense, then, that country music sometimes runs afoul of the tax system. Most famously, Willie Nelson found himself on the wrong side of a $16.7 million tax bill. And outlaw country icon David Allen Coe, who penned Take This Job and Shove It, drew three years probation and $980,000 in...
Two-Tired to Fight About It
Ernie Neve, CPA
February 1, 2018
When you think of "federal crime," you probably think of big-ticket offenses like mail fraud, identity theft, and tax evasion. But our criminal code is also full of, shall we say, lesser offenses. For example, according to the Crime a Day Twitter feed, "18 USC §1854 makes it a federal crime to cut, chip, or chop a government-owned tree to get turpentine out of it." 7 USC §8313...
Two-Tired to Fight About It
Ernie Neve, CPA
January 28, 2018
When you think of "federal crime," you probably think of big-ticket offenses like mail fraud, identity theft, and tax evasion. But our criminal code is also full of, shall we say, lesser offenses. For example, according to the Crime a Day Twitter feed, "18 USC §1854 makes it a federal crime to cut, chip, or chop a government-owned tree to get turpentine out of it." 7 USC...
iTaxes Version 38 Billion.0
Ernie Neve, CPA
January 24, 2018
In 2016, SyFy debuted a new show called Incorporated about a dystopian future where corporations, not governments, rule the world. If that nightmare ever comes true, we all know which real-world corporation will rule them all. It's Apple, of course, which just took the shrink-wrap off their $5 billion ring-shaped headquarters in Cupertino, CA and is on the verge of becoming the...
How Will I Know?
Ernie Neve, CPA
January 17, 2018
In 2012, the singer Whitney Houston died suddenly, drowning in a hotel bathroom after years of battling drug addiction. Yet the world will always treasure her musical legacy. The Guinness Book of World Records reports that she was the most awarded female artist of all time, with two Emmys, six Grammys, 30 Billboard Music Awards, and 22 American Music Awards, among 400+ awards in...
NFL Playoffs: Blue States Versus Red
Ernie Neve, CPA
January 10, 2018
NFL playoffs have begun, and Wild Card Week featured some real competition. On Saturday, the red-state Tennessee Titans barbecued the red-state Kansas City Chiefs, 22-21, and the red-state Atlanta Falcons defeated the blue-state Los Angeles Rams, 26-13. On Sunday, the purple-state Jacksonville Jaguars pounced on the blue-state Buffalo Bills, 10-7, and the red-state New Orleans Saints marched...
2018 TAX SAVING OPPORTUNITY!
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January 4, 2018
Welcome to 2018! This year we’ve got a lot more going on than usual, so let’s get right to it.
The Tax Cuts and Jobs Act of 2017. Learn it. Live it. Love it. This is an excellent opportunity to save taxes! You can jump on it. Or you can let it slip through your fingers.
Seriously. Right now, as you read these words, somewhere in America a...
He's Mister Tax Miser
Ernie Neve, CPA
January 3, 2018
Welcome to 2018! New Years' always brings changes to taxes. Key numbers, like tax brackets, standard deductions, personal exemptions, and qualified plan contribution limits, all roll over on January 1. But this year brings more change than any year since 1987. Washington has just passed a sweeping overhaul of the entire tax code, from working individuals all the way to multinational...
We Now Interrupt This Broadcast . . .
Ernie Neve, CPA
December 27, 2017
On Sunday, October 30, 1938, Mercury Radio Theatre fans, who were listening to Ramon Racquello and His Orchestra, were interrupted by a news broadcast reporting an odd explosion on the planet Mars. Soon after, they learned that a cylindrical object had fallen on a farm in Grovers Mills, New Jersey. The radio audience listened in horror as a pulsating Martian emerged from the...
The Twelve Days of Taxmas
Ernie Neve, CPA
December 20, 2017
Every year, PNC Bank publishes their "Christmas Price Index" to track the cost of the Twelve Days of Christmas. For 2017, it's a hefty $157,558. (And you thought your holiday spending was out of control!) The index may not be completely accurate — for example, the ten lords-a-leaping are valued using the cost of male ballet dancers, rather than actual...
A Different Kind of Holiday Party
Ernie Neve, CPA
December 13, 2017
Your kids have finally finished eating their Halloween candy, which means that the real holidays are right around the corner. But before you sit down to open presents, December 16th marks the 244th anniversary of an important holiday in tax history — a pop-up costume ball in Boston Harbor called the Boston Tea Party.
From 1698 through 1767, Britain's Parliament passed...
Area Actress to Wed Ex-Soldier
Ernie Neve, CPA
December 6, 2017
Two hundred and forty one years ago, we declared our independence from Mother England — over taxes, of course. But here on our side of the pond, we've never completely lost our affection for all things British. We applauded as the Queen celebrated her 70th wedding anniversary. Netflix fans who just finished binge-watching Stranger Things are eagerly awaiting Season Two...
Good Guys Share $175 Million Refund
Ernie Neve, CPA
November 28, 2017
April 15 hasn't always been the national exercise in self-flagellation that it is today. Up until the 1940s, you could just waltz into your local IRS office and they would do your taxes for you. But those days have long since passed. You're still welcome to do it yourself, if you need more stress in your life. But how will you know if you're paying too much? Even software like TurboTax can't...
Ivy League Tax Problems
Ernie Neve, CPA
November 22, 2017
They say that "what goes up must come down." But that's not true when it comes to college costs. U.S. News reports the average private college tuition stood at $16,233 back in 1997-98 — roughly $24,973 in 2017 dollars. But the same tuition today costs $41,727. And that's before pricing in luxuries like, you know, meals, and a place to sleep. In-state college costs are...
Year End Tax Move - Vehicle Purchase
Ernie Neve, CPA
November 19, 2017
If you know me, then you know I LOVE CARS, and CAR SHOPPING! It's even better when I can combine a vehiicle purchase with a business tax write off!
As the end of the year approaches, it’s a good time to think of planning moves that will help lower your tax bill for this year. One strategy that will provide big tax deductions is purchasing a vehicle.
If you’re...
November 2017 Tax Tips
Ernie Neve, CPA
November 18, 2017
Using Children’s IRAs to Pay for College
If your child has earned income (maybe from working in your business), you may want to consider establishing an IRA for your child. The IRA funds can, in turn, be used to help pay your child’s college expenses. When your child withdraws money from an IRA, tax law imposes taxes on the withdrawals, but no 10...
