Generated by All in One SEO v4.9.3, this is an llms.txt file, used by LLMs to index the site.

# Business Management Company

Contact us today at 301.698.0795

## Sitemaps

- [XML Sitemap](https://www.bmcaccounting.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [When the Sale of an Appreciated Home Triggers Taxes — and When It Doesn’t](https://www.bmcaccounting.com/when-the-sale-of-an-appreciated-home-triggers-taxes-and-when-it-doesnt/) - Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when they sell. Of course a large profit is generally a good thing. But, depending on the amount of your gain, how long you’ve owned and resided in the home, and your income
- [Demystifying Like-Kind Exchanges](https://www.bmcaccounting.com/demystifying-like-kind-exchanges/) - If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for
- [Important Tax Notice: You May Be Entitled to a Refund of COVID-Era Penalties & Interest](https://www.bmcaccounting.com/important-tax-notice-you-may-be-entitled-to-a-refund-of-covid-era-penalties-interest/) - Dear Client, We want to make you aware of an important recent court ruling that may benefit you. In Kwong v. United States, the U.S. Court of Federal Claims ruled that certain tax penalties and interest charged between January 20, 2020, and July 10, 2023, were improperly assessed under federal law. This covers tax filings
- [The “Kiddie Tax” Can Apply Long After Childhood](https://www.bmcaccounting.com/the-kiddie-tax-can-apply-long-after-childhood/) - Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The
- [Protect Yourself from Fraudsters Impersonating the IRS and Other Tax Scams](https://www.bmcaccounting.com/protect-yourself-from-fraudsters-impersonating-the-irs-and-other-tax-scams/) - Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial information. IRS impersonation scams First
- [Moving to a New State? Review the Tax Implications First](https://www.bmcaccounting.com/moving-to-a-new-state-review-the-tax-implications-first/) - Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety
- [2 Retirement Plans for Small Businesses with Lean Budgets](https://www.bmcaccounting.com/2-retirement-plans-for-small-businesses-with-lean-budgets/) - Most business owners would like to offer their employees a 401(k) retirement savings plan with all the bells and whistles. But for small businesses with lean budgets and small staffs, offering such benefits may be out of the question. Fortunately, SEP IRAs and SIMPLE IRAs are less expensive and easier to administer. Might one of
- [Individual Tax Calendar: Key Deadlines for the Remainder of 2026](https://www.bmcaccounting.com/individual-tax-calendar-key-deadlines-for-the-remainder-of-2026/) - Yes, the April 15 tax deadline is now behind us. But there are also deadlines during the rest of the year that are important to be aware of. To help you not miss any, here’s when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive. There
- [Don’t Miss Your Opportunity to Make a 2025 IRA Contribution — Whether You Can Deduct It or Not](https://www.bmcaccounting.com/dont-miss-your-opportunity-to-make-a-2025-ira-contribution-whether-you-can-deduct-it-or-not/) - Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed, the opportunity to contribute for that year is lost forever. The deadline for 2025 IRA contributions is April 15, 2026. You may be eligible to
- [Why You Might Want to Build a Wall Between Your Business and its Real Estate](https://www.bmcaccounting.com/why-you-might-want-to-build-a-wall-between-your-business-and-its-real-estate/) - Does your business own its real estate in a separate holding company, such as a limited liability company (LLC) or limited partnership? This practice can provide several advantages, including shielding property from your company’s creditors. It can also ease estate planning if, for example, you want to transfer business interests to your children while retaining
- [April 15 is the Deadline for More Than Just Your Income Tax Return](https://www.bmcaccounting.com/april-15-is-the-deadline-for-more-than-just-your-income-tax-return/) - You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. Making 2025 contributions to an IRA It may be 2026, but you can still
- [Quadrupled SALT Deduction Limit Means More Taxpayers Will Benefit From Itemizing on Their 2025 Returns](https://www.bmcaccounting.com/quadrupled-salt-deduction-limit-means-more-taxpayers-will-benefit-from-itemizing-on-their-2025-returns/) - An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state
- [Before Claiming a Charitable Deduction for 2025, Make Sure You Can Substantiate It](https://www.bmcaccounting.com/before-claiming-a-charitable-deduction-for-2025-make-sure-you-can-substantiate-it/) - If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity. Substantiating cash
- [There’s Still Time to Set up a SEP and Reduce Your 2025 Taxes](https://www.bmcaccounting.com/theres-still-time-to-set-up-a-sep-and-reduce-your-2025-taxes/) - If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but
- [Tax Filing FAQs for Individuals](https://www.bmcaccounting.com/tax-filing-faqs-for-individuals/) - The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is
- [When medical expenses are — and aren’t — tax deductible](https://www.bmcaccounting.com/when-medical-expenses-are-and-arent-tax-deductible/) - If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the
- [Important 2026 tax figures for businesses](https://www.bmcaccounting.com/important-2026-tax-figures-for-businesses/) - A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules or limits may apply. Depreciation-related tax breaks Bonus depreciation: 100% Section 179 expensing limit: $2.56 million Section 179 phaseout threshold: $4.09 million Qualified retirement plan limits 401(k), 403(b) and 457
- [Changes to charitable donation deductions are on the horizon](https://www.bmcaccounting.com/changes-to-charitable-donation-deductions-are-on-the-horizon/) - Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New charitable deduction floor Under the One Big Beautiful Bill Act (OBBBA), starting in 2026, if
- [New itemized deduction limitation will affect high-income individuals next year](https://www.bmcaccounting.com/new-itemized-deduction-limitation-will-affect-high-income-individuals-next-year/) - Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of
- [Checking off RMDs on the year-end to-do list](https://www.bmcaccounting.com/checking-off-rmds-on-the-year-end-to-do-list/) - You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well as younger taxpayers who’ve inherited such an account, there may
- [Have you used up your 2025 FSA funds?](https://www.bmcaccounting.com/have-you-used-up-your-2025-fsa-funds/) - If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year end or forfeit them. Here’s a refresher on the rules
- [Shift income to take advantage of the 0% long-term capital gains rate](https://www.bmcaccounting.com/shift-income-to-take-advantage-of-the-0-long-term-capital-gains-rate/) - Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least significantly reduce it. Leveraging lower rates Investors generally are subject to
- [How the Social Security wage base will affect your payroll taxes in 2026](https://www.bmcaccounting.com/how-the-social-security-wage-base-will-affect-your-payroll-taxes-in-2026/) - The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax,
- [Writing an AI governance policy for your business](https://www.bmcaccounting.com/writing-an-ai-governance-policy-for-your-business/) - Artificial intelligence (AI) is changing the way businesses operate. Its capacity to gather and process data, as well as to mimic human interactions, offers remarkable potential to streamline operations and boost productivity. But AI presents considerable challenges and concerns, too. With so many tools available, employees may inadvertently or purposely misuse the technology in ways
- [Review your business expenses before year end](https://www.bmcaccounting.com/review-your-business-expenses-before-year-end/) - Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions
- [Making the most of the new deduction for seniors](https://www.bmcaccounting.com/making-the-most-of-the-new-deduction-for-seniors/) - For 2025 through 2028, individuals age 65 or older generally can claim a new “senior” deduction of up to $6,000 under the One Big Beautiful Bill Act (OBBBA). But an income-based phaseout could reduce or eliminate your deduction. Fortunately, if your income is high enough that the phaseout is a risk, there are steps you
- [Boost your tax savings by donating appreciated stock instead of cash](https://www.bmcaccounting.com/boost-your-tax-savings-by-donating-appreciated-stock-instead-of-cash/) - Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more. Not just a deduction Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If you donate
- [Is Your Company's Pricing Still Working?](https://www.bmcaccounting.com/is-your-companys-pricing-still-working/) - Pricing is one of the most powerful tools a business owner has to make sure their company is profitable. If you set prices too low, you’re missing out on money you could be making. Set them too high, and customers might go to a cheaper competitor. Your goal is to find the "sweet spot": prices
- [5 potential tax breaks to know before moving a parent into a nursing home](https://www.bmcaccounting.com/5-potential-tax-breaks-to-know-before-moving-a-parent-into-a-nursing-home/) - Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. Long-term medical care The costs of qualified long-term care, including nursing home
- [Tax Court case provides lessons on best recordkeeping practices for businesses](https://www.bmcaccounting.com/tax-court-case-provides-lessons-on-best-recordkeeping-practices-for-businesses/) - Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this
- [The power of catch-up retirement account contributions after 50](https://www.bmcaccounting.com/the-power-of-catch-up-retirement-account-contributions-after-50/) - Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to your tax-favored retirement account(s). And these contributions are more valuable than you may think. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser
