Brett Hess - Business Management Company

Understanding IRS Hobby Loss Rules

July 24, 2026 / by Brett Hess / Tax

Dear Client, We want to highlight an important IRS rule that may affect taxpayers who report business losses on Schedule C. If your business shows a loss in a given year, the IRS applies what is commonly referred to as the “hobby loss” rule to determine whether the activity qualifies as a legitimate business. What […]

The Right Financial Guidance Can Help Maximize Your Business’s Potential

July 23, 2026 / by Brett Hess / Uncategorized

Financial information is the foundation for every important business decision. Whether your goal is to improve cash flow, launch a new offering, hire additional workers or expand into a new market, accurate data enables you to make decisions confidently. An experienced advisor can help prepare this data and ensure your business is poised to capitalize […]

When the Sale of an Appreciated Home Triggers Taxes — and When It Doesn’t

June 25, 2026 / by Brett Hess / Tax

Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when they sell. Of course a large profit is generally a good thing. But, depending on the amount of your gain, how long you’ve owned and resided in the home, and your income […]

Demystifying Like-Kind Exchanges

June 17, 2026 / by Brett Hess / Uncategorized

If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for […]

Important Tax Notice: You May Be Entitled to a Refund of COVID-Era Penalties & Interest

June 12, 2026 / by Brett Hess / Deadlines, Tax

Dear Client, We want to make you aware of an important recent court ruling that may benefit you. In Kwong v. United States, the U.S. Court of Federal Claims ruled that certain tax penalties and interest charged between January 20, 2020, and July 10, 2023, were improperly assessed under federal law. This covers tax filings […]

The “Kiddie Tax” Can Apply Long After Childhood

June 10, 2026 / by Brett Hess / Tax

Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The […]

Protect Yourself from Fraudsters Impersonating the IRS and Other Tax Scams

May 27, 2026 / by Brett Hess / Uncategorized

Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial information. IRS impersonation scams First […]

Moving to a New State? Review the Tax Implications First

May 19, 2026 / by Brett Hess / Tax

Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety […]

2 Retirement Plans for Small Businesses with Lean Budgets

May 12, 2026 / by Brett Hess / Small Business

Most business owners would like to offer their employees a 401(k) retirement savings plan with all the bells and whistles. But for small businesses with lean budgets and small staffs, offering such benefits may be out of the question. Fortunately, SEP IRAs and SIMPLE IRAs are less expensive and easier to administer. Might one of […]

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