The Rock Star, The Nude Estates, and the Lithuanian Shopping Mall
Ernie Neve, CPA
November 15, 2017
We've all got an image in our minds of who uses "offshore tax havens" to host their business. Let's say you're a junior-varsity Russian oligarch. You've spent a lifetime looting your country's resources like an all-you-can-steal buffet, and now it's time to take some of your chipskis off the table. You buy a flat in London's posh Mayfair, or maybe a condo overlooking New York's Central Park....
Stranger Taxes
Ernie Neve, CPA
November 8, 2017
The streaming video service Netflix has earned a reputation for providing quality content like Narcos, Orange is the New Black, and The Queen. But Netflix has also upended how millions of people consume television. How have they done that? By dropping an entire season's worth of a series all at once, letting you "Netflix and chill" with a single episode or binge for an entire...
Talk About "Prime" Real Estate!
Ernie Neve, CPA
November 1, 2017
Former President Jimmy Carter once called our tax code "a disgrace to the human race," and there's really not a lot to like about it. There's at least some consolation, though, in the fact that we're all stuck with the same maddening rules. If you and your spouse file jointly, and your ordinary taxable income is $100,000, you'll pay the same amount as any other joint filers reporting the same...
For the Love of Art
Ernie Neve, CPA
October 25, 2017
In today's new Gilded Age, Americans are constantly vying to one-up each other. You show up at your high-school reunion in a new Mercedes E-Class; then your classmate pulls up in a Maserati Quattroporte. (Some would call it a $50,000 car with a $50,000 hood ornament, but still, it's a Maserati.) You show off a picture of your 42-foot sloop; your neighbor whips out his phone to show off his...
Tax Strategies for Trick or Treats
Ernie Neve, CPA
October 18, 2017
Halloween is almost here, and if it seems like things have changed since you were a kid, you're right! Halloween has become big business, with the National Retail Federation predicting Americans will spend $9.1 billion on the festivities. That includes $3.4 billion on costumes, with top choices being superheroes, animals, princesses, witches, vampires, and zombies. And, "pets will not be left...
The Long and Short of It
Ernie Neve, CPA
October 11, 2017
Consumer surveys consistently show that CPAs are the most trusted financial advisors of all. But what happens in the rare instance when you can't trust your CPA? Nothing good, that's for sure!
Back in 2001, John Baldwin helped engineer a deal to sell Louisiana's Delta Downs racetrack for a $74 million profit. Baldwin took a $10 million fee for his work, along with some hefty interest...
They Hate Him at the IRS, Too
Ernie Neve, CPA
October 4, 2017
We live in an unfortunate era of disunity. Cultural divides, racial divides, religious divides, and political divides are threatening to tear America apart. Every so often, though, someone comes along to unite us all in a great primal scream of rage. Remember "Pharma bro" Martin Shkreli, who bought the company that manufactures the prescription Daraprim, then jacked the price from $13.50 to...
Too Tasty for the IRS
Ernie Neve, CPA
September 27, 2017
Most of us like to eat, even if we choose to deny ourselves this pleasure from time to time. And those of us with an entrepreneurial bent often dream of opening a restaurant. Sometimes it's a bustling cafe fronting a busy urban sidewalk. Sometimes it's comfort food served on a rural byway. And when the dream works, it really is a dream. Just ask celebrity restaurateurs...
Sink Your Teeth Into This One
Ernie Neve, CPA
September 20, 2017
"You better cut the pizza in four pieces because I'm not hungry enough to eat six."
Yogi Berra
The calendar is full of little-known commemorations that probably escape your attention, and this month is no exception. Some of them are just silly, like September 19's International Talk Like a Pirate Day. (Although, really, if you don't think pirates are cool, what's wrong with...
Sink Your Teeth Into This One
Ernie Neve, CPA
September 20, 2017
"You better cut the pizza in four pieces because I'm not hungry enough to eat six."
Yogi Berra
The calendar is full of little-known commemorations that probably escape your attention, and this month is no exception. Some of them are just silly, like September 19's International Talk Like a Pirate Day. (Although, really, if you don't think...
Help With Help
Ernie Neve, CPA
September 13, 2017
Ordinarily we use this space for lighthearted stories that poke fun at the tax system and some of the clever ways that people endeavor to make it work for them, successfully or not. But the recent stories coming out of Harvey-ravaged Texas and Irma-ravaged Florida suggest a more serious tone for a change. Today we're going to walk through some tax-related opportunities when it comes to...
Help With Help
Ernie Neve, CPA
September 13, 2017
I am absolutely thrilled to see many people, businesses, and organizations helping out hurricane victims in Texas and Florida. I am doing as much as I can to help as well.
Ordinarily we use this space for lighthearted stories that poke fun at the tax system and some of the clever ways that people endeavor to make it work for them, successfully or not. But the recent stories...
$50 Million, Hut!
Ernie Neve, CPA
September 6, 2017
The 2017 college football season kicked off this week, and for most people that means talk of pre-season polls, Heisman trophy hopefuls, and BCS championship prospects. But we're not "most people," are we? So today we're going to ignore all that boring on-field action and see how one coach's financial advisors lined up the X's and O's to outwit the defensive line at the IRS.
Here's a...
$50 Million, Hut!
Ernie Neve, CPA
September 6, 2017
The 2017 college football season kicked off this week. My alma mater Buffalo kept it close, but couldn't spoil the party for Minnesota's highly acclaimed new coach, TJ Fleck (I do like that guy - we could all learn from the high energy way he leads.) Notre Dame and a new QB took down Temple.
For most people, college football means talk of BCS polls and Heisman trophy hopefuls. But...
A Match Made in Dallas
Ernie Neve, CPA
September 1, 2017
Where is "home"? Home is where the heart is. Home is wherever you make it. Home is wherever I'm with you. And, of course, I'll be home for Christmas. But what does the tax man think of all of this?
In 2009, Greg Blatt was Executive Vice-President, General Counsel & Secretary of InterActive Corp (IAC), which ran 150+ web sites including About.com, Vimeo, and The...
TurboTax Made Me Do It
Ernie Neve, CPA
August 23, 2017
One of the highlights of living in our technologically-advanced age is the ability to buy tools to do almost anything. If your kid fractures his arm playing baseball, you can hop on over to Amazon and order an orthopedic bone saw for less than the cost of a tank of gas. Then you can (probably) head over to YouTube and watch a video explaining how to smooth off the rough edges and set it for...
