State Governments lose an estimated 12 billion dollars in state sales taxes that are not paid on purchases made online.  This new tax would apply to companies with online sales of over 1 million, therefore many small online retailers are figuring out how to get below 1 million so they will not have to pay the sales tax.  They say it will be too much of an unfair burden to them as they will have to pay the 46 states that collect state tax, hire computer programmers to reprogram their software in order to collect and pay the tax, and also be burdened by the overwhelming amount of paperwork involved.  It is sure to put some of these retailers out of business, many say.

The small brick and mortar store, on the other hand, is in favor of this tax as it helps level the playing field.  These folks already have to charge a tax on the items they sell.  For example, suppose I am going to purchase a small hand-held camcorder.  I can currently buy it online for less because there is no tax.  Forcing state tax to be paid on the item makes the price equal to the amount charged in an actual store.

I discussed this sales tax with Win Damon on FM 106.1 and wnbp.com on Tuesday morning (click below to hear the podcast.)  Immediately after the show I got an email from my dad who said: “So let’s set up a kitty and earmark all tax collected for a specific purpose, say internet crime protection or something like that.”   Good idea, but we are talking about 46 different taxing authorities, and each can elect to do what it wants with the newly collected revenue.

Tune in every Tuesday to wnbp.com to hear Win and I chat about many insightful tax and financial topics.

Stuart Steinberg of Eaglerock Financial, Inc. has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial experience in the high net worth market.

It is my goal to not let this happen to my clients.  I like to provide them with education about their finances so they can potentially make the best long term financial decisions for their families.

Below you can hear Win Damon and I review this comprehensive approach to financial planning.  We chat about pertinent tax and financial topics on Radio 106.1 FM WNBP.com every Tuesday morning at 8:30.

Stuart Steinberg of Eaglerock Financial, Inc. has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial experience in the high net worth market.

I had a nice chat with Win Damon of WNBP and Ron April, my realtor and Remax agent in the Newburyport area.  The combination of low rates and low inventory has sparked a frenzy in many local areas as well as regions around the country.  This is also reflective of a market where people are more confident to buy than they were 5 years ago.

Ron and I discuss the market here in Newburyport, as well as Amesbury and Salisbury.  Each community has its own niches for price and appear to be well on the mend.  Click below for our brief podcast.

Stuart Steinberg of Eaglerock Financial, Inc. has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial experience in the high net worth market.

While talking about taxes is not generally exciting, at least this week we chatted about the “fun” part of tax filing, accounting for your itemized deductions and unreimbursed business expenses found on Schedule A and Form 2016. The popular Schedule A deductions include medical, state taxes, real estate taxes, excise taxes, mortgage interest, charity (cash and non-cash), investment expenses, and unreimbursed business expenses, which fall on form 2016.

If you have a job and are paid on a w2, you may have deductions for expenses that you are not paid back for such as auto and travel, meals and entertainment, professional publications and education, professional dues, and cellular telephone. There are other possibilities for deductible items, so please check with your qualified advisor to see what may qualify! Please listen to our chat below.

Stuart Steinberg of Eaglerock Financial, Inc. has worked with families for more than 20 years, helping them work toward their financial goals through a holistic, well rounded approach rooted in objectivity, education, and empowerment. Stu is highly regarded by clients and colleagues for his unique combination of investment, CPA and entrepreneurial experience in the high net worth market.

There are so many stories of famous athletes and entertainers who go bankrupt that we could go on all day long. Here are just a few that I have come across in my research of the topic.

It is simply a shame that these folks could not get out of their own way to take care of their finances. It is combination of so many different things that has lead them to the world of being broke. Poor advice from advisors is the main culprit, and although I can’t guarantee a rate of return, I can honestly say that stuff like this does not happen to my clients on my watch. Many have several cars, or 109 bedroom homes, or several kids from various women that they now are having trouble supporting.

Take a quick listen as Win Damon and I chat up this subject up WNBP.com radio 106.1 FM in Newburyport. I visit with Win every Tuesday morning at 8:30 and I just couldn’t pass this topic up! Besides, you don’t want me to talk about financial tips every week right?

I really enjoy my Tuesday morning radio spots on WNBP FM 106.1 in Newburyport and wnbp.com. Every Tuesday at 8:30 I am live with morning guy Win Damon and we are always talking about the relevant financial and tax topics of the day.