- [Payroll tax implications of new tax breaks on tips and overtime](https://www.bmcaccounting.com/payroll-tax-implications-of-new-tax-breaks-on-tips-and-overtime/) - Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to
- [How businesses can fund a buy-sell agreement](https://www.bmcaccounting.com/how-businesses-can-fund-a-buy-sell-agreement/) - Businesses with more than one owner benefit from having multiple viewpoints and varying skill sets. However, they also face serious risks of uncertainty and conflict if one of the owners suddenly departs or undergoes a major life change. A carefully crafted buy-sell agreement can guard against these risks — if it’s securely funded. Transfer guidelines
- [No tax on car loan interest under the new law? Not exactly](https://www.bmcaccounting.com/no-tax-on-car-loan-interest-under-the-new-law-not-exactly/) - Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan
- [Act soon: The OBBBA ends clean energy tax breaks](https://www.bmcaccounting.com/act-soon-the-obbba-ends-clean-energy-tax-breaks/) - The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back
- [Unlocking Growth: Your Crystal Ball for Business Decisions](https://www.bmcaccounting.com/unlocking-growth-your-crystal-ball-for-business-decisions/) - Ever stare at your P&L, wondering if now's the time to expand your team or invest in that game-changing equipment? You're not alone. Many business owners grapple with these big decisions, often feeling like they're flying blind. I recently worked with a client facing this exact dilemma. They wanted to grow but weren't sure if
- [Are You Undercutting your Profits? One Business Owner's Overhead Revelation!](https://www.bmcaccounting.com/are-you-undercutting-your-profits-one-business-owners-overhead-revelation/) - Ever wonder if you're truly pricing your jobs for maximum profit? Many business owners I meet struggle with the exact same question, unsure if their overhead calculations are accurate. I recently worked with a client who was in this exact predicament. They were estimating jobs based on assumptions, and it was keeping them up at
- [Understanding spousal IRAs: A smart retirement strategy for couples](https://www.bmcaccounting.com/understanding-spousal-iras-a-smart-retirement-strategy-for-couples/) - Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth
- [The new law includes favorable changes for depreciating eligible assets](https://www.bmcaccounting.com/the-new-law-includes-favorable-changes-for-depreciating-eligible-assets/) - The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired
- [Milestone moments: How age affects certain tax provisions](https://www.bmcaccounting.com/milestone-moments-how-age-affects-certain-tax-provisions/) - They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in
- [Safe harbor 401(k)s offer businesses a simpler route to a retirement plan](https://www.bmcaccounting.com/safe-harbor-401ks-offer-businesses-a-simpler-route-to-a-retirement-plan/) - When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense? Well, you
- [Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them](https://www.bmcaccounting.com/tax-breaks-in-2025-and-how-the-one-big-beautiful-bill-could-change-them/) - The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks. Curious about how the bill might affect you? Here
- [Digital assets and taxes: What you need to know](https://www.bmcaccounting.com/digital-assets-and-taxes-what-you-need-to-know/) - As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting.
- [Hiring independent contractors? Make sure you’re doing it right](https://www.bmcaccounting.com/hiring-independent-contractors-make-sure-youre-doing-it-right/) - Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead
- [The tax rules for legal awards and settlements: What recipients should know](https://www.bmcaccounting.com/the-tax-rules-for-legal-awards-and-settlements-what-recipients-should-know/) - If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises. Taxable
- [The “wash sale” rule: Don’t let losses circle the drain](https://www.bmcaccounting.com/the-wash-sale-rule-dont-let-losses-circle-the-drain/) - Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal income tax purposes, the wash
- [What tax documents can you safely shred? And which ones should you keep?](https://www.bmcaccounting.com/what-tax-documents-can-you-safely-shred-and-which-ones-should-you-keep/) - Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping
- [Riding the tax break train: Maximizing employee transportation fringe benefits](https://www.bmcaccounting.com/riding-the-tax-break-train-maximizing-employee-transportation-fringe-benefits/) - There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus
- [Business owners should get comfortable with their financial statements](https://www.bmcaccounting.com/business-owners-should-get-comfortable-with-their-financial-statements/) - Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes.
- [Explore SEP and SIMPLE retirement plans for your small business](https://www.bmcaccounting.com/explore-sep-and-simple-retirement-plans-for-your-small-business/) - Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy
- [How companies can spot dangers by examining concentration](https://www.bmcaccounting.com/how-companies-can-spot-dangers-by-examining-concentration/) - At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success. In a business context, however, concentration can refer to various aspects of your company’s operations.
- [An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing](https://www.bmcaccounting.com/an-essential-tax-deadline-is-coming-up-and-its-unrelated-to-your-2024-return-filing/) - Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated
- [Discover if you qualify for “head of household” tax filing status](https://www.bmcaccounting.com/discover-if-you-qualify-for-head-of-household-tax-filing-status/) - When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one of them, it’s more favorable than filing as a single
- [Weighing the pluses and minuses of HDHPs + HSAs for businesses](https://www.bmcaccounting.com/weighing-the-pluses-and-minuses-of-hdhps-hsas-for-businesses/) - Will your company be ready to add a health insurance plan for next year, or change its current one? If so, now might be a good time to consider your options. These things take time. A popular benefits model for many small to midsize businesses is sponsoring a high-deductible health plan (HDHP) accompanied by employee
- [Can I itemize deductions on my tax return?](https://www.bmcaccounting.com/can-i-itemize-deductions-on-my-tax-return/) - You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the
- [Do you have questions about taking IRA withdrawals? We’ve got answers](https://www.bmcaccounting.com/do-you-have-questions-about-taking-ira-withdrawals-weve-got-answers/) - Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common
- [Senior tax-saving alert: Make charitable donations from your IRA](https://www.bmcaccounting.com/senior-tax-saving-alert-make-charitable-donations-from-your-ira/) - If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending
- [When can you deduct business meals and entertainment?](https://www.bmcaccounting.com/when-can-you-deduct-business-meals-and-entertainment/) - You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that
- [Get tax breaks for energy-saving purchases this year because they may disappear](https://www.bmcaccounting.com/get-tax-breaks-for-energy-saving-purchases-this-year-because-they-may-disappear/) - The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action
- [3 types of retirement plans for growing businesses](https://www.bmcaccounting.com/3-types-of-retirement-plans-for-growing-businesses/) - When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing
- [Is your money-losing activity a hobby or a business?](https://www.bmcaccounting.com/is-your-money-losing-activity-a-hobby-or-a-business/) - Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues,
- [The tax aspects of selling mutual fund shares](https://www.bmcaccounting.com/the-tax-aspects-of-selling-mutual-fund-shares/) - Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated
- [Reasons why married couples might want to file separate tax returns](https://www.bmcaccounting.com/reasons-why-married-couples-might-want-to-file-separate-tax-returns/) - Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable
- [Give your 401(k) plan a checkup at least once a year](https://www.bmcaccounting.com/give-your-401k-plan-a-checkup-at-least-once-a-year/) - In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes
- [Do you run your business from home? You might be eligible for home office deductions](https://www.bmcaccounting.com/do-you-run-your-business-from-home-you-might-be-eligible-for-home-office-deductions/) - If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture
- [CARES ACT changes retirement plan and charitable contribution rules](https://www.bmcaccounting.com/cares-act-changes-retirement-plan-and-charitable-contribution-rules/) - As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,
- [COVID-19: IRS announces more relief and details](https://www.bmcaccounting.com/covid-19-irs-announces-more-relief-and-details/) - In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates
- [](https://www.bmcaccounting.com/4865/)
- [Answers to questions you may have about Economic Impact Payments](https://www.bmcaccounting.com/answers-to-questions-you-may-have-about-economic-impact-payments/) - Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get
- [Hiring independent contractors? Make sure they’re properly classified](https://www.bmcaccounting.com/hiring-independent-contractors-make-sure-theyre-properly-classified/) - As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an
- [Subchapter V: A silver lining for small businesses mulling bankruptcy](https://www.bmcaccounting.com/subchapter-v-a-silver-lining-for-small-businesses-mulling-bankruptcy/) - Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law