Oops!
Ernie Neve, CPA
August 16, 2017
Mark Twain once said, "Never put off till tomorrow what may be done the day after tomorrow just as well." But Twain's advice doesn't always pay when it comes to taxes. Right now my team and I are in what we call extension season. Basically between now and September 15 (for businesses) and October 15 (for individuals) we finish 2016 tax returns for filers that, for whatever reason, haven't yet...
Bottoms Up!
Ernie Neve, CPA
August 9, 2017
What were you doing at the end of your day on Friday, August 4? Were you knocking back a bottle of suds at your favorite happy-hour bar? Enjoying vacation time with a cold one overlooking a beach or a harbor? Maybe feeling ripped off paying $14 for a tallboy of St Louis's finest at your local ballpark? Well, hopefully you were doing something like that, because the first...
Making More By Paying Less
Ernie Neve, CPA
August 2, 2017
When affluent clients want to pay less tax, they turn to accountants, attorneys, and financial advisors, among other advisors. And we can make a nice living helping clients accomplish that goal. (At the risk of sounding self-serving, it's because we're worth it.) But you won't find any tax professionals populating the Forbes 400, or your hometown paper's list of richest local...
How to Avoid IRS Scams
Ernie Neve, CPA
August 1, 2017
Avoid scams. The IRS will never initiate contact using social media or text message. First contact generally comes in the mail. Those wondering if they owe money to the IRS can view their tax account information on IRS.gov to find
Check Withholding Now to Avoid Surprises at Tax Time
Ernie Neve, CPA
July 25, 2017
The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings.
People who do not pay tax through withholding, like the self-employed, generally pay estimated tax. In addition, those who earn income such as...
Caliente
Ernie Neve, CPA
July 19, 2017
Summer is here, and in the greater Tri-State area, it's hot! The All-Star game has come and gone (home run contest was much better Tv!), dog days are right around the corner, and if your air conditioner makes a funny noise, the hair stands up on the back of your neck. Now, we can't help you if your air conditioner breaks (but could refer you to one of our clients), but we can try and put a...
Accountants Behaving Badly
Ernie Neve, CPA
July 12, 2017
Actress Alyssa Milano first gained fame playing Tony Danza's daughter on the television sitcom Who's the Boss. The show ran for eight seasons, snagged ten Emmy and five Golden Globe nominations (winning one of each), and established Milano as a bone fide teen idol. While her star has dimmed since then, she continues to work in Hollywood and seems to be one of the few child stars in...
IRS Slapshot Misses
Ernie Neve, CPA
July 5, 2017
Those of you reading this who know me likely know I have been a hockey player all my life. My real hockey stopped after college, but I continue to live out my dreams in Beer League! And of course nothing is better than teaching my 11 year old twin boys to love the game.
Summer is here, so naturally, everyone's thinking about hockey. Well, I am anyway. The hated Pittsburgh...
Clean Tax Savings Here
Ernie Neve, CPA
June 28, 2017
Businesses generally try to get the highest price possible for their products. It's called "capitalism," and it generally works to establish "equilibrium prices" between knowledgeable buyers and willing sellers. But every so often, this mechanism breaks down and prices soar, resulting in howls of "price gouging!" from ticked-off customers. This is especially true with pharmaceuticals. In...
This Is Spinal Tax
Ernie Neve, CPA
June 21, 2017
In 1984, the documentary filmmaker Marty Di Bergi scored a hit with This is Spinal Tap, a look inside Britain's loudest band and their 1982 Smell the Glove concert tour. Lead singer David St. Hubbins, lead guitarist Nigel Tufnel, and bassist Derek Smalls, were joined by a series of drummers who died under mysterious circumstances, including spontaneous combustion and a bizarre...
Does Your Money Need a Passport?
Ernie Neve, CPA
June 14, 2017
Economic inequality is a hot topic in today's world. Researchers here and abroad consistently show the top 1% of earners gobbling a disproportionate share of gains throughout the world. This trend has more and more thinkers debating what to do about it. Do we redistribute the pie, so that everyone has a more equal share? Or do we grow it so that everyone can have a bigger slice?...
Trigger Warning: Snakes
Ernie Neve, CPA
June 7, 2017
What scares Americans most? It's not the IRS, or public speaking, or even sharks. No, the answer, as you probably guessed, is snakes. Gallup once polled 1,016 American adults, and found that fully 51% of us are afraid of the scaly, coldblooded carnivores. Snakes have been bad guys going as far back as the Book of Genesis, when the serpent tempted Eve with an apple. And they've terrorized the...
No Soup For You!
Ernie Neve, CPA
May 31, 2017
November 2nd, 1995, was a delicious day in television history. That's when Jerry Seinfeld and the rest of his gang introduced us to the "Soup Nazi", a stern-looking chef who demands his customers follow his obsessive rules for lining up and ordering. The Soup Nazi didn't win any awards for customer service, but his soup was so good that customers lined up around the block for it anyway....
Hitting a Tax Gapper
Ernie Neve, CPA
May 24, 2017
Summer is almost here, and sports fans across America have a lot to look forward to. Basketball's 13-month-long season is (finally) starting to heat up. Hockey playoffs are coming to a close. Baseball is in full swing, and NFLers are about to report to training camps. Stop at any bar or water cooler in the land, and you'll hear talk of wins, losses, and plays that you just have to...
"And the Award Goes To..."
Ernie Neve, CPA
May 17, 2017
Right now, all across America, thousands of talented youngsters are dreaming of careers in performing arts. Whether they aspire to be the next Meryl Streep, or Taylor Swift, or Lin-Manuel Miranda, they understand the odds of success are long. But they still dream that one day they'll find themselves in the audience at the Oscars, the Grammys, or the Tonys, waiting with their hearts in their...
Taxing the Roses
Ernie Neve, CPA
May 10, 2017
Every year on the first Saturday in May, an enormous crowd of socialites, "turf investors," and people just looking for a party descends on Churchill Downs for the Kentucky Derby. It's an unforgettable pageant of mint juleps, fashionable hats, and the most exciting two minutes in sports. This year, the favorite Always Dreaming leaped first out of the gate, left challenger Battle of Midway...
