Brett Hess - Business Management Company

Why You Might Want to Build a Wall Between Your Business and its Real Estate

March 19, 2026 / by Brett Hess / Uncategorized

Does your business own its real estate in a separate holding company, such as a limited liability company (LLC) or limited partnership? This practice can provide several advantages, including shielding property from your company’s creditors. It can also ease estate planning if, for example, you want to transfer business interests to your children while retaining […]

April 15 is the Deadline for More Than Just Your Income Tax Return

March 10, 2026 / by Brett Hess / Deadlines, Tax

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. Making 2025 contributions to an IRA It may be 2026, but you can still […]

Quadrupled SALT Deduction Limit Means More Taxpayers Will Benefit From Itemizing on Their 2025 Returns

February 26, 2026 / by Brett Hess / Tax

An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state […]

Before Claiming a Charitable Deduction for 2025, Make Sure You Can Substantiate It

February 19, 2026 / by Brett Hess / Tax

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity. Substantiating cash […]

There’s Still Time to Set up a SEP and Reduce Your 2025 Taxes

February 3, 2026 / by Brett Hess / Tax

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but […]

Tax Filing FAQs for Individuals

January 23, 2026 / by Brett Hess / Tax

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is […]

When medical expenses are — and aren’t — tax deductible

January 20, 2026 / by Brett Hess / Tax

If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the […]

Important 2026 tax figures for businesses

January 16, 2026 / by Brett Hess / Small Business, Tax

A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules or limits may apply. Depreciation-related tax breaks Bonus depreciation: 100% Section 179 expensing limit: $2.56 million Section 179 phaseout threshold: $4.09 million Qualified retirement plan limits 401(k), 403(b) and 457 […]

Changes to charitable donation deductions are on the horizon

December 30, 2025 / by Brett Hess / Uncategorized

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New charitable deduction floor Under the One Big Beautiful Bill Act (OBBBA), starting in 2026, if […]

New itemized deduction limitation will affect high-income individuals next year

December 23, 2025 / by Brett Hess / Tax

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of […]

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