- [Employers have questions and concerns about deferring employees’ Social Security taxes](https://www.bmcaccounting.com/employers-have-questions-and-concerns-about-deferring-employees-social-security-taxes/) - The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and
- [The easiest way to survive an IRS audit is to get ready in advance](https://www.bmcaccounting.com/the-easiest-way-to-survive-an-irs-audit-is-to-get-ready-in-advance/) - IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely
- [Reviewing your disaster plan in a tumultuous year](https://www.bmcaccounting.com/reviewing-your-disaster-plan-in-a-tumultuous-year/) - It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went right
- [Inventory management is especially important this year](https://www.bmcaccounting.com/inventory-management-is-especially-important-this-year/) - As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However,
- [Buying and selling mutual fund shares: Avoid these tax pitfalls](https://www.bmcaccounting.com/buying-and-selling-mutual-fund-shares-avoid-these-tax-pitfalls/) - If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund
- [Divorcing couples should understand these 4 tax issues](https://www.bmcaccounting.com/divorcing-couples-should-understand-these-4-tax-issues/) - When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are
- [Now more than ever, carefully track payroll records](https://www.bmcaccounting.com/now-more-than-ever-carefully-track-payroll-records/) - The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck
- [Taking distributions from a traditional IRA](https://www.bmcaccounting.com/taking-distributions-from-a-traditional-ira/) - Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in
- [Can you qualify for a medical expense tax deduction?](https://www.bmcaccounting.com/can-you-qualify-for-a-medical-expense-tax-deduction/) - You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For
- [Educate yourself about the revised tax benefits for higher education](https://www.bmcaccounting.com/educate-yourself-about-the-revised-tax-benefits-for-higher-education/) - Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to
- [The COVID-19 relief law: What’s in it for you?](https://www.bmcaccounting.com/the-covid-19-relief-law-whats-in-it-for-you/) - The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct
- [One reason to file your 2020 tax return early](https://www.bmcaccounting.com/one-reason-to-file-your-2020-tax-return-early/) - The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension),
- [View your financial statements through the right lens](https://www.bmcaccounting.com/view-your-financial-statements-through-the-right-lens/) - Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be — especially when they follow Generally Accepted Accounting Principles. But how can you best extract these useful insights? One way is to view your financial
- [2021 individual taxes: Answers to your questions about limits](https://www.bmcaccounting.com/2021-individual-taxes-answers-to-your-questions-about-limits/) - Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that
- [New law tax break may make child care less expensive](https://www.bmcaccounting.com/new-law-tax-break-may-make-child-care-less-expensive/) - The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your
- [Need a new business vehicle? Consider a heavy SUV](https://www.bmcaccounting.com/need-a-new-business-vehicle-consider-a-heavy-suv/) - Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired
- [Retiring soon? Recent law changes may have an impact on your retirement savings](https://www.bmcaccounting.com/retiring-soon-recent-law-changes-may-have-an-impact-on-your-retirement-savings/) - Retiring soon? Recent law changes may have an impact on your retirement savings If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which
- [Should your business add Roth contributions to its 401(k)?](https://www.bmcaccounting.com/should-your-business-add-roth-contributions-to-its-401k/) - If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to
- [Providing education assistance to employees? Follow these rules](https://www.bmcaccounting.com/providing-education-assistance-to-employees-follow-these-rules/) - Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training
- [Still have questions after you file your tax return?](https://www.bmcaccounting.com/still-have-questions-after-you-file-your-tax-return/) - Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can
- [Retiring soon? 4 tax issues you may face](https://www.bmcaccounting.com/retiring-soon-4-tax-issues-you-may-face/) - If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You
- [Don’t assume your profitable company has strong cash flow](https://www.bmcaccounting.com/dont-assume-your-profitable-company-has-strong-cash-flow/) - 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.
- [There’s currently a “stepped-up basis” if you inherit property — but will it last?](https://www.bmcaccounting.com/theres-currently-a-stepped-up-basis-if-you-inherit-property-but-will-it-last/) - 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,
- [ABLE accounts may help disabled or blind family members](https://www.bmcaccounting.com/able-accounts-may-help-disabled-or-blind-family-members/) - There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related
- [IRS additional guidance addresses COBRA assistance under ARPA](https://www.bmcaccounting.com/irs-additional-guidance-addresses-cobra-assistance-under-arpa/) - In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September
- [Think like a lender before applying for a business loan](https://www.bmcaccounting.com/think-like-a-lender-before-applying-for-a-business-loan/) - Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional
- [Selling a home: Will you owe tax on the profit?](https://www.bmcaccounting.com/selling-a-home-will-you-owe-tax-on-the-profit/) - 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
- [EIDL program retooled for still-struggling small businesses](https://www.bmcaccounting.com/eidl-program-retooled-for-still-struggling-small-businesses/) - 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
- [The tax score of winning](https://www.bmcaccounting.com/the-tax-score-of-winning/) - Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win
- [Feeling generous at year end? Strategies for donating to charity or gifting to loved ones](https://www.bmcaccounting.com/feeling-generous-at-year-end-strategies-for-donating-to-charity-or-gifting-to-loved-ones/) - 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
- [Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties](https://www.bmcaccounting.com/businesses-can-show-appreciation-and-gain-tax-breaks-with-holiday-gifts-and-parties/) - With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush
- [New digital asset reporting requirements will be imposed in coming years](https://www.bmcaccounting.com/new-digital-asset-reporting-requirements-will-be-imposed-in-coming-years/) - 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
- [IRS announces adjustments to key retirement plan limits](https://www.bmcaccounting.com/irs-announces-adjustments-to-key-retirement-plan-limits/) - 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).
- [Providing a company car? Here’s how taxes are handled](https://www.bmcaccounting.com/providing-a-company-car-heres-how-taxes-are-handled/) - The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current
- [Gig workers should understand their tax obligations](https://www.bmcaccounting.com/gig-workers-should-understand-their-tax-obligations/) - 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
- [Review your strategic plan … and look aheadReview your strategic plan … and look ahead](https://www.bmcaccounting.com/review-your-strategic-plan-and-look-aheadreview-your-strategic-plan-and-look-ahead/) - 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
- [Keeping meticulous records is the key to tax deductions and painless IRS audits](https://www.bmcaccounting.com/keeping-meticulous-records-is-the-key-to-tax-deductions-and-painless-irs-audits/) - If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported
- [Make year-end tax planning moves before it’s too late!](https://www.bmcaccounting.com/make-year-end-tax-planning-moves-before-its-too-late/) - With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard
- [Businesses must stay on guard against invoice fraud](https://www.bmcaccounting.com/businesses-must-stay-on-guard-against-invoice-fraud/) - Fraud is a pernicious problem for companies of all shapes and sizes. One broad type of crime that seems to be thriving as of late is invoice fraud. In the second quarter of 2024, accounts payable software provider Medius released the results of a survey of 1,533 senior finance executives in the United States and
- [Are you liable for two additional taxes on your income?](https://www.bmcaccounting.com/are-you-liable-for-two-additional-taxes-on-your-income/) - Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you. 1. The NIIT In addition to income tax, this tax applies on
- [Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”](https://www.bmcaccounting.com/are-you-unfairly-burdened-by-a-spouses-tax-errors-you-may-qualify-for-innocent-spouse-relief/) - Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a joint tax return, each spouse is
- [Consider borrowing from your corporation but structure the deal carefully](https://www.bmcaccounting.com/consider-borrowing-from-your-corporation-but-structure-the-deal-carefully/) - If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders
- [How are Series EE savings bonds taxed?](https://www.bmcaccounting.com/how-are-series-ee-savings-bonds-taxed/) - Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express support for our nation’s anti-terrorism efforts,”
- [Six tax issues to consider if you’re getting divorced](https://www.bmcaccounting.com/six-tax-issues-to-consider-if-youre-getting-divorced/) - Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of
- [Social Security tax update: How high can it go?](https://www.bmcaccounting.com/social-security-tax-update-how-high-can-it-go/) - Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling.
