August 6, 2015 / by Brett Hess / Small Business
As business owners, we often do a good job of planning for possible negative outcomes or circumstances. We set aside enough cash flow to weather a downturn in our business, we plan for the tax impacts of profits on the business, we plan for turnover in our staff, etc. This type of planning is important […]
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All income investments aren’t alike
September 1, 2015 / by Brett Hess / Uncategorized
All income investments aren’t alike when it comes to taxes The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at the favorable long-term capital gains tax rate (generally 15% or 20%) rather than at the applicable ordinary-income […]
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Moving Expense Deduction
August 18, 2015 / by Brett Hess / Tax
Ever wonder what you could or couldn’t deduct on your taxes for moving, and under what circumstances you could deduct moving expenses. The link below spells out most of what you need to know about the moving expense deduction. Most important: you must be moving for work to deduct moving expenses. http://www.irs.gov/uac/Moving-Expense-Deduction
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Teens in your family with summer jobs? Set up IRAs for them!
August 12, 2015 / by Brett Hess / Tax
Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible, […]
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Planning for Success
August 6, 2015 / by Brett Hess / Small Business
As business owners, we often do a good job of planning for possible negative outcomes or circumstances. We set aside enough cash flow to weather a downturn in our business, we plan for the tax impacts of profits on the business, we plan for turnover in our staff, etc. This type of planning is important […]
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IRS Cracks Down On ID Theft
July 9, 2015 / by Brett Hess / Uncategorized
A very important and interesting article on ID Theft and the IRS. https://tax.thomsonreuters.com/wp-content/private/pdf/CheckpointMarketingForFirms/Checkpoint_SpecialReport_IDTheft.pdf
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Maryland Tax Amnesty Period
July 6, 2015 / by Brett Hess / Uncategorized
Maryland is offering a Tax Amnesty period from September 1, 2015 to October 30, 2015. For more information about whether this applies to your situation we have provided a link below. If you have an old tax problem that you have been ignoring this is the time to get it settled. http://taxes.marylandtaxes.com/Business_Taxes/Business_Tax_Compliance/Tax_Amnesty/Tax_Amnesty_FAQs.shtml
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Dont just pay that notice from IRS
March 14, 2015 / by Brett Hess / Tax
I met with a client today who had received a notice from IRS and the state of Maryland that he owed more taxes for 2012 due to unreported income. The notice referenced some unreported investment income. The taxpayer recognized that he did not report that income and assumed the tax agencies were correct and paid […]
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Problems with TurboTax
February 9, 2015 / by Brett Hess / Tax
We have been made aware of numerous reports regarding issues with TurboTax and other DIY software packages and filing issues. The article below illustrates one such example. http://www.forbes.com/sites/kellyphillipserb/2015/02/06/minnesota-stops-accepting-returns-filed-with-turbotax-cites-fraud-concerns/ We have also been made aware that the FREE version of many of the tax programs is no longer free when you have to start filing out […]
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Obamacare and your Tax Return
February 5, 2015 / by Brett Hess / Tax
The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return. As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return. Not only could these new laws affect […]
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Tax Provisions Extended?
December 11, 2014 / by Brett Hess / Small Business, Tax
According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014. Congress had all year to revive these tax breaks, but as usual they procrastinated and played the political game. The good news is that we believe the following […]
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