August 7, 2019 / by Brett Hess / Uncategorized
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported […]
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Taking distributions from your traditional IRA
August 23, 2019 / by Brett Hess / Uncategorized
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family […]
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Read this before you try to sell your business.
August 22, 2019 / by Brett Hess / Newsletter, Small Business
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The tax implications of being a winner
August 7, 2019 / by Brett Hess / Uncategorized
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported […]
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The “nanny tax” must be paid for more than just nannies.
July 23, 2019 / by Brett Hess / Uncategorized
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a […]
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You may have to pay tax on Social Security benefits
July 18, 2019 / by Brett Hess / Uncategorized
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your […]
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Volunteering for charity: Do you get a tax break?
July 9, 2019 / by Brett Hess / Uncategorized
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may […]
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If your kids are off to day camp, you may be eligible for a tax break
June 25, 2019 / by Brett Hess / Uncategorized
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, […]
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2019 Q3 tax calendar: Key deadlines for businesses and other employers
June 20, 2019 / by Brett Hess / Uncategorized
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. […]
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Your succession plan may benefit from a separation of business and real estate
June 10, 2019 / by Brett Hess / Uncategorized
Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners […]
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Thinking about moving to another state in retirement? Don’t forget about taxes
June 5, 2019 / by Brett Hess / Uncategorized
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes […]
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