- [What might be ahead as many tax provisions are scheduled to expire?](https://www.bmcaccounting.com/what-might-be-ahead-as-many-tax-provisions-are-scheduled-to-expire/) - Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this
- [You may be entitled to tax breaks if caring for an elderly relative](https://www.bmcaccounting.com/you-may-be-entitled-to-tax-breaks-if-caring-for-an-elderly-relative/) - There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: Medical expenses. If the individual qualifies as
- [Pay attention to the tax rules if you turn a hobby into a business](https://www.bmcaccounting.com/pay-attention-to-the-tax-rules-if-you-turn-a-hobby-into-a-business/) - Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain
- [Don’t have a tax-favored retirement plan? Set one up now](https://www.bmcaccounting.com/dont-have-a-tax-favored-retirement-plan-set-one-up-now/) - If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for
- [Taxes when you sell an appreciated vacation home](https://www.bmcaccounting.com/taxes-when-you-sell-an-appreciated-vacation-home/) - Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the
- [Watch out for “income in respect of a decedent” issues when receiving an inheritance](https://www.bmcaccounting.com/watch-out-for-income-in-respect-of-a-decedent-issues-when-receiving-an-inheritance/) - Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If
- [The tax deadline is almost here: File for an extension if you’re not ready](https://www.bmcaccounting.com/the-tax-deadline-is-almost-here-file-for-an-extension-if-youre-not-ready/) - The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to
- [Business owners, your financial statements are trying to tell you something](https://www.bmcaccounting.com/business-owners-your-financial-statements-are-trying-to-tell-you-something/) - Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such as lenders and investors, place greater trust in financial reporting done under the rigorous standards of GAAP. But that’s not the only reason. GAAP-compliant financial statements
- [B2B businesses: Assess customer credit carefully](https://www.bmcaccounting.com/b2b-businesses-assess-customer-credit-carefully/) - Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit. On the one hand, it’s common practice. Most customers likely expect to be offered a credit option when engaging in B2B transactions. On the other, credit arrangements inevitably come with risk of late
- [Update on retirement account required minimum distributions](https://www.bmcaccounting.com/update-on-retirement-account-required-minimum-distributions/) - If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1)
- [Beware of a stealth tax on Social Security benefits](https://www.bmcaccounting.com/beware-of-a-stealth-tax-on-social-security-benefits/) - Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social
- [New option for unused funds in a 529 college savings plan](https://www.bmcaccounting.com/new-option-for-unused-funds-in-a-529-college-savings-plan/) - With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a
- [Taking your spouse on a business trip? Can you write off the costs?](https://www.bmcaccounting.com/taking-your-spouse-on-a-business-trip-can-you-write-off-the-costs/) - A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having
- [Get ready for the 2023 gift tax return deadline](https://www.bmcaccounting.com/get-ready-for-the-2023-gift-tax-return-deadline/) - Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased
- [How businesses can reinvigorate strategic planning](https://www.bmcaccounting.com/how-businesses-can-reinvigorate-strategic-planning/) - For businesses, and people for that matter, the beginning of the calendar year can be a bit of a grind. The holidays have passed, summer vacations are relatively far off and everyone is trying to build momentum for a strong, healthy year. Amongst all the nose-to-the-grindstone stick-to-itiveness, however, you and your leadership team shouldn’t lose sight
- [Filing jointly or separately as a married couple: What’s the difference?](https://www.bmcaccounting.com/filing-jointly-or-separately-as-a-married-couple-whats-the-difference/) - When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married,
- [Should your business offer the new emergency savings accounts to employees?](https://www.bmcaccounting.com/should-your-business-offer-the-new-emergency-savings-accounts-to-employees/) - As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor
- [Answers to your tax season questions](https://www.bmcaccounting.com/answers-to-your-tax-season-questions/) - The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1.What are this year’s deadlines? The filing deadline to submit
- [The standard business mileage rate will be going up slightly in 2024](https://www.bmcaccounting.com/the-standard-business-mileage-rate-will-be-going-up-slightly-in-2024/) - The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for
- [The “nanny tax” must be paid for nannies and other household workers](https://www.bmcaccounting.com/the-nanny-tax-must-be-paid-for-nannies-and-other-household-workers/) - You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.
- [4 ideas that may help reduce your 2023 tax bill](https://www.bmcaccounting.com/4-ideas-that-may-help-reduce-your-2023-tax-bill/) - 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
- [Key 2024 inflation-adjusted tax parameters for small businesses and their owners](https://www.bmcaccounting.com/key-2024-inflation-adjusted-tax-parameters-for-small-businesses-and-their-owners/) - The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income from operations
- [Upcoming Changes to NetClient CS Portal](https://www.bmcaccounting.com/upcoming-changes-to-netclient-cs-portal/) - We are excited to share details about upcoming changes to your NetClient CS portal. Our firm partners with Thomson Reuters to provide the platform for these portals. Their upcoming November update will improve your sign-in experience and security. What you need to know: You’ll need to create a new username and password. To do this,
- [What you need to know about restricted stock awards and taxes](https://www.bmcaccounting.com/what-you-need-to-know-about-restricted-stock-awards-and-taxes/) - Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But with restricted stock, if the stock price goes down, your
- [Businesses: Know who your privileged users are … and aren’t](https://www.bmcaccounting.com/businesses-know-who-your-privileged-users-are-and-arent/) - Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that could be abducted, exploited, corrupted or destroyed. Of course, there’s the clear and present danger of external parties hacking into your network to do it harm. But there are also internal risks — namely,
- [What businesses can expect from a DOL benefits plan audit](https://www.bmcaccounting.com/what-businesses-can-expect-from-a-dol-benefits-plan-audit/) - All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter
- [Facing a future emergency? Two new tax provisions may soon provide relief](https://www.bmcaccounting.com/facing-a-future-emergency-two-new-tax-provisions-may-soon-provide-relief/) - 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.
- [Valuations can help business owners plan for the future](https://www.bmcaccounting.com/valuations-can-help-business-owners-plan-for-the-future/) - If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup
- [Business automobiles: How the tax depreciation rules work](https://www.bmcaccounting.com/business-automobiles-how-the-tax-depreciation-rules-work/) - 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.
- [A refresher on the trust fund recovery penalty for business owners and executives](https://www.bmcaccounting.com/a-refresher-on-the-trust-fund-recovery-penalty-for-business-owners-and-executives/) - One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes from
- [The tax implications of renting out a vacation home](https://www.bmcaccounting.com/the-tax-implications-of-renting-out-a-vacation-home/) - 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](https://www.bmcaccounting.com/casualty-loss-tax-deductions-may-help-disaster-victims-in-certain-cases/) - 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?](https://www.bmcaccounting.com/what-are-the-tax-implications-of-winning-money-or-valuable-prizes/) - 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
- [Investment swings: What’s the tax impact?](https://www.bmcaccounting.com/investment-swings-whats-the-tax-impact/) - If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts
- [Plan now for year-end gifts with the gift tax annual exclusion](https://www.bmcaccounting.com/plan-now-for-year-end-gifts-with-the-gift-tax-annual-exclusion/) - 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
- [Selling your home for a big profit? Here are the tax rules](https://www.bmcaccounting.com/selling-your-home-for-a-big-profit-here-are-the-tax-rules/) - 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
- [Guaranteeing a loan to your corporation? There may be tax implications](https://www.bmcaccounting.com/guaranteeing-a-loan-to-your-corporation-there-may-be-tax-implications/) - Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or
- [Can you deduct student loan interest on your tax return?](https://www.bmcaccounting.com/can-you-deduct-student-loan-interest-on-your-tax-return/) - 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
- [Pocket a tax break for making energy-efficient home improvements](https://www.bmcaccounting.com/pocket-a-tax-break-for-making-energy-efficient-home-improvements/) - 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
- [Retirement account catch-up contributions can add up](https://www.bmcaccounting.com/retirement-account-catch-up-contributions-can-add-up/) - If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll
- [Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”](https://www.bmcaccounting.com/inheriting-stock-or-other-assets-youll-receive-a-favorable-stepped-up-basis/) - If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? 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
- [That email or text from the IRS: It’s a scam!](https://www.bmcaccounting.com/that-email-or-text-from-the-irs-its-a-scam/) - “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,
- [Employers on the Hook for Deferred Payroll Taxes](https://www.bmcaccounting.com/employers-on-the-hook-for-deferred-payroll-taxes/) - Late on Friday, the IRS finally issued guidance on President Trump's Executive Order allowing certain payroll taxes to be deferred in late 2020: Employers can defer withholding and depositing the employee portion only of Social Security. Applies to SS withheld on wages paid from Sept 1 though Dec 31, 2020. Applied only to employees whose
- [PPP Forgiveness- Overview and FAQs](https://www.bmcaccounting.com/ppp-forgiveness-overview-and-faqs/) - PPP Loan Forgiveness is not automatic. Keep reading to be sure you know what is required. Key Points: There are specific criteria that must be met for the PPP loan to be forgiven. The CARES Act is currently full of confusion, inconsistency and gray areas regarding forgiveness. You will need to request forgiveness from your lender.
- [Economic Impact Payment - Special alert for benefit recipients who don’t file a tax return and have dependents](https://www.bmcaccounting.com/economic-impact-payment-special-alert-for-benefit-recipients-who-dont-file-a-tax-return-and-have-dependents/) - WASHINGTON – The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment. Their $1,200 payments
- [Covid-19 Shutdown - Do I Layoff Now or Wait?](https://www.bmcaccounting.com/covid-19-shutdown-do-i-layoff-now-or-wait/) - I would like to provide some advice to business owners who are struggling with the difficult decision to layoff and let employees collect unemployment, or keep paying them as long as you can. My advice is to think long term. What is best for the employees and the company in the long term. The best
- [What Matters Most](https://www.bmcaccounting.com/what-matters-most/) - I gathered our team together these past two mornings to review where we are as a company and remind them of our four “matters” during these tough times. Families matter: I let them know that we care for them, that we are going to take care of them and their families as best we can.
