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 […]
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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. […]
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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 […]
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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. […]
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A refresher on the trust fund recovery penalty for business owners and executives
October 12, 2023 / by Brett Hess / Newsletter
One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes from […]
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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 […]
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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 […]
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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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Investment swings: What’s the tax impact?
September 25, 2023 / by Brett Hess / Newsletter
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts […]
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Plan now for year-end gifts with the gift tax annual exclusion
September 21, 2023 / by Brett Hess / Uncategorized
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any […]
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Selling your home for a big profit? Here are the tax rules
September 18, 2023 / by Brett Hess / Tax
Selling your home for a big profit? Here are the tax rules Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much […]
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