April 29, 2025 / by Brett Hess / Tax
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal income tax purposes, the wash […]
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Are You Undercutting your Profits? One Business Owner’s Overhead Revelation!
August 6, 2025 / by Brett Hess / Small Business
Ever wonder if you’re truly pricing your jobs for maximum profit? Many business owners I meet struggle with the exact same question, unsure if their overhead calculations are accurate. I recently worked with a client who was in this exact predicament. They were estimating jobs based on assumptions, and it was keeping them up at […]
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Understanding spousal IRAs: A smart retirement strategy for couples
August 5, 2025 / by Brett Hess / Uncategorized
Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth […]
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The new law includes favorable changes for depreciating eligible assets
July 25, 2025 / by Brett Hess / Small Business, Tax
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]
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Milestone moments: How age affects certain tax provisions
July 10, 2025 / by Brett Hess / Tax
They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in […]
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Safe harbor 401(k)s offer businesses a simpler route to a retirement plan
July 7, 2025 / by Brett Hess / Small Business
When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense? Well, you […]
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Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them
June 16, 2025 / by Brett Hess / Tax
The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks. Curious about how the bill might affect you? Here […]
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Digital assets and taxes: What you need to know
May 29, 2025 / by Brett Hess / Tax
As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting. […]
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Hiring independent contractors? Make sure you’re doing it right
May 23, 2025 / by Brett Hess / Small Business
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead […]
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The tax rules for legal awards and settlements: What recipients should know
May 20, 2025 / by Brett Hess / Tax
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises. Taxable […]
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The “wash sale” rule: Don’t let losses circle the drain
April 29, 2025 / by Brett Hess / Tax
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal income tax purposes, the wash […]
Read more