- [Numerous tax limits affecting businesses have increased for 2020](https://www.bmcaccounting.com/numerous-tax-limits-affecting-businesses-have-increased-for-2020/) - An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900
- [Can you deduct charitable gifts on your tax return?](https://www.bmcaccounting.com/can-you-deduct-charitable-gifts-on-your-tax-return/) - Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are
- [How business owners and execs can stay connected with staff](https://www.bmcaccounting.com/how-business-owners-and-execs-can-stay-connected-with-staff/) - With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a strong start in
- [4 new law changes that may affect your retirement plan](https://www.bmcaccounting.com/4-new-law-changes-that-may-affect-your-retirement-plan/) - If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions
- [Do you have a side gig? Make sure you understand your tax obligations](https://www.bmcaccounting.com/do-you-have-a-side-gig-make-sure-you-understand-your-tax-obligations/) - The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income
- [Medical expenses: What it takes to qualify for a tax deduction](https://www.bmcaccounting.com/medical-expenses-what-it-takes-to-qualify-for-a-tax-deduction/) - As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax
- [3 key traits of every successful salesperson](https://www.bmcaccounting.com/3-key-traits-of-every-successful-salesperson/) - Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar. However, you can create
- [Using your 401(k) plan to save this year and next](https://www.bmcaccounting.com/using-your-401k-plan-to-save-this-year-and-next/) - You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.
- [Small businesses: Stay clear of a severe payroll tax penalty](https://www.bmcaccounting.com/small-businesses-stay-clear-of-a-severe-payroll-tax-penalty/) - One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the
- [What to do if your business receives a “no-match” letter](https://www.bmcaccounting.com/what-to-do-if-your-business-receives-a-no-match-letter/) - In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they
- [6 ways to ensure your marketing plan drives sales](https://www.bmcaccounting.com/6-ways-to-ensure-your-marketing-plan-drives-sales/) - “Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely to drive strong
- [When is tax due on Series EE savings bonds?](https://www.bmcaccounting.com/when-is-tax-due-on-series-ee-savings-bonds/) - You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action
- [Take advantage of the gift tax exclusion rules](https://www.bmcaccounting.com/take-advantage-of-the-gift-tax-exclusion-rules/) - As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For
- [Capital gains tax can take a bite out of your investments.](https://www.bmcaccounting.com/capital-gains-tax-can-take-a-bite-out-of-your-investments/)
- [Uncle Sam may provide relief from college costs on your tax return](https://www.bmcaccounting.com/uncle-sam-may-provide-relief-from-college-costs-on-your-tax-return/) - We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation
- [Putting together the succession planning and retirement planning puzzle](https://www.bmcaccounting.com/putting-together-the-succession-planning-and-retirement-planning-puzzle/) - Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When
- [2019 Q4 tax calendar: Key deadlines for businesses and other employers](https://www.bmcaccounting.com/2019-q4-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. 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. October
- [The next estimated tax deadline is September 16: Do you have to make a payment?](https://www.bmcaccounting.com/the-next-estimated-tax-deadline-is-september-16-do-you-have-to-make-a-payment/) - If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,
- [Some business owners can’t participate in their own companies’ HRAs](https://www.bmcaccounting.com/some-business-owners-cant-participate-in-their-own-companies-hras/) - Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may
- [Expenses that teachers can and can’t deduct on their tax returns](https://www.bmcaccounting.com/expenses-that-teachers-can-and-cant-deduct-on-their-tax-returns/) - As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct
- [Taking distributions from your traditional IRA](https://www.bmcaccounting.com/taking-distributions-from-your-traditional-ira/) - If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family
- [Read this before you try to sell your business.](https://www.bmcaccounting.com/read-this-before-you-try-to-sell-your-business/)
- [The tax implications of being a winner](https://www.bmcaccounting.com/the-tax-implications-of-being-a-winner/) - If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported
- [The "nanny tax" must be paid for more than just nannies.](https://www.bmcaccounting.com/the-nanny-tax-must-be-paid-for-more-than-just-nannies/) - You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a
- [You may have to pay tax on Social Security benefits](https://www.bmcaccounting.com/you-may-have-to-pay-tax-on-social-security-benefits/) - During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your
- [Volunteering for charity: Do you get a tax break?](https://www.bmcaccounting.com/volunteering-for-charity-do-you-get-a-tax-break/) - If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may
- [If your kids are off to day camp, you may be eligible for a tax break](https://www.bmcaccounting.com/if-your-kids-are-off-to-day-camp-you-may-be-eligible-for-a-tax-break/) - Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit,
- [2019 Q3 tax calendar: Key deadlines for businesses and other employers](https://www.bmcaccounting.com/2019-q3-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. 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.
- [Your succession plan may benefit from a separation of business and real estate](https://www.bmcaccounting.com/your-succession-plan-may-benefit-from-a-separation-of-business-and-real-estate/) - Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners
- [Thinking about moving to another state in retirement? Don't forget about taxes](https://www.bmcaccounting.com/thinking-about-moving-to-another-state-in-retirement-dont-forget-about-taxes/) - When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes
- [The chances of IRS audit are down but you should still be prepared](https://www.bmcaccounting.com/the-chances-of-irs-audit-are-down-but-you-should-still-be-prepared/) - The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall,
- [Selling your home? Consider these tax implications](https://www.bmcaccounting.com/selling-your-home-consider-these-tax-implications/) - Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%.
- [How entrepreneurs must treat expenses on their tax returns](https://www.bmcaccounting.com/how-entrepreneurs-must-treat-expenses-on-their-tax-returns/) - Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and
- [Plug in tax savings for electric vehicles](https://www.bmcaccounting.com/plug-in-tax-savings-for-electric-vehicles/) - While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on
- [Three questions you may have after you file your return](https://www.bmcaccounting.com/three-questions-you-may-have-after-you-file-your-return/) - Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for
- [The 2018 gift tax return deadline is almost here](https://www.bmcaccounting.com/the-2018-gift-tax-return-deadline-is-almost-here/) - Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for
- [Financial statements tell your business’s story, inside and out](https://www.bmcaccounting.com/financial-statements-tell-your-businesss-story-inside-and-out/) - Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.
- [Refine your strategic plan with SWOT](https://www.bmcaccounting.com/refine-your-strategic-plan-with-swot/) - With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining your strategic plan that you should consider: a SWOT analysis. Let’s
- [There’s still time to get substantiation for 2018 donations](https://www.bmcaccounting.com/theres-still-time-to-get-substantiation-for-2018-donations/) - If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements
- [What will your marginal income tax rate be?](https://www.bmcaccounting.com/what-will-your-marginal-income-tax-rate-be/) - While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing
- [2 major tax law changes for individuals in 2019](https://www.bmcaccounting.com/2-major-tax-law-changes-for-individuals-in-2019/) - While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health
- [A refresher on major tax law changes for small-business owners](https://www.bmcaccounting.com/a-refresher-on-major-tax-law-changes-for-small-business-owners/) - The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns
- [You may be able to save more for retirement in 2019](https://www.bmcaccounting.com/you-may-be-able-to-save-more-for-retirement-in-2019/) - Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs:
- [Act soon to save 2018 taxes on your investments](https://www.bmcaccounting.com/act-soon-to-save-2018-taxes-on-your-investments/) - Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments • you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing
- [2019 Q1 tax calendar: Key deadlines for businesses and other employers](https://www.bmcaccounting.com/2019-q1-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. 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
- [IRS issues standard mileage rates for 2019](https://www.bmcaccounting.com/irs-issues-standard-mileage-rates-for-2019/) - 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
- [Family businesses need succession plans, too](https://www.bmcaccounting.com/family-businesses-need-succession-plans-too/) - 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
- [Could “bunching” medical expenses into 2018 save you tax?](https://www.bmcaccounting.com/could-bunching-medical-expenses-into-2018-save-you-tax/) - Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into
- [Reduce insurance costs by encouraging employee wellness](https://www.bmcaccounting.com/reduce-insurance-costs-by-encouraging-employee-wellness/) - Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues
- [Does prepaying property taxes make sense anymore?](https://www.bmcaccounting.com/does-prepaying-property-taxes-make-sense-anymore/) - Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But
- [Catch-up retirement plan contributions can be particularly advantageous post-TCJA](https://www.bmcaccounting.com/catch-up-retirement-plan-contributions-can-be-particularly-advantageous-post-tcja/) - 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
- [Mutual funds: Handle with care at year end](https://www.bmcaccounting.com/mutual-funds-handle-with-care-at-year-end/) - 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.
- [Tax Brief](https://www.bmcaccounting.com/tax-brief/) - 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?