The Taxing History Behind Cinco de Mayo
Ernie Neve, CPA
May 3, 2017
Americans are great at taking perfectly serviceable holidays and turning them into excuses for parties. On St. Patrick's Day, millions of Irish-for-a-day drinkers belly up to their favorite fake Irish bar to down pints of Guinness and shots of Jameson. Next on the calendar is Cinco de Mayo, when all those same St. Paddy's fans become Mexicans for a day to down...
Why Did the Loophole Cross the Road?
Ernie Neve, CPA
April 26, 2017
We've just made it through our annual exercise in self-flagellation known as "tax filing season." And who's fault is that? Don't blame the IRS, blame the Congress that wrote the four million-odd words that make up the tax code. So it's always refreshing to see someone inside that particular lion's den take a critical look at what Congress has wrought.
Jeff Flake is a freshman Senator...
Monopoly Money
Ernie Neve, CPA
April 19, 2017
In 1935, Americans were mired in the depths of the Great Depression. Gross domestic product had shrunk from $103.6 billion in 1929 to $73.3 billion. Unemployment stood at a horrendous 20.1%. Even the suicide rate was higher during those dark years. And on February 6th of that year, the Parker Brothers company started selling an escape from all that misery: a family-friendly board game that...
What Would You Do for a Klondike Bar?
Ernie Neve, CPA
April 12, 2017
In 1982, Unilever came up with a catchy jingle to sell Klondike bars, a sort of Eskimo pie without a stick: "What would you do for a Klondike Bar?" The challenges weren't especially grueling. Would you make monkey sounds? Act like a chicken? In one spot, a boneheaded dudebro actually listened to his wife talk (about painting the foyer yellow) for five seconds to get his...
Batter Up!
Ernie Neve, CPA
April 5, 2017
Baseball is back! And that means tax day is almost here! If you don't already know (due to emancipation day) this year's final deadline is Tuesday, April 18, 2 weeks away. If we have the privilege of preparing your tax returns this year, thank you! Please know that we value your business and appreciate your patience during our peak season. Please call or email our office if you have any...
I, Robot
Ernie Neve, CPA
March 29, 2017
For decades now, governments across the world have struggled with where to impose taxes to raise the revenue they need to offer modern services. Should they simply raise rates? Should they broaden the base by eliminating loopholes and deductions? Should they sock it to smokers, drinkers, or other disfavored groups? How about entirely new levies designed to influence behaviors, like a carbon...
Rich as Rockefeller
Ernie Neve, CPA
March 22, 2017
Last week marked the end of an era as David Rockefeller, the last grandchild of Standard Oil baron John D. Rockefeller, died at age 101. Rockefeller, whose name was once synonymous with "wealth," symbolized the eastern establishment in all its glory. His death marks a last living link to an age of robber barons-turned-philanthropists whose fortunes still shape our nation.
Patriarch...
Monkey Business
Ernie Neve, CPA
March 15, 2017
One of my favorite Roman Mythology characters of all time was the hero Hercules. He used his divine strength to smash through the mountain that used to be Atlas. This dude would have been some crossfitter! This created the Straits of Gibraltar, linked the Atlantic and the Mediterranean, and forged the famed...
Fixed This for You
Ernie Neve, CPA
March 8, 2017
For generations, Americans fostered a culture of thrifty self-reliance, especially where it comes to taking care of our stuff. It started all the way back in pioneer days, and living on the frontier's edge. Back when Pa Ingalls lived in that little house in the big woods, if his saw broke, he couldn't just order up a replacement on Amazon. He had to fix it, or he would have a tough time...
Names!
Ernie Neve, CPA
March 1, 2017
Every year, the IRS gives us a peek inside the wallets of the highest-earning 400 Americans. It's full of juicy facts like their average income ($318 million in 2014), how much they give to charity ($37 million each) and how much they pay Uncle Sam ($73.5 million). But there's one set of facts the IRS guards as carefully as the...
Survey Says...!
Ernie Neve, CPA
February 22, 2017
The people who work at the IRS can be proud to do an important job. They're the "accounts receivable" department for the federal government, and whether you think we need more government or less, we should collect the revenue to finance it as effectively as possible. Treasury Secretary Mnuchin has already stated that the incoming administration's ban on new government hiring shouldn't apply...
Better Call Saul!
Ernie Neve, CPA
February 15, 2017
On January 20, 2008, AMC debuted a promising new drama called Breaking Bad. I don't have time to watch TV so I watched it much later but it quickly became a favorite. The series chronicled the highs and lows of high-school chemistry teacher Walter White, who was diagnosed with terminal lung cancer and put his knowledge to work opening a meth lab to secure his family's financial future....
"Step Away From That Soda, Sir..."
Ernie Neve, CPA
February 1, 2017
As many of you already know, if your business or rental property is located within the Philadelphia city limits, or if you do any business in Philly, they already make you pay dearly with the birt tax. To add further insult, last year, the Philadelphia City Council slapped a 1.5 cent-per-ounce tax on soda and artificially-sweetened drinks. The new tax, which became effective on January 1,...
Possible Business Tax Deductions
Ernie Neve, CPA
January 25, 2017
Accounting fees
Advertising
Amortization
Auto expenses
Bad debts that you cannot collect
Banking fees
Board meetings
Building repairs and maintenance
Business association membership dues
Business travel
Cafeteria health-insurance plan (requires plan)
Charitable deductions made for a business purpose
Cleaning/janitorial services
Politicians Behaving Badly
Ernie Neve, CPA
January 18, 2017
(Hard to believe, right?)
Last week, we presented three stories from the IRS Criminal Investigation unit's most recent annual report outlining their work to protect the Treasury's revenue from grifters, cheats, and cons. It's a "true crime" fan's favorite IRS report that puts TV cop dramas to shame....
Creepy Little Elf Has Nothing on the IRS
Ernie Neve, CPA
January 4, 2017
Well, the Elf on the Shelf has flown back to the North Pole, and I could not be more sad. My 11 year old twin boys wait all year for their favorite holiday (although I like to remind them it's pretty much Christmas every day for them), and really enjoyed getting up each morning since Thanksgiving to see where our elf "Elfie" was hiding.
If you have kids and you celebrate...
