November 20, 2014 / by Brett Hess / Uncategorized
Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]
Read more
Contact us today at 301.698.0795
Tax Updates
November 20, 2014 / by Brett Hess / Uncategorized
Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]
Read more
Be Careful with Subcontractors
May 9, 2014 / by Brett Hess / Uncategorized
IRS has again made a point to audit businesses who pay employees as subcontractors. There are a number of tests that must be met to clearly define a person performing services for you as an independent contractor. Three simple tests to consider: 1. Did the person invoice me for their time? 2. Do they perform […]
Read more
Another tax deduction you may be missing
February 6, 2014 / by Brett Hess / Uncategorized
Home Office deductions have long been scorned as “too risky” or “not worth the effort”. The bottom line is that if you meet the requirements for a home office deduction there is no greater risk of audit than any other deduction, and IRS has made taking the deduction even simpler. For tax year 2013 IRS […]
Read more