- [Data Security - The Risk is Real](https://www.bmcaccounting.com/data-security-the-risk-is-real/) - No company is too small for a hacker. In fact, when it comes to data breaches – hackers tend to gravitate towards smaller businesses. Nearly two thirds of all data breaches occur within small firms. Hackers focus their attention on these companies because they don’t have millions of dollars to protect themselves from cyber-attacks like larger companies
- [Tax-free fringe benefits help small businesses and their employees](https://www.bmcaccounting.com/tax-free-fringe-benefits-help-small-businesses-and-their-employees/) - In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance
- [HSA + HDHP can be a winning health benefits formula](https://www.bmcaccounting.com/hsa-hdhp-can-be-a-winning-health-benefits-formula/) - If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model for health care benefits — that is, offering a Health Savings Account (HSA) coupled with, as
- [Why the “kiddie tax” is more dangerous than ever](https://www.bmcaccounting.com/why-the-kiddie-tax-is-more-dangerous-than-ever/) - Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax
- [Do you still need to worry about the AMT?](https://www.bmcaccounting.com/do-you-still-need-to-worry-about-the-amt/) - There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize
- [Contemplating compensation increases and pay for performance](https://www.bmcaccounting.com/contemplating-compensation-increases-and-pay-for-performance/) - As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash flow and profitability. But the challenge doesn’t end there. Once you have a feasible compensation
- [Is your inventory getting the better of you?](https://www.bmcaccounting.com/is-your-inventory-getting-the-better-of-you/) - On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite your best efforts to keep it contained. If your inventory has been getting the better
- [The Tax Impact of the TCJA on Estate Planning](https://www.bmcaccounting.com/the-tax-impact-of-the-tcja-on-estate-planning/) - The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for
- [Factor in state and local taxes when deciding where to live in retirement](https://www.bmcaccounting.com/factor-in-state-and-local-taxes-when-deciding-where-to-live-in-retirement/) - Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you
- [2018 Q3 tax calendar: Key deadlines for businesses and other employers](https://www.bmcaccounting.com/2018-q3-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. 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. July
- [Saving tax on restricted stock awards with the Sec. 83(b) election](https://www.bmcaccounting.com/saving-tax-on-restricted-stock-awards-with-the-sec-83b-election/) - Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section
- [Could a long-term deal ease your succession planning woes?](https://www.bmcaccounting.com/could-a-long-term-deal-ease-your-succession-planning-woes/) - Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t in your immediate future, you know you must eventually step down. One potential solution is to find
- [The TCJA changes some rules for deducting pass-through business losses](https://www.bmcaccounting.com/the-tcja-changes-some-rules-for-deducting-pass-through-business-losses/) - It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct
- [Be aware of the tax consequences before selling your home](https://www.bmcaccounting.com/be-aware-of-the-tax-consequences-before-selling-your-home/) - In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion
- [2018 Q2 tax calendar: Key deadlines for businesses and other employers](https://www.bmcaccounting.com/2018-q2-tax-calendar-key-deadlines-for-businesses-and-other-employers/) - Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. 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. April
- [Home-related tax breaks are valuable on 2017 returns, will be less so for 2018](https://www.bmcaccounting.com/home-related-tax-breaks-are-valuable-on-2017-returns-will-be-less-so-for-2018/) - 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
- [Coming to a paycheck near you](https://www.bmcaccounting.com/coming-to-a-paycheck-near-you/)
- [A few changes in the 2018 tax bill might encourage some action now.](https://www.bmcaccounting.com/a-few-changes-in-the-2018-tax-bill-might-encourage-some-action-now/) - 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
- [Happy Thanksgiving](https://www.bmcaccounting.com/happy-thanksgiving/) - 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.
- [Thank You Veterans](https://www.bmcaccounting.com/thank-you-veterans/) - 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
- [Pay attention to the details when selling investments](https://www.bmcaccounting.com/pay-attention-to-the-details-when-selling-investments/) - 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
- [Want to save for education? Make 2017 ESA contributions this year.](https://www.bmcaccounting.com/education-contributions/) - 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
- [2017 Q1 tax calendar:  Key deadlines for businesses and other employers](https://www.bmcaccounting.com/2017-q1-deadlines/) - 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
- [What do pottery and accounting have in common?](https://www.bmcaccounting.com/pottery-and-accounting/)
- [Deduction for state and local sales tax benefits some, but not all, taxpayers](https://www.bmcaccounting.com/deduction-for-state-and-local-sales-tax-benefits-some-but-not-all-taxpayers/) - 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
- [A brief overview of the President-elect’s tax plan for individuals](https://www.bmcaccounting.com/president-elects-tax-plan-ind/) - 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
- [Go Green, Save Green](https://www.bmcaccounting.com/go-green-save-green/) - Tax breaks to purchase efficient energy property and electric vehicles.
- [A quick look at the President-elect’s tax plan for businesses](https://www.bmcaccounting.com/a-quick-look-at-the-president-elects-tax-plan-for-businesses/) - 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,
- [Last year for energy tax credit on windows](https://www.bmcaccounting.com/last-year-for-energy-tax-credit-on-windows/) - 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
- [Tax impact of investor vs. trader status](https://www.bmcaccounting.com/tax-impact-of-investor-vs-trader-status/) - 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
- [Happy Labor Day](https://www.bmcaccounting.com/happy-labor-day/) - All of us at BMC would like to wish everyone a happy Labor Day. Thank you to all of you who put in a hard days work and keep our economy running, its what makes our nation great. God bless everyone - have a safe and restful weekend.
- [3 mutual fund tax hazards to watch out for](https://www.bmcaccounting.com/3-mutual-fund-tax-hazards-to-watch-out-for/) - Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three tax hazards: High turnover rates. Mutual funds with high
- [Streamline your sales staff’s workflow](https://www.bmcaccounting.com/streamline-your-sales-staffs-workflow/) - Do you know how much time your salespeople spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit. Emphasize strengths To get started,
- [There’s still time for homeowners to save with green tax credits](https://www.bmcaccounting.com/theres-still-time-for-homeowners-to-save-with-green-tax-credits/) - The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies The credit is for expenses related to your
- [Stock market volatility can cut tax on a Roth IRA conversion](https://www.bmcaccounting.com/stock-market-volatility-can-cut-tax-on-a-roth-ira-conversion/) - This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to a traditional IRA may be deductible, depending on your modified adjusted
- [Unexpected retirement plan disqualification can trigger serious tax problems](https://www.bmcaccounting.com/unexpected-retirement-plan-disqualification-can-trigger-serious-tax-problems/) - It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations. For example, have you identified all employees eligible for your 401(k) plan and given them the opportunity to make deferral elections? Are employee
- [Choosing a funding method for your buy-sell agreement](https://www.bmcaccounting.com/choosing-a-funding-method-for-your-buy-sell-agreement/) - Anyone who owns a closely held business with at least one other partner needs to take certain steps to guard against business disruption. If one partner departs suddenly, or becomes disabled or dies, serious confusion and conflicts can ensue. Among the most important steps is to create a buy-sell agreement, which stipulates precisely how ownership
- [QSB stock offers 2 valuable tax benefits](https://www.bmcaccounting.com/qsb-stock-offers-2-valuable-tax-benefits/) - By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The
- [Entrepreneurs: What can you deduct and when?](https://www.bmcaccounting.com/entrepreneurs-what-can-you-deduct-and-when/) - Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses
- [Filing for an extension isn’t without perils](https://www.bmcaccounting.com/filing-for-an-extension-isnt-without-perils/) - Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to delay filing your return until the applicable extension
- [Extension means businesses can take bonus depreciation on their 2015 returns – but should they?](https://www.bmcaccounting.com/extension-means-businesses-can-take-bonus-depreciation-on-their-2015-returns-but-should-they/) - Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give
- [Tips for deducting losses from a disaster, fire or theft](https://www.bmcaccounting.com/tips-for-deducting-losses-from-a-disaster-fire-or-theft/) - If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses
- [What’s your charitable donation deduction?](https://www.bmcaccounting.com/whats-your-charitable-donation-deduction/) - When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction: Cash. This includes not just actual cash but gifts made by check, credit card or payroll deduction. You may deduct
- [How to max out education-related tax breaks](https://www.bmcaccounting.com/how-to-max-out-education-related-tax-breaks/) - 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
- [Deduct home office expenses — if you’re eligible](https://www.bmcaccounting.com/deduct-home-office-expenses-if-youre-eligible/) - Deduct home office expenses — if you’re eligible Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just
- [Achieving your succession and estate planning goals via recapitalization](https://www.bmcaccounting.com/achieving-your-succession-and-estate-planning-goals-via-recapitalization/) - Like many business owners, you probably have much of your wealth tied up in your company. And this fact may be creating a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution: Recapitalize your business into voting and nonvoting shares. From an estate
- [Reduce taxes on your investments with these year-end strategies](https://www.bmcaccounting.com/reduce-taxes-on-your-investments-with-these-year-end-strategies/) - While tax consequences should never drive investment decisions, it’s critical that they be considered — especially by higher-income taxpayers, who may be facing the 39.6% short-term capital gains rate, the 20% long-term capital gains rate and the 3.8% net investment income tax (NIIT). Holding on to an investment until you’ve owned it more than one year
- [The 529 savings plan: A tax-smart way to fund college expenses](https://www.bmcaccounting.com/the-529-savings-plan-a-tax-smart-way-to-fund-college-expenses/) - If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. (Some states do offer tax incentives for contributing.) Distributions used to pay qualified expenses (such as tuition, mandatory fees, books, equipment, supplies and, generally, room and board) are income-tax-free for federal purposes and
- [2 tax consequences to consider if you’re refinancing a home](https://www.bmcaccounting.com/2-tax-consequences-to-consider-if-youre-refinancing-a-home/) - Now may be a great time to refinance, because mortgage rates are still low but expected to increase. Before deciding to refinance, however, here are a couple of tax consequences to consider: 1. Cash-out refinancing. If you borrow more than you need to cover your outstanding mortgage balance, the tax treatment of the cash-out
- [A shorter cash flow cycle means a stronger business](https://www.bmcaccounting.com/a-shorter-cash-flow-cycle-means-a-stronger-business/) - A shorter cash flow cycle means a stronger business Every business owner knows that maintaining a healthy cash flow is essential to a company’s success. But there are a variety of ways to accomplish this objective. One way is to accelerate inflows and decelerate outflows, thereby shortening your cash flow cycle. Truncating this cycle by
- [Gearing up for the ACA’s information reporting requirements](https://www.bmcaccounting.com/gearing-up-for-the-acas-information-reporting-requirements/) - Gearing up for the ACA’s information reporting requirements Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now
- [Should you “bunch” medical expenses into 2015?](https://www.bmcaccounting.com/should-you-bunch-medical-expenses-into-2015/) - Should you “bunch” medical expenses into 2015? Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income. Taxpayers age 65 and older can
- [Selling rather than trading in business vehicles can save tax](https://www.bmcaccounting.com/selling-rather-than-trading-in-business-vehicles-can-save-tax/) - Selling rather than trading in business vehicles can save tax Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis
- [Why you should contribute more to your 401(k) in 2015](https://www.bmcaccounting.com/why-you-should-contribute-more-to-your-401k-in-2015/) - Why you should contribute more to your 401(k) in 2015 Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the 3.8% net investment income tax.