Tax Thoughts for the New Year
Ernie Neve, CPA
December 28, 2016
2017 is likely to be a big year for taxes. House Speaker Paul Ryan and President-elect Donald Trump haven't been shy about their New Year's resolutions to rewrite the tax code, and we could be in for quite a ride. So here are some thoughts to start exercising your 2017 tax-planning muscles:
• "If you get up early, work late, and pay your taxes, you will get...
Christmas Tax Breaks for Christmas Trees
Ernie Neve, CPA
December 21, 2016
'Tis the season to be jolly, and how jolly could we be without Christmas trees on display? For some of us it's the classic Pinus Sylvestris, or scotch pine. For others it's the soft-needled Abies fraserie, or Fraser fir. Still more make do with the store-bought plasticus annualensis, or "Target special." (Artificial trees can be beautiful, too!) Christmas trees are a festive symbol of holiday...
Sweet!
Ernie Neve, CPA
December 14, 2016
December is a busy month for holidays, what with Christmas, Hanukkah, and Kwanzaa all crowding calendars. But there's a lesser-known holiday that falls on December 16 that we don't want you to miss. It's not Ugly Christmas Sweater Day or Free Shipping Day (although those are both fun, too). We're talking, of course, about the obvious celebrations surrounding Chocolate Covered Anything Day....
Year End Tax Tips
Ernie Neve, CPA
December 12, 2016
Where did the time go? The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2016 tax liability. Here are seven last-minute tax-saving tips to consider — you just must act by December 31:
1. Pay your 2016 property tax bill that’s due in early 2017.
2. Pay your fourth quarter state income tax estimated payment that’s...
400 Cigar-Chomping Fat Cats Aren't Enough Anymore
Ernie Neve, CPA
December 7, 2016
Author F. Scott Fitzgerald, who brought us the Great Gatsby among other well-heeled characters, once said the rich are very different from you and me. To which Fitzgerald's jazz age compatriot Ernest Hemingway sarcastically retorted, "Yes, they have more money." But how much more money do they really have? Nosey parkers want to know!
Every year, the financial snoops at the IRS...
Over the River and Through the Woods
Ernie Neve III, CPA
November 30, 2016
Thanksgiving is a time for homecoming, and some of us are fortunate to return to a place where we've spent decades of holidays. Who wouldn't relish celebrating in a cozy farmhouse out of a Norman Rockwell print, with an overstuffed chair in front of a crackling fire and a warm kitchen smelling of pumpkin pie?
But these days, more Americans spend their Thanksgiving in a different...
Talking Turkeys On Taxes
Ernie Neve III, CPA
November 23, 2016
A hardy band of refugees board a leaky wooden boat, just 106 feet long to hold 132 of them, and set off for freedom across an unknown sea. Syrian refugees fleeing sectarian violence? Cuban marielitoes risking wretched lives to escape Castro's brutal regime? No . . . it's November, so we must be talking about the Pilgrims and the Mayflower.
William Bradford, Myles Standish, and...
All You Need Is Love
Ernie Neve III, CPA
November 16, 2016
No matter who we voted for, we can all agree that this has been the nastiest presidential election since Thomas Jefferson called John Adams a hermaphroditic bastard. This week it's finally (finally!) come to an end. Whether you're elated or nauseated by the results, there's probably one emotion you share with most Americans right now: relief that the campaign is over. You've taken a long hot...
We Won Best of Montco CPA Firm for the 6th straight year!
July 10, 2016
The Neve Group, LTD. has won BEST OF MONTCO CPA Firm for the 6th straight year! Thank you to all who voted. We truly appreciate your
Philadelphia Tax Accountant Talks About Great Financial Communication in a Marriage
June 4, 2015
The Neve Group has won Best of Montco, Accounting Firm/CPA Category for the past four years running, and we ask that our clients, friends, and followers vote for us...
Ernie Neve Discusses Spending Your Money WELL
May 29, 2015
“One resolution I have made, and try always to keep, is this: To rise above the little things.” -John Burroughs
Creating a budget really shouldn't be the place where financial decisions begin. Instead, a comprehensive look at what you most care about and how you want to live your life is the best place to start, even before budget categories are determined.
This...
Philadelphia Tax Accountant On Doing an Estate Plan WELL
May 22, 2015
A year from now you may wish you had started today.” – Karen Lamb
Over 50% of adults do NOT have a will or other estate planning instruments in place to protect themselves and their family. And, perhaps even worse, over 69% of parents have not yet named legal guardians who can raise their children if something happens to them.
Those are scary numbers....
Philadelphia Tax Accountant Helps You Evaluate Your Finances With Your Heart in Mind
May 15, 2015
“Any man can win when things go his way, it’s the man who overcomes adversity that is the true champion.” – Jock Ewing
Working with my clients’ finances over the years has given me a bit of a crash course in human behavior.
Often, I’m floored by the generosity I see displayed by many clients — even those without significant...
Ernie Neve Shares a Lifetime Plan For Your Money
May 9, 2015
Making your money last long enough is a lifetime’s work. I did some thinking, and I offer you these major money milestones everyone should observe:
20-30: Learn to invest, and start putting some money into a retirement account.
30-40: Keep planning for retirement. If possible, buy a house. Start saving for your kids’ college.
40-50: While still saving...
Philadelphia Tax Accountant on Organizing Your Finances Well
May 3, 2015
When we’re privileged enough to have conversations with clients unrelated to taxes, and more about their general financial world, we’re often asked about setting up a good system for keeping it all organized. Often, one of the major problems for many families is simply keeping track of everything! So here’s what we suggest...
• Find a good home for your...
Ernie Neve -- Your Financial Doctor?
April 27, 2015
“If someone is going down the wrong road, he doesn’t need motivation to speed him up. What he needs is education to turn him around.” – Jim Rohn
I thought I would take the time this week to give you an objective, “incentive-free” look at what your finances should look like when you hit the half-century mark. If you are close to that mark, I...
Your Philadelphia Tax Accountant Shares 9 Reasons To Have an Estate Plan
April 20, 2015
Many well meaning families think that estate plans are for someone else, not them. (Our clients hopefully know different.) They may rationalize that they are too young or don't have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless of age or net worth.
Here are my NINE reasons why you should consider...
E G Neve on the Millionaire Next Door
April 15, 2015
Maybe it’s true that having $1m+ isn’t as impressive as it used to be these days. But it’s still a measure that we continue to use as a marker of financial “arriving”.
What’s further interesting is that even in the midst of ongoing economic gyrations, the numbers of people who are achieving that mark is increasing.
