May | 2024 | Business Management Company

You may be entitled to tax breaks if caring for an elderly relative

May 29, 2024 / by Brett Hess / Tax

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: Medical expenses. If the individual qualifies as […]

Pay attention to the tax rules if you turn a hobby into a business

May 7, 2024 / by Brett Hess / Tax

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain […]

Don’t have a tax-favored retirement plan? Set one up now

May 6, 2024 / by Brett Hess / Tax

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for […]

Taxes when you sell an appreciated vacation home

May 1, 2024 / by Brett Hess / Tax

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the […]