- [When will Congress pass "extenders" for 2015?](https://www.bmcaccounting.com/when-will-congress-pass-extenders-for-2015/) - When will Congress pass “extenders” legislation to revive expired tax breaks for 2015? With Congress returning from its August recess, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the last minute
- [Protecting your Business Interests](https://www.bmcaccounting.com/protecting-your-business-interests/) - Protect business interests as part of your personal wealth management strategy If you’re a business owner, your company is likely the biggest asset you own. As you carefully craft your personal wealth strategy, there are a wide variety of asset-protection strategies you should consider to help ensure that your business will remain a valuable asset
- [Donating Collectibles](https://www.bmcaccounting.com/donating-collectibles/) - What you need to know before donating collectibles If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on collectibles are
- [All income investments aren't alike](https://www.bmcaccounting.com/all-income-investments-arent-alike/) - All income investments aren’t alike when it comes to taxes The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at the favorable long-term capital gains tax rate (generally 15% or 20%) rather than at the applicable ordinary-income
- [Moving Expense Deduction](https://www.bmcaccounting.com/moving-expense-deduction/) - Ever wonder what you could or couldn't deduct on your taxes for moving, and under what circumstances you could deduct moving expenses. The link below spells out most of what you need to know about the moving expense deduction. Most important: you must be moving for work to deduct moving expenses. http://www.irs.gov/uac/Moving-Expense-Deduction
- [Teens in your family with summer jobs? Set up IRAs for them!](https://www.bmcaccounting.com/teens-in-your-family-with-summer-jobs-set-up-iras-for-them/) - Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible,
- [Planning for Success](https://www.bmcaccounting.com/planning-for-success/) - As business owners, we often do a good job of planning for possible negative outcomes or circumstances. We set aside enough cash flow to weather a downturn in our business, we plan for the tax impacts of profits on the business, we plan for turnover in our staff, etc. This type of planning is important
- [IRS Cracks Down On ID Theft](https://www.bmcaccounting.com/irs-cracks-down-on-id-theft/) - A very important and interesting article on ID Theft and the IRS. https://tax.thomsonreuters.com/wp-content/private/pdf/CheckpointMarketingForFirms/Checkpoint_SpecialReport_IDTheft.pdf
- [Maryland Tax Amnesty Period](https://www.bmcaccounting.com/maryland-tax-amnesty-period/) - Maryland is offering a Tax Amnesty period from September 1, 2015 to October 30, 2015. For more information about whether this applies to your situation we have provided a link below. If you have an old tax problem that you have been ignoring this is the time to get it settled. http://taxes.marylandtaxes.com/Business_Taxes/Business_Tax_Compliance/Tax_Amnesty/Tax_Amnesty_FAQs.shtml
- [Tax Provisions Extended?](https://www.bmcaccounting.com/tax-provisions-extended/) - According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014. Congress had all year to revive these tax breaks, but as usual they procrastinated and played the political game. The good news is that we believe the following
- [Dont just pay that notice from IRS](https://www.bmcaccounting.com/dont-just-pay-that-notice-from-irs/) - I met with a client today who had received a notice from IRS and the state of Maryland that he owed more taxes for 2012 due to unreported income. The notice referenced some unreported investment income. The taxpayer recognized that he did not report that income and assumed the tax agencies were correct and paid
- [Problems with TurboTax](https://www.bmcaccounting.com/problems-with-turbotax/) - We have been made aware of numerous reports regarding issues with TurboTax and other DIY software packages and filing issues. The article below illustrates one such example. http://www.forbes.com/sites/kellyphillipserb/2015/02/06/minnesota-stops-accepting-returns-filed-with-turbotax-cites-fraud-concerns/ We have also been made aware that the FREE version of many of the tax programs is no longer free when you have to start filing out
- [Obamacare and your Tax Return](https://www.bmcaccounting.com/obamacare-and-your-tax-return/) - The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return. As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return. Not only could these new laws affect
- [Minimum Wages Increases](https://www.bmcaccounting.com/minimum-wages-increases/) - New Minimum Wage Rules New minimum wage rules will apply in many states including Maryland and West Virginia starting January 1, 2015 and even earlier for certain counties in Maryland. Use the links below for more information and specifics. If you are unsure how this applies to your business please contact us. Maryland Law http://www.dllr.state.md.us/labor/wages/wagehrfacts.shtml
- [Tax Updates](https://www.bmcaccounting.com/high-incomers-can-supersize-their-roth-iras/) - 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
- [Simplified Home Office Deduction](https://www.bmcaccounting.com/simplified-home-office-deduction/) - For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you'll
- [IRS Phone Scams Warning](https://www.bmcaccounting.com/irs-phone-scams-warning/) - IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card
- [Health Insurance Marketplace - Dangers](https://www.bmcaccounting.com/health-insurance-marketplace-dangers/) - If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough. However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change.
- [Tax Tips - Deducting Moving Expenses](https://www.bmcaccounting.com/tax-tips-deducting-moving-expenses/) - Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers
- [TAX TIPS - Miscellaneous Deductions Can Cut Taxes](https://www.bmcaccounting.com/tax-tips-miscellaneous-deductions-can-cut-taxes/) - Miscellaneous Deductions Can Cut Taxes You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions
- [Employee or Subcontractor  & Obamacare](https://www.bmcaccounting.com/employee-or-subcontractor-obamacare/) - Firms with 100 or more full-time employees in 2015 must offer a reasonable level of affordable insurance to their full-time employees or large penalties will be due. Business with 50 to 99 full-time employees have until 2016 to comply with the pay-or-pay rules. Reclassified workers can put a small firm over the limit of allowable
- [Understanding Your Value In Business](https://www.bmcaccounting.com/understanding-your-value-in-business/) - I had a great discussion with a client yesterday. It revolved around her new business venture and how her clients were perceiving her rates and fees. It reminded me of a conversation I had with my father (the founder of our company - who worked in sales for 30 years before he started BMC) many
- [Be Careful with Subcontractors](https://www.bmcaccounting.com/be-careful-with-subcontractors/) - 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
- [How can my payroll taxes not be paid? - I hired a payroll company](https://www.bmcaccounting.com/how-can-my-payroll-taxes-not-be-paid-i-hired-a-payroll-company/) - Many local businesses are finding that their payroll company has not been paying their federal and state payroll taxes. How can this happen? Most companies in the payroll processing industry follow a practice called impounding. As payroll taxes are accrued with each pay, the payroll company transfers the cash from the clients account into their account
- [Another tax deduction you may be missing](https://www.bmcaccounting.com/another-tax-deduction-you-may-be-missing/) - 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
- [Tax Deductions You May Not Be Taking](https://www.bmcaccounting.com/tax-deductions-you-may-not-be-taking/) - 1. Most people know they can take contributions as a write off if they itemize deductions. Did you realize that you can also deduct mileage or travel expenses for your volunteer or charity work for qualified non-profit organizations.
