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 next estimated tax deadline is September 16: Do you have to make a payment?
September 3, 2019 / by Brett Hess / Uncategorized
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, […]
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Some business owners can’t participate in their own companies’ HRAs
August 28, 2019 / by Brett Hess / Newsletter, Small Business
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may […]
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Expenses that teachers can and can’t deduct on their tax returns
August 27, 2019 / by Brett Hess / Newsletter, Tax
As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct […]
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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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