Tax | Business Management Company

4 ideas that may help reduce your 2023 tax bill

December 15, 2023 / by Brett Hess / Tax

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you make […]

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. […]

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 […]

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 […]

That email or text from the IRS: It’s a scam!

August 24, 2023 / by Brett Hess / Tax

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, […]

IRS announces adjustments to key retirement plan limits

December 1, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). […]

New digital asset reporting requirements will be imposed in coming years

November 24, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]

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