December 19, 2019 / by Brett Hess / Newsletter, Tax
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income […]
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Give your 401(k) plan a checkup at least once a year
February 27, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes […]
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Reasons why married couples might want to file separate tax returns
February 19, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable […]
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The tax aspects of selling mutual fund shares
February 11, 2020 / by Brett Hess / Uncategorized
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated […]
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Numerous tax limits affecting businesses have increased for 2020
January 30, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]
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Can you deduct charitable gifts on your tax return?
January 21, 2020 / by Brett Hess / Small Business, Tax
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]
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How business owners and execs can stay connected with staff
January 15, 2020 / by Brett Hess / Small Business
With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a strong start in […]
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4 new law changes that may affect your retirement plan
January 7, 2020 / by Brett Hess / Newsletter, Tax
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions […]
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Do you have a side gig? Make sure you understand your tax obligations
December 19, 2019 / by Brett Hess / Newsletter, Tax
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income […]
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Medical expenses: What it takes to qualify for a tax deduction
December 2, 2019 / by Brett Hess / Newsletter
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax […]
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3 key traits of every successful salesperson
November 14, 2019 / by Brett Hess / Newsletter
Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar. However, you can create […]
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