Brett Hess | Business Management Company

Businesses: Know who your privileged users are … and aren’t

November 1, 2023 / by Brett Hess / Small Business

Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that could be abducted, exploited, corrupted or destroyed. Of course, there’s the clear and present danger of external parties hacking into your network to do it harm. But there are also internal risks — namely, […]

What businesses can expect from a DOL benefits plan audit

October 30, 2023 / by Brett Hess / Small Business

All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter […]

Facing a future emergency? Two new tax provisions may soon provide relief

October 27, 2023 / by Brett Hess / Tax

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax. […]

Valuations can help business owners plan for the future

October 19, 2023 / by Brett Hess / Small Business

If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup […]

Business automobiles: How the tax depreciation rules work

October 18, 2023 / by Brett Hess / Tax

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. […]

The tax implications of renting out a vacation home

October 10, 2023 / by Brett Hess / Tax

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many […]

Casualty loss tax deductions may help disaster victims in certain cases

October 3, 2023 / by Brett Hess / Tax

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there […]

What are the tax implications of winning money or valuable prizes?

September 27, 2023 / by Brett Hess / Tax

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere. You must report 100% of your […]

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