September 16, 2016 / by Brett Hess / Tax
A limited tax credit is still available for energy-savings items added to your residence by December 31, 2016. The credit is 10% of the cost of those items and is limited to $500. Prior year credits reduce the $500 maximum. Certain items are capped: No more than $50 for circulating fans, $150 for furnaces and […]
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Home-related tax breaks are valuable on 2017 returns, will be less so for 2018
March 22, 2018 / by Brett Hess / Tax
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related […]
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A few changes in the 2018 tax bill might encourage some action now.
December 26, 2017 / by Brett Hess / Tax
There are a number of changes in the 2018 tax bill that just passed. We will be sending out more information as we get all of the details over the next few days, weeks and months. However a few of the changes might impact what you do this year. 1.Tools Deduction: If you have traditionally […]
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Pay attention to the details when selling investments
June 14, 2017 / by Brett Hess / Tax
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment long-term (more than one year) and […]
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Want to save for education? Make 2017 ESA contributions this year.
January 30, 2017 / by Brett Hess / Tax
There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2017 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the […]
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2017 Q1 tax calendar: Key deadlines for businesses and other employers
January 25, 2017 / by Brett Hess / Small Business, Tax
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]
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Deduction for state and local sales tax benefits some, but not all, taxpayers
January 25, 2017 / by Brett Hess / Tax
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as […]
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Go Green, Save Green
November 28, 2016 / by Brett Hess / Tax
Tax breaks to purchase efficient energy property and electric vehicles.
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A quick look at the President-elect’s tax plan for businesses
November 23, 2016 / by Brett Hess / Small Business, Tax
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing the corporate alternative minimum tax, […]
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Last year for energy tax credit on windows
September 16, 2016 / by Brett Hess / Tax
A limited tax credit is still available for energy-savings items added to your residence by December 31, 2016. The credit is 10% of the cost of those items and is limited to $500. Prior year credits reduce the $500 maximum. Certain items are capped: No more than $50 for circulating fans, $150 for furnaces and […]
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Tax impact of investor vs. trader status
September 7, 2016 / by Brett Hess / Tax
If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good if […]
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