September 14, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]
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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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Can you deduct student loan interest on your tax return?
September 11, 2023 / by Brett Hess / Uncategorized
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your […]
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Pocket a tax break for making energy-efficient home improvements
September 8, 2023 / by Brett Hess / Uncategorized
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to […]
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Review your strategic plan … and look aheadReview your strategic plan … and look ahead
December 29, 2021 / by Brett Hess / Small Business, Uncategorized
Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple […]
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Gig workers should understand their tax obligations
December 28, 2021 / by Brett Hess / Newsletter, Small Business, Uncategorized
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands […]
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Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
November 12, 2021 / by Brett Hess / Uncategorized
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But […]
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EIDL program retooled for still-struggling small businesses
September 24, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible […]
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Selling a home: Will you owe tax on the profit?
September 14, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]
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There’s currently a “stepped-up basis” if you inherit property — but will it last?
July 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]
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Don’t assume your profitable company has strong cash flow
June 16, 2021 / by Brett Hess / Uncategorized
Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]
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