- [Beware Seasonal Tax Preparers](https://www.bmcaccounting.com/beware-seasonal-tax-preparers/) - Your income taxes, and who will prepare them is a question we have to answer every year. The tax code is now 73,954 pages long, do you want to trust your return to a seasonal tax company, and a preparer who is primarily answering prompt to software driven questions, or do you want true
- [Payroll Upgrades](https://www.bmcaccounting.com/payroll-upgrades/) - BMC continues to upgrade our payroll systems and software. Available now at no additional charge you can view and print historical reports from previous pay periods at no additional charge. For a small monthly fee you can give your employees access to prior pay stubs, W2's etc. These are secure portals with encrypted data.
- [Obamacare - what it means now](https://www.bmcaccounting.com/obamacare-what-it-means-now/) - We are beginning to see the effects of Obamacare on our personal and business taxes in 2013. One of the biggest impact will be for taxpayers earning more than 200K(Single) and 250K(Married). Individuals in those tax brackets could be subject to an increase in the Medicare tax of 3.8% on passive income (interest, rent, capital
- [The American Taxpayer Relief Act of 2012 - What does it really mean](https://www.bmcaccounting.com/the-american-taxpayer-relief-act-of-2012-what-does-it-really-mean/) - So Congress again waited until the last minute to "save us" from going over the fiscal cliff. That is what we are lead to believe anyway. Most of us simply want to know what it means to our bottom line. So here is the short and sweet version: Most of the tax rates and tax
- [Maximizing Retirement Options](https://www.bmcaccounting.com/maximizing-retirement-options/) - In a meeting with a doctor the other day we saw an opportunity for him to maximize his retirement contributions far beyond his 401k limits in his hospital job. He pays his wife who works in his family practice as the office manager and assistant. We setup a Simple IRA account for the company which
- [The up side of a down economy](https://www.bmcaccounting.com/the-up-side-of-a-down-economy/) - I met with a client today about his business. As we looked back at the last year or two and the many meetings we have had, he reflected on the value of learning how to make his business lean. He was excited about seeing how his leaner/meaner business would create profits as the economy improves.
- [Maryland raises tax rates](https://www.bmcaccounting.com/maryland-raises-tax-rates/) - Maryland raised income tax rates for singles making over 100,000 and married couples over 150,000. The increase starts at a quarter percent up to 1 percent for those over $250,000. With the addition of local taxes this takes Maryland income tax rates into the 8.75% range. This tax increase is retroactive to January 1, 2012,

## Pages

- [Homepage](https://www.bmcaccounting.com/) - Get plain-English financials and proactive tax planning from a relational accounting team. BMC helps growing small businesses in Maryland understand their numbers and make confident decisions. Year-round advisory support since 1982.
- [Careers](https://www.bmcaccounting.com/contact/careers/) - We're an advisory-focused firm that believes in partnering with our clients to take their businesses to the next level. When you join the BMC family, you'll have the opportunity to make a significant, positive impact for your clients and your teammates. We've been a family-owned and operated company for over 40 years. Family is one
- [Accounting Manager](https://www.bmcaccounting.com/contact/careers/accounting-manager/) - Accounting Manager Location: Remote, hybrid, or in-office (Frederick, MD) Compensation: $95,000 to $120,000 base salary Reports to: Accounting Services Director About the role We're looking for an Accounting Manager to lead the client advisory relationship for a portfolio of business clients. This is not a compliance-only role. You'll be the strategic point of contact for
- [QuickBooks Training](https://www.bmcaccounting.com/services/training/)
- [Services](https://www.bmcaccounting.com/services/) - small business accounting
- [Accounting Services](https://www.bmcaccounting.com/services/accounting/)
- [Payroll Services](https://www.bmcaccounting.com/services/payroll-services/)
- [Business & Personal Taxes](https://www.bmcaccounting.com/services/taxes/)
- [Advisory Services](https://www.bmcaccounting.com/services/advisory/)
- [Contact Us](https://www.bmcaccounting.com/contact/) - Get in touch with us Our Address: 295 Bucheimer Road, Suite B, Frederick, MD 21701 We’d love to work with you! Send us an email via the contact form below or give us a call at 301.698.0795.
- [History](https://www.bmcaccounting.com/about/history/) - Your Partner for Business Growth for over 40 years In 1982, local entrepreneur Peter Hess saw a common challenge among his peers: many business owners lacked clear insight into their financial performance. Were they profitable? If not, why? And most importantly—how could they grow and scale with confidence? Driven by a desire
- [Client Testimonials](https://www.bmcaccounting.com/about/testimonials/) - Andrew Lohr, Honest Air BMC handles the nuts and bolts of our entire financial operation: Next Level coaching, budget planning, tax strategy, forecasting, and the kind of meetings that make you walk out thinking, “We’ve got this.” Their guidance has helped us scale with confidence. Over time, Brett has become more than just a
- [Financial Planning](https://www.bmcaccounting.com/services/financial-planning/)
- [About Us](https://www.bmcaccounting.com/about/) - [columns class="center"] [/columns] Thank you to all of our clients who trust us to serve them!
- [Pay Now](https://www.bmcaccounting.com/pay-now/) - Click the button below for our secure payment portal. Please have your invoice number(s) ready. If you are unsure what your invoice number is, please clearly indicate if this is a personal or business payment.
- [Info Center](https://www.bmcaccounting.com/info-center/) - [columns] [/columns]
- [Netclient Portal](https://www.bmcaccounting.com/netclient-portal/) - [columns] Your NetClient CS Portal allows you to view all BMC prepared reports and documents and upload source documentation to us. View Files and Reports Upload Documents to us (for clients engaged in year-round services) Upload Tax Source Documents to us (for annual tax clients) FAQs Need additional support with NetClient? Visit our Help &
- [Executive Team](https://www.bmcaccounting.com/about/executive-team/) - President and CEO of BMC, Brett Hess, is the son and successor Visionary to BMC founder, Peter Hess. As Visionary, Brett builds relationships, sees the big picture, fosters great culture and has amazing ideas every single day. Brett is actively involved with numerous local non-profits. Brett is also a partner in BMC Insurance, LLC and
- [API](https://www.bmcaccounting.com/api/)
- [FAQ](https://www.bmcaccounting.com/faq/) - Looking for an instant answer to a question? Here are links to sites, and tools to help you answer questions about your business, taxes, and more. As always, please feel free to contact our office if you have a question or can't find your answer on this page.
- [Appointments](https://www.bmcaccounting.com/appointments/)
- [Pay Now - Old](https://www.bmcaccounting.com/pay-now-test/) - [securesubmit modal="false" additional_info1_type=" text" additional_info1="Invoice Number" additional_info2_type="text" additional_info2="Company" additional_info3_type="text" additional_info3="Business Phone" buttontext="Pay Now" amountdefault="0.00"]
- [Survey - Private](https://www.bmcaccounting.com/survey/)
- [Survey - Thank You](https://www.bmcaccounting.com/survey-thank-you/) - Thank you for your time in filling out this survey – we appreciate your feedback.
- [Community](https://www.bmcaccounting.com/community/) - Marriage Resource Center of Frederick County Our Mission – Building strong marriages, families, and communities in Fredrick County The Marriage Resource Center of Frederick County is the only nonprofit in the Frederick Community that focuses exclusively on assisting individuals and couples to develop and maintain strong and vibrant relationships throughout a lifetime. We achieve this
- [Legal Disclaimer](https://www.bmcaccounting.com/legal-disclaimer/) - The information contained in this Site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information
- [Upcoming Events](https://www.bmcaccounting.com/upcoming-events/)
- [Privacy Policy](https://www.bmcaccounting.com/privacy-policy/) - We collect nonpublic personal information about you from the following sources: Information about your transactions with us, our affiliates, or others; Information we receive from a consumer-reporting agency. We do not disclose any nonpublic personal information about our clients or former clients to anyone, except as permitted by law. We restrict access to nonpublic personal
- [Insurance Solutions](https://www.bmcaccounting.com/services/insurance/) - There are a number of ways to purchase insurance these days. However the best way is to make sure you have the right coverage for your needs through an independent agent. BMC Insurance will help you determine the best products and coverages to protect your assets, with a solid company recognized in the industry for quality service and financial strength. At BMC
- [Personal Taxes](https://www.bmcaccounting.com/services/personal-taxes/)
- [Policies](https://www.bmcaccounting.com/policies/) - Privacy Policy We collect nonpublic personal information about you from the following sources: Information we receive from you on applications, tax organizers, worksheets and other documents; Information about your transactions with us, our affiliates, or others; Information we receive from a consumer-reporting agency. We do not disclose any nonpublic personal information about our clients or
- [Real Time Bookkeeping Services](https://www.bmcaccounting.com/services/outsourcing-services/)
- [Outsourced Accounting](https://www.bmcaccounting.com/services/accounting/outsourced-accounting/) - BMC also offers outsourced accounting opportunities tailored to meet your companies needs. Items that can be outsourced include: Filing Accounts Payable, receivables and banking functions Reconