November 20, 2014 / by Brett Hess / Uncategorized
Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]
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Minimum Wages Increases
November 25, 2014 / by Brett Hess / Newsletter
New Minimum Wage Rules New minimum wage rules will apply in many states including Maryland and West Virginia starting January 1, 2015 and even earlier for certain counties in Maryland. Use the links below for more information and specifics. If you are unsure how this applies to your business please contact us. Maryland Law http://www.dllr.state.md.us/labor/wages/wagehrfacts.shtml […]
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Tax Updates
November 20, 2014 / by Brett Hess / Uncategorized
Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]
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Simplified Home Office Deduction
August 27, 2014 / by Brett Hess / Tax
For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you’ll […]
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IRS Phone Scams Warning
August 20, 2014 / by Brett Hess / Small Business, Tax
IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]
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Health Insurance Marketplace – Dangers
August 18, 2014 / by Brett Hess / Tax
If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough. However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change. […]
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Tax Tips – Deducting Moving Expenses
August 18, 2014 / by Brett Hess / Tax
Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers […]
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TAX TIPS – Miscellaneous Deductions Can Cut Taxes
August 15, 2014 / by Brett Hess / Tax
Miscellaneous Deductions Can Cut Taxes You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions […]
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Employee or Subcontractor & Obamacare
June 6, 2014 / by Brett Hess / Small Business
Firms with 100 or more full-time employees in 2015 must offer a reasonable level of affordable insurance to their full-time employees or large penalties will be due. Business with 50 to 99 full-time employees have until 2016 to comply with the pay-or-pay rules. Reclassified workers can put a small firm over the limit of allowable […]
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Understanding Your Value In Business
May 15, 2014 / by Brett Hess / Small Business
I had a great discussion with a client yesterday. It revolved around her new business venture and how her clients were perceiving her rates and fees. It reminded me of a conversation I had with my father (the founder of our company – who worked in sales for 30 years before he started BMC) many […]
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Be Careful with Subcontractors
May 9, 2014 / by Brett Hess / Uncategorized
IRS has again made a point to audit businesses who pay employees as subcontractors. There are a number of tests that must be met to clearly define a person performing services for you as an independent contractor. Three simple tests to consider: 1. Did the person invoice me for their time? 2. Do they perform […]
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