But I’m most...
Our New Website
The Neve Group
The Neve Group, LTD is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to look around our new...
E G Neve Reveals 2 More Of Your Money Mistakes In Plain Sight
September 24, 2014
First of all, there’s this:
E G Neve On Why Your Greater Philadelphia Business Needs A Bias For Sales In Unexpected Places
September 22, 2014
How are things going for you in your business? Is there anything we can help you with, as we round the corner into the final quarter of 2014? Do let me know.
We’re pretty busy around here right now, but I wanted to take a moment and help you address a problem becoming more and more common these days: collections....
E G Neve Uncovers Your Money Mistakes In Plain Sight
September 17, 2014
In the course of our daily work here at The Neve Group, LTD., we not only work with tax forms and legal/financial documents a TON … but we also get a regular crash course, via those documents, on how people (our clients, mostly) have arrived to the place where they actually have something to *protect*.
In short, we get to be around a great many...
E G Neve Challenges Your Small Fee Thinking
September 15, 2014
Do you accept credit cards in your business? If not … why not?
Obviously, it’s a matter of some debate for certain merchants, but I’m here to tell you: if you are NOT, then you could be running a big risk. Whatever your opinions about the over-availability of credit (and as a general supporter of the debt-free lifestyle, I completely get...
E G Neve Discusses The Wrong Way To Start or Turn Around a Business
September 8, 2014
I have too many friends who start a business, or seek to turn around a flailing one, and use this principle as a guiding light.
May it ever be stricken from your consciousness.
But before I remind you of what I KNOW you surely know … here are a few other things you surely know, but also perhaps need a reminder for …...
Greater Philadelphia Tax Expert on Making Sure Your 2014 Taxes Are Done Right
September 3, 2014
Labor day comes at me like a rush, every year. There’s a corporate tax deadline on the 15th of September to keep me busy and focused … but the truth of the matter is that the beginning of fall means that my team and I start to get real focused now.
Winter is coming. (Which means tax season.)
We’ve been...
Greater Philadelphia Tax Expert on Making Sure Your 2014 Taxes Are Done Right
September 1, 2014
Labor day comes at me like a rush, every year. There’s a corporate tax deadline on the 15th of September to keep me busy and focused … but the truth of the matter is that the beginning of fall means that my team and I start to get real focused now.
Winter is coming. (Which means tax season.)
We’ve been...
E G Neve’s Strategy for Writing Off Almost Anything
August 27, 2014
Being a Greater Philadelphia tax professional, I get all kinds of questions throughout the year when it comes to taxes.
But whether at social gatherings, sporting events or even business networking functions, one of the most common ones I receive is: Can I write this off?
Well, allow me, today, to set the record...
Killer Momentum
August 25, 2014
So here we are, finding ourselves about to begin a beautiful Greater Philadelphia fall…
Isn’t it amazing how quickly time has flown by in 2014? Soon we’ll be halfway through this century’s second decade. And I still remember holding my breath at Y2K! Crazy.
There’s a reason for my mini-meditation, today,...
E G Neve Reveals 3 Significant Marketing Mistakes (Part 3 of 3)
August 18, 2014
An honest question for you: how’s business, as we wrap up the summer?
Is there anything I can do to help you this week? I obviously take pleasure in helping my clients and business owner friends thrive during this craziness in our culture and economy, and my weekly Notes are just one way I’m happy to help.
But I hope...
Re: A salve for all this chaos
August 13, 2014
If you’ve been paying attention to the news the last few weeks, it seems that we’ve been reeling a bit as a nation, and on the world stage. However, it looks like the Ebola mess may be a little more contained than was initially feared (though still very terrible). The mess in the Middle East is no less hairy, but the Dow is recovering a little...
E G Neve Reveals 2 More Advertising Mistakes
August 11, 2014
I’ve come to realize that WE are our own worst enemy, when it comes to running our businesses … not external factors, not market forces. It comes down to looking in the mirror, and taking responsibility for the results we’re currently experiencing.
So, if things are down right now: don’t blame anyone but yourself. This...
A salve for all this chaos
August 6, 2014
Israel and Palestine.
The Ukraine and Russia.
The mess at the border (and in Congress).
Ebola.
And in the middle of it all, we’re all facing our own private fears, struggles and frustrations.
So … may I remind you of a few things?
Neve’s Key Reminder #1: What...
E G Neve Reveals 3 Common Advertising Mistakes
August 4, 2014
With all of the chaos swirling around — Israel/Palestine, Russia/Ukraine, the border mess, EBOLA, etc. — it’s tempting to just throw your hands up and drown yourself in work … or drown yourself in the chaos, and rut there for a while.
So how are you feeling about your business this...
Greater Philadelphia Small Business Accounting Expert On Refocusing Right-Thinking For You and Your Team
July 28, 2014
Last week we talked about small business owners (perhaps like you) forgetting to “sell”.
You see, what I’ve found when working with my business owner clients in Greater Philadelphia and beyond is that when you focus on something enough, it becomes “big” and crowds out room for the truly big issues.
The...
E G Neve’s Advice to Business Owners: Don’t Forget This!
July 21, 2014
There do seem to be some signs that our country’s economy is shaking off at least SOME of the doldrums. Despite all of the foreign policy chaos we’re seeing, domestically speaking stocks are high, confidence is steady, and though there are still plenty of reasons for concern, things could be improving in the Greater Philadelphia area, as...
E G Neve’s Advice: Meet Less, Be More Productive
July 14, 2014
Are you like me? Because occasionally I find myself loathing “meetings”.
Working in business accounting, I know as well as anyone that they are absolutely necessary at times — and a business that NEVER has them probably won’t get on the same page with the frequency or alacrity that succeeding in 2014...
E G Neve’s Advice: Work Less, Be More Productive
July 7, 2014
I was inspired by all this talk of independence. I thought about my work here in the Greater Philadelphia area, and the work of our business clients — and, well, I’m here to offer you a “E G Neve” personal challenge, of sorts:
Take a day off this week.
One day more than you normally would. No...
Greater Philadelphia Accountant On: The Making of Long-Term Customers
June 30, 2014
How are you and your Greater Philadelphia area small business feeling about 2014 so far?
Now that we’re just about halfway through, it’s a nice time to take stock.
