Brett Hess - Business Management Company

Payroll tax implications of new tax breaks on tips and overtime

September 15, 2025 / by Brett Hess / Tax

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to […]

How businesses can fund a buy-sell agreement

September 9, 2025 / by Brett Hess / Small Business

Businesses with more than one owner benefit from having multiple viewpoints and varying skill sets. However, they also face serious risks of uncertainty and conflict if one of the owners suddenly departs or undergoes a major life change. A carefully crafted buy-sell agreement can guard against these risks — if it’s securely funded. Transfer guidelines […]

No tax on car loan interest under the new law? Not exactly

September 9, 2025 / by Brett Hess / Tax

Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan […]

Act soon: The OBBBA ends clean energy tax breaks

August 19, 2025 / by Brett Hess / Tax

The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]

Unlocking Growth: Your Crystal Ball for Business Decisions

August 6, 2025 / by Brett Hess / Small Business

Ever stare at your P&L, wondering if now’s the time to expand your team or invest in that game-changing equipment? You’re not alone. Many business owners grapple with these big decisions, often feeling like they’re flying blind. I recently worked with a client facing this exact dilemma. They wanted to grow but weren’t sure if […]

Are You Undercutting your Profits? One Business Owner’s Overhead Revelation!

August 6, 2025 / by Brett Hess / Small Business

Ever wonder if you’re truly pricing your jobs for maximum profit? Many business owners I meet struggle with the exact same question, unsure if their overhead calculations are accurate. I recently worked with a client who was in this exact predicament. They were estimating jobs based on assumptions, and it was keeping them up at […]

Understanding spousal IRAs: A smart retirement strategy for couples

August 5, 2025 / by Brett Hess / Uncategorized

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth […]

The new law includes favorable changes for depreciating eligible assets

July 25, 2025 / by Brett Hess / Small Business, Tax

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]

Milestone moments: How age affects certain tax provisions

July 10, 2025 / by Brett Hess / Tax

They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in […]

Safe harbor 401(k)s offer businesses a simpler route to a retirement plan

July 7, 2025 / by Brett Hess / Small Business

When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense? Well, you […]

1 2 3 … 26