April 3, 2025 / by Brett Hess / Tax
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one of them, it’s more favorable than filing as a single […]
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What tax documents can you safely shred? And which ones should you keep?
April 24, 2025 / by Brett Hess / Tax
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping […]
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Explore SEP and SIMPLE retirement plans for your small business
April 22, 2025 / by Brett Hess / Small Business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy […]
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How companies can spot dangers by examining concentration
April 18, 2025 / by Brett Hess / Small Business
At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success. In a business context, however, concentration can refer to various aspects of your company’s operations. […]
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An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing
April 8, 2025 / by Brett Hess / Tax
Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated […]
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Discover if you qualify for “head of household” tax filing status
April 3, 2025 / by Brett Hess / Tax
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one of them, it’s more favorable than filing as a single […]
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Business owners should get comfortable with their financial statements
March 28, 2025 / by Brett Hess / Small Business
Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. […]
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Weighing the pluses and minuses of HDHPs + HSAs for businesses
March 24, 2025 / by Brett Hess / Small Business
Will your company be ready to add a health insurance plan for next year, or change its current one? If so, now might be a good time to consider your options. These things take time. A popular benefits model for many small to midsize businesses is sponsoring a high-deductible health plan (HDHP) accompanied by employee […]
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Riding the tax break train: Maximizing employee transportation fringe benefits
March 14, 2025 / by Brett Hess / Tax
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus […]
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Can I itemize deductions on my tax return?
February 28, 2025 / by Brett Hess / Tax
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the […]
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Do you have questions about taking IRA withdrawals? We’ve got answers
January 17, 2025 / by Brett Hess / Tax
Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common […]
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