So, really, I’d be interested: How are things going for you so far? Send me a quick email here at Team E G Neve so I can get a...
E G Neve Shares Another Big Mistake: No Client Tracking
June 16, 2014
In this week’s Business Strategy note, I am continuing my little war on bad business, this time about one of the key differentiators I see among my most successful Greater Philadelphia business owner friends.
I hate to say it, but it is an almost obsessive attention to the finer points of sales — frequency, cost-per-sale,...
E G Neve Reveals Another Big Mistake: Ignoring Negative Feedback
June 9, 2014
I’ve been hitting some common notes the past couple of weeks on behalf of my Greater Philadelphia small business accounting clients:
Grumbling about the economy (and how it never helps us).
Bad advertising.
Bad measurement.
Well, let’s add another to the mix, shall we? Seems like an appropriate way, staring, as we...
Greater Philadelphia Accountant Reveals A Big Mistake: Set Advertising Goals; Don’t Measure
June 2, 2014
Goal setting? Really?
Honestly, this whole ritual of “goal-making” can be very cliche, but look — all of us Greater Philadelphia small business owners still do need little “nudges” to help us actually make changes in our lives.
I see it as my role in your life to not only provide authoritative and actionable advice for...
Greater Philadelphia Accountant Reveals A Big Mistake: “Treat All Prospects the Same”
May 27, 2014
There’s always a ton of doom and gloom out there, with unemployment figures, continual media drip of bad news, and just general bleakness about the prospects for Greater Philadelphia small businesses. Grumbling about the ACA, inflation, mounting national debts … blah, blah, blah.
Not that these aren’t serious problems, but we don’t...
E G Neve On Caring For Two Generations
May 21, 2014
Many things have changed, even just around here in the Greater Philadelphia area.
Time was, families were used to be dealing with elderly parents, young children … and everything in between, all in one house! This is less common now, and as a result, many Greater Philadelphia families are actually unprepared for how to handle it —...
Greater Philadelphia Accountant Pleads With Greater Philadelphia Businesses: Run Advertising That WORKS
May 19, 2014
When I chat with my Greater Philadelphia business owner friends, I find that many of them are adopting a “herd mentality” when it comes to marketing their Greater Philadelphia business. And I’d like to see that change for you, and for all my business owner friends.
Granted, I know my limits — I’m an accountant,...
E G Neve on Tax Planning: Early Withdrawals
May 14, 2014
Well Greater Philadelphia, our rite of spring is past.
No, I’m not talking about Cinco De Mayo … rather, the NFL Draft is over, and three precious days of watching paint dry come to an end. Ah, spring.
Yes, I know serious football fans love this stuff (as do the television networks, not coincidentally), but so much oxygen...
E G Neve On Customer Targeting
May 12, 2014
E G Neve here, with some business wisdom for you. As is often cited, more fortunes were made during the Great Depression than during any other time to that point (and well beyond, even when you adjust for inflation).
I say this to point you (and me) higher, and to lift our vision about what is possible in the Greater Philadelphia marketplace...
E G Neve On: Retrieving What Was Lost
May 5, 2014
With the markets taking a dive the past few weeks, it’s up to us mighty Greater Philadelphia small business owners to keep this economy on the track it needs to be. And that’s not even really a “patriotic” sentiment … I just don’t want to have to live through another “recovery”, you?
So, in that...
E G Neve On Reclaiming Control Over Your Taxes
April 28, 2014
Ahhh, spring in Greater Philadelphia.
When the temps are rising, and the trees don’t seem so desolate … and am I right that the angle of the sun is a bit less harsh?
Or maybe it’s just because tax season has finished and I’m getting more sleep?
Greater Philadelphia Tax Preparation Firm Explains What To Do After Your Return Is Filed
April 21, 2014
The dust is truly beginning to settle around here at Greater Philadelphia Tax Planning and Preparation Central after our very busy TY2013 tax season (ok, maybe that’s just pollen).
Regardless, here at Team E G Neve we’re beginning the process of serving you during the “off season” (there are many new things coming,...
So grateful for you …
April 14, 2014
Part of me can’t believe that I’m taking the time to write this, here on Monday morning the 14th (the day before the filing deadline for taxpayers and for we Greater Philadelphia tax professionals!).
But I also know if I don’t do it now, this tax season having been so full … well, I’ll admit that we...
Greater Philadelphia Tax Preparer On: Tax Extensions, Demystified
April 7, 2014
It’s the final full week of tax season, and our Greater Philadelphia tax preparation office is hopping!
I’m still taking the time to step away for a moment and write to you, my friend (if you have all your papers in, and are waiting for our completion — fear not! My team is hard at work, as I type...
Neve’s Tax Time Checklist (Again)
March 10, 2014
In early January, I sent a “checklist” email to our Greater Philadelphia tax preparation business list(and if you’re not receiving our weekly emails, you really should fill out the quick form here on this page to receive a copy of one of our free reports — we’ll add you to our list as well, so you’ll be the...
Turbo-Charged Audits and Mistakes — Eliminated By E G Neve
February 24, 2014
Watching the Olympics the past couple weeks from Greater Philadelphia tax preparation headquarters (well, not while we’re preparing your taxes, of course!), and on the heels of the Super Bowl, we’ve been treated to some pretty great commercials lately, haven’t we? Some of the spots for the Olympics were downright inspiring.
But, of...
Self-Protection Through Knowing How Long To Keep Tax Records, by E G Neve
February 10, 2014
Many of our Greater Philadelphia tax preparation clients have never received that dreadful notice from the IRS, initiating an audit — or, much worse, the KNOCK on the door! If you never have, you probably don’t keep much financial documentation.
If you have, you are probably terrified to part with a single receipt.
Unfortunately, the IRS...
E G Neve Suggests: Take A Test Drive Of Your Retirement Plans
February 3, 2014
Now that the Super Bowl is over, and the football season is finished, we here in Greater Philadelphia tax preparer land can now finally get back to looking forward to football season.
And, of course, the commercials! (Which this year seemed a little … “ok” — though I think I will have dreams of that Doberhuaha for a while.)
Anyway, you may have heard...
Greater Philadelphia Tax Preparation: The Power of Specialized Knowledge
January 27, 2014
Well, this week I want to tell you a story, and one that, though it is not about our Greater Philadelphia tax preparation service per se, will help take some stress off ye olde plate for you and your family.
