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 […]
Read more
Contact us today at 301.698.0795
Tax Court case provides lessons on best recordkeeping practices for businesses
September 23, 2025 / by Brett Hess / Small Business
Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]
Read more
The power of catch-up retirement account contributions after 50
September 18, 2025 / by Brett Hess / Tax
Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to your tax-favored retirement account(s). And these contributions are more valuable than you may think. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser […]
Read more
Payroll tax implications of new tax breaks on tips and overtime
September 15, 2025 / by Brett Hess / Tax
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to […]
Read more
How businesses can fund a buy-sell agreement
September 9, 2025 / by Brett Hess / Small Business
Businesses with more than one owner benefit from having multiple viewpoints and varying skill sets. However, they also face serious risks of uncertainty and conflict if one of the owners suddenly departs or undergoes a major life change. A carefully crafted buy-sell agreement can guard against these risks — if it’s securely funded. Transfer guidelines […]
Read more
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 […]
Read more
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 […]
Read more
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 […]
Read more
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 […]
Read more
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 […]
Read more
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 […]
Read more