Last Tuesday General manager Pete Falconi joined in the fun and we played a little tax game show called “Deductible or Not.” Pete, Win, and I had fun and we hope to do more of this in the future. Give a listen as Monty Hall Steinberg asks some crazy “tax deductible or not” questions.

We are into the full swing of tax season 2013 and the IRS is finally accepting tax returns electronically.  Some forms are not ready to be filed yet electronically so those folks will still have to wait a little longer to file.

There is still a ton of talk in Washington about what to taxes to raise or cut and what expenses to cut or reform. Unfortunately, it is mostly talk and little of the focus is where is should be, on job creation. It is interesting to know what tax breaks will cost the USA the most over the next 5 years, and below is a list of the top 10 biggest tax breaks!

(Source: The JCT, Senate House joint committe on tax and the USA Today)

It is also important to know how the payroll tax affects our paychecks for 2013.  The 2% savings on the employee portion of the payroll tax expired at the end of 2012, so an individual making $50,000 per year will pay $1,000 more in 2013 for payroll tax, with a max amount increase of $2,274 for those making more than $113,800.  This tax was cut form 6.2% to 4.2% as part of the stimulus package and it was never meant to be a permanent tax decrease.

Win Damon and I review this topic on our weekly podcast below on WNBP Radio FM 106.1 in Newburyport!

2) Loss of Independence.  Seniors often lose their will if they do not maintain their independence. If seniors lose control of their financial lives and decision making process this will surely lead to a loss of independence. No one wants to live with their kids when they are 70 or 80 and as a result the advanced planning becomes even more vital.

3) Beware the unscrupulous financial advisor. This can happen on many levels. First, many advisors are more interested in meeting sales goals or selling a product that has a higher commission. When this happens, seniors can get locked in to investments that were not best for them in the first place. I recommend the senior has a child or personal representative with them when meeting with an advisor and to have all their questions ready ahead of time. They should also interview the advisor him/herself and really learn about their business and where they work best.

Second, the scam artists are in full gear when it comes to internet and seniors. I have 2 clients who have parents who have been scammed sending their personal banking information to someone in Nigeria or Kenya. These cases happen far too often. Seniors can also fall victim to ponzi schemes, or fall victim to abuse of power of attorney to transact business that is not in the seniors best interest.

4) How to battle the rising cost of healthcare. How can seniors get affordable and quality healthcare? Modern medicine has made some tremendous strides and the human race is living longer and longer. As people age we are more likely to need health care. Seniors who have set up their plans in advance often include long term care policies to help protect with the potential cost of in home care, assisted living,
or nursing home care.

Listen below as Stu discusses this topic with Win Damon of WNBP 106.1 FM and wnbp.com

Securities offered through LPL Financial, Member FINRA/SIPC.

The North Shore Language Center is the creation of mom entrepreneurs Mariana Lynch and Jennifer Mccormick.  The Newburyport, Massachusetts pair wanted a place for children and adults of all ages to learn languages from vibrant, bilingual instructors. The center fills a real need in the area and obviously in the global world in which we live, learning a 2nd or even a 3rd language is an incredible asset!

With more than 23 years of experience as a credentialed tax professional, Stu Steinberg, CPA, MBA brings a broad depth of knowledge to his work. He has worked with small business entrepreneurs for many years helping them plan their businesses more effectively. He can be reached at stu@eaglerockfinancial.net or 978-864-9581 anytime.

Welcome to the Newburyport Entrepreneur – CPA on the Street. In this series I travel around town and visit with other entrepreneurs and small business owners to find out if they love Newburyport as much as I do! The goal of the series is to provide educational and fun information directly from the business owners themselves.

Dr. Daryl founded Colden Seymour, ear nose throat and allergy experts located  in Newburyport, Haverhill, and North Andover.  His local office at Anna Jaques is new and modern and very welcoming.  While touring the office, Daryl educated me on the many common medical issues that all our families are exposed to on a daily basis.  It was great to meet some of his friendly staff along the way too!

With more than 23 years of experience as a credentialed tax professional, Stu Steinberg, CPA, MBA brings a broad depth of knowledge to his work. He has worked with small business entrepreneurs for many years helping them plan their businesses more effectively. He can be reached at stu@eaglerockfinancial.net or 978-864-9581 anytime.