But before I get there, a few tax items to note…
1) Officially, tax filing is set to begin this Friday, January 31st –...
Attention Greater Philadelphia Tax Payers: Identity Thieves Want YOUR Tax Return
January 20, 2014
In a moment, I’ll show you why this is so important for Greater Philadelphia tax preparation clients. Because the hits keep on coming for Target Corp, and it’s unfortunate for them because they seem to be a company that works hard at doing things well. In fact, they were on the forefront of “Point of Sale” (POS) security with some new software, but other...
E G Neve’s Tax Time Document Chase List
January 13, 2014
Just a little over two weeks from now, we will begin filing client tax returns to the IRS (electronically), and our Greater Philadelphia tax preparer offices will be jumping.
–> And by the way, though we aren’t *filing* until the 31st, we at Team Neve ARE working (right now, in fact) on client files....
Personal Note From E G Neve: A Holiday Prayer For All of Us
December 23, 2013
It’s Monday the 23rd, as I write this here at Greater Philadelphia tax preparation headquarters, and many of our clients and friends are gearing up for a week of family and merriment, with a side dish of a little stress thrown in for good measure!
I’m very aware that the holidays are a time of joy for many here in the Greater Philadelphia...
Greater Philadelphia Tax Preparer Explains Why You Need An Estate Plan NOW
December 16, 2013
I’m once again spending my morning scattershooting around news in the tax industry, while simultaneously preparing for a sure-to-be-busier tax season here in the Greater Philadelphia area (thanks for all the recent referrals — keep ‘em coming!) AND navigating the perils of another holiday season … well, it means one busy E G Neve!
Seriously,...
E G Neve’s Reasons To Give Money Away, With or Without a Tax Deduction
December 9, 2013
Right now, a little knowledge is trickling into the wider tax professional community, but it’s something we’ve known around here at Team Neve for quite some time: Properly planning and managing a Greater Philadelphia tax preparation client’s reported Adjusted Gross Income (AGI) doesn’t just affect the tax...
E G Neve’s Tax Moves for December
December 2, 2013
I make it my practice here at Greater Philadelphia Tax Preparation Central to put this weekly blogpost together on a Monday — and today, of course, happens to be “Cyber Monday”.
Remember those days when we all had dial-up modems at home and it actually made sense to do your shopping while at work? (And, of course, presumably while your boss wasn’t...
Greater Philadelphia Tax Professional Warns of Tax Changes and Expiring Tax Breaks
November 11, 2013
I’ve been very affected by what happened in the Philippines last week, even safely ensconced in our Greater Philadelphia tax preparation office. It’s shocking, painful, and the devastation wrought by “the worst storm of all time” is only barely being uncovered. One report I just read said that there could be 10,000+ dead in one city...
Greater Philadelphia Tax Preparer Speaks Out About Avoiding An Audit On Your Taxes (Part 2 of 2)
September 16, 2013
Well, file this one under “Offbeat News” (or not). Filling out a tax return in Greater Philadelphia (or elsewhere) is complicated, apparently.
And this is true even for many Greater Philadelphia accountants, at least from what we sometimes see when people bring in returns to our Team Neve offices, which were prepared elsewhere (which we happily review for...
E G Neve On: Avoiding An Audit On Your Taxes (Part 1 of 2)
September 9, 2013
Sometimes I see a story which reminds me of the very reasons why I started doing what I do, here at this Greater Philadelphia tax preparation business.
Not every Greater Philadelphia tax professional is the same — some of us got into this business simply because we were pretty darn good at math, and, well, accounting is a logical endpoint. (Though if these programs were...
Greater Philadelphia Tax Preparation Business Busts The Big Lie Told To College Grads (And Others)
September 2, 2013
Another summer is in the books here in the Greater Philadelphia area, with Labor Day now officially behind us. Around here at Team Neve, we’re starting to prepare in earnest for Tax Season 2014, watching the IRS like a hawk (a couple of big moves last week — about which I’ll have more in a moment), and preparing our practice for an influx of new Greater Philadelphia...
Ernie Neve Describes A Nation of Tax Cheats
July 29, 2013
The tax code today is 73,954 pages long. Which is about 185 times longer than it was in 1913.
I say this simply because some of my Greater Philadelphia-area friends wonder why it is that I don’t just sip margaritas by the pool all summer. No, my work on behalf of Greater Philadelphia taxpayers doesn’t end.
There’s two big reasons why we work...
Estate Planning “Lessons” from Tony Soprano and From Your Friendly Greater Philadelphia Tax Service
July 15, 2013
The world certainly doesn’t seem to slow down — both here in the Greater Philadelphia area, and beyond — does it? And now that the whole world doesn’t get to distract itself with the Trayvon Martin / George Zimmerman murder trial, there will certainly be a new thing to agitate us, at least if the media has its way with us.
They feed on anger, chaos, frustration...
Financial Conversation Starter from Your Greater Philadelphia Tax Preparation Office
April 29, 2013
I don’t know about you, but I get pretty excited about the spring around here in Greater Philadelphia. When the cold is gone, and the trees don’t seem so desolate … and am I right that the angle of the sun is a bit less harsh?
Or maybe it’s just because tax season has finished and I’m getting more sleep?
Well, I hope you and your family...
What To Do When The Taxes Are Done, Per Your Favorite Greater Philadelphia Tax Office
April 22, 2013
What a terrible week we suffered through as a nation last week. I’m still trying to process all of it, honestly, here in my Greater Philadelphia tax office.
Life does continue, however, and as such we’re starting to catch our breath around here, after a busier-than-normal tax season. Lots of our Greater Philadelphia clients are on extension (an unfortunate consequence of...
Valentine’s on a Greater Philadelphia Tax Pro Budget
February 19, 2013
We’re pretty darn good at navigating the labyrinth of our tax system around here (and we’ve been called the best Greater Philadelphia tax preparers!). But we may not be the most authoritative source on all things Valentines.
That doesn’t prevent me from chiming in on it this week though, with a little penny-pinching twist, if you will. That,...
Let’s Start a Conversation…
October 24, 2012
Ernest G. Neve III here, your tax professional.
I know that we haven’t posted much before, but starting this week I’m hoping that you and I can have a conversation.
You see, there hasn’t been an environment like the one we’re now facing in this economy and in our nation for quite a while. The fact is-I know you’ve got...
...and get what you need, when and where you need it!
