May 13, 2019 / by Brett Hess / Uncategorized
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on […]
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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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The chances of IRS audit are down but you should still be prepared
May 28, 2019 / by Brett Hess / Uncategorized
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, […]
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Selling your home? Consider these tax implications
May 28, 2019 / by Brett Hess / Uncategorized
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. […]
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How entrepreneurs must treat expenses on their tax returns
May 13, 2019 / by Brett Hess / Uncategorized
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and […]
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Plug in tax savings for electric vehicles
May 13, 2019 / by Brett Hess / Uncategorized
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on […]
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Three questions you may have after you file your return
April 25, 2019 / by Brett Hess / Tax
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for […]
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The 2018 gift tax return deadline is almost here
March 12, 2019 / by Brett Hess / Uncategorized
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for […]
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Financial statements tell your business’s story, inside and out
February 21, 2019 / by Brett Hess / Newsletter, Tax
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business. […]
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