Tax | Business Management Company

Teens in your family with summer jobs? Set up IRAs for them!

August 12, 2015 / by Brett Hess / Tax

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible, […]

Dont just pay that notice from IRS

March 14, 2015 / by Brett Hess / Tax

I met with a client today who had received a notice from IRS and the state of Maryland that he owed more taxes for 2012 due to unreported income. The notice referenced some unreported investment income. The taxpayer recognized that he did not report that income and assumed the tax agencies were correct and paid […]

Problems with TurboTax

February 9, 2015 / by Brett Hess / Tax

We have been made aware of numerous reports regarding issues with TurboTax and other DIY software packages and filing issues. The article below illustrates one such example. http://www.forbes.com/sites/kellyphillipserb/2015/02/06/minnesota-stops-accepting-returns-filed-with-turbotax-cites-fraud-concerns/ We have also been made aware that the FREE version of many of the tax programs is no longer free when you have to start filing out […]

Obamacare and your Tax Return

February 5, 2015 / by Brett Hess / Tax

The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return. As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return. Not only could these new laws affect […]

Tax Provisions Extended?

December 11, 2014 / by Brett Hess / Small Business, Tax

According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014. Congress had all year to revive these tax breaks, but as usual they procrastinated and played the political game. The good news is that we believe the following […]

Simplified Home Office Deduction

August 27, 2014 / by Brett Hess / Tax

For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you’ll […]

IRS Phone Scams Warning

August 20, 2014 / by Brett Hess / Small Business, Tax

IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]

Health Insurance Marketplace – Dangers

August 18, 2014 / by Brett Hess / Tax

If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough. However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change. […]

Tax Tips – Deducting Moving Expenses

August 18, 2014 / by Brett Hess / Tax

Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers […]

TAX TIPS – Miscellaneous Deductions Can Cut Taxes

August 15, 2014 / by Brett Hess / Tax

Miscellaneous Deductions Can Cut Taxes You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions […]

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