December 14, 2018 / by Brett Hess / Uncategorized
The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per […]
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IRS issues standard mileage rates for 2019
December 14, 2018 / by Brett Hess / Uncategorized
The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per […]
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Family businesses need succession plans, too
December 10, 2018 / by Brett Hess / Uncategorized
Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In one all-too-common scenario, two of the owner’s children inherit […]
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Catch-up retirement plan contributions can be particularly advantageous post-TCJA
November 21, 2018 / by Brett Hess / Uncategorized
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions […]
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Mutual funds: Handle with care at year end
November 13, 2018 / by Brett Hess / Uncategorized
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares. […]
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Tax Brief
November 5, 2018 / by Brett Hess / Uncategorized
Donate appreciated stock for twice the tax benefits A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? […]
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Coming to a paycheck near you
February 12, 2018 / by Brett Hess / Uncategorized
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Happy Thanksgiving
November 21, 2017 / by Brett Hess / Uncategorized
All of us at BMC would like to wish all of you a very Happy Thanksgiving. We are very thankful that you have trusted us with your business.
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Thank You Veterans
November 10, 2017 / by Brett Hess / Uncategorized
Happy Birthday to our Marine Corp. and a huge THANK YOU to all Veterans and service members. Thank you for defending this freedom that we so easily take for granted. Thank You that we can wake up each morning to the sounds of nature or city, and not bombs and gunfire. Thank you that we […]
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A brief overview of the President-elect’s tax plan for individuals
December 2, 2016 / by Brett Hess / Uncategorized
Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals: Reducing the number of income […]
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How to max out education-related tax breaks
February 16, 2016 / by Brett Hess / Uncategorized
If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can […]
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