December 19, 2019 / by Brett Hess / Newsletter, Tax
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income […]
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Employers on the Hook for Deferred Payroll Taxes
August 31, 2020 / by Brett Hess / Small Business, Tax
Late on Friday, the IRS finally issued guidance on President Trump’s Executive Order allowing certain payroll taxes to be deferred in late 2020: Employers can defer withholding and depositing the employee portion only of Social Security. Applies to SS withheld on wages paid from Sept 1 though Dec 31, 2020. Applied only to employees whose […]
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Economic Impact Payment – Special alert for benefit recipients who don’t file a tax return and have dependents
April 21, 2020 / by Brett Hess / Tax
WASHINGTON – The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment. Their $1,200 payments […]
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Covid-19 Shutdown – Do I Layoff Now or Wait?
March 20, 2020 / by Brett Hess / Uncategorized
I would like to provide some advice to business owners who are struggling with the difficult decision to layoff and let employees collect unemployment, or keep paying them as long as you can. My advice is to think long term. What is best for the employees and the company in the long term. The best […]
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What Matters Most
March 17, 2020 / by Brett Hess / Small Business
I gathered our team together these past two mornings to review where we are as a company and remind them of our four “matters” during these tough times. Families matter: I let them know that we care for them, that we are going to take care of them and their families as best we can. […]
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Numerous tax limits affecting businesses have increased for 2020
January 30, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]
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Can you deduct charitable gifts on your tax return?
January 21, 2020 / by Brett Hess / Small Business, Tax
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]
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How business owners and execs can stay connected with staff
January 15, 2020 / by Brett Hess / Small Business
With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a strong start in […]
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4 new law changes that may affect your retirement plan
January 7, 2020 / by Brett Hess / Newsletter, Tax
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions […]
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Do you have a side gig? Make sure you understand your tax obligations
December 19, 2019 / by Brett Hess / Newsletter, Tax
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income […]
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Medical expenses: What it takes to qualify for a tax deduction
December 2, 2019 / by Brett Hess / Newsletter
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax […]
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