September 9, 2025 / by Brett Hess / Tax
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan […]
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No tax on car loan interest under the new law? Not exactly
September 9, 2025 / by Brett Hess / Tax
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan […]
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Act soon: The OBBBA ends clean energy tax breaks
August 19, 2025 / by Brett Hess / Tax
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]
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Unlocking Growth: Your Crystal Ball for Business Decisions
August 6, 2025 / by Brett Hess / Small Business
Ever stare at your P&L, wondering if now’s the time to expand your team or invest in that game-changing equipment? You’re not alone. Many business owners grapple with these big decisions, often feeling like they’re flying blind. I recently worked with a client facing this exact dilemma. They wanted to grow but weren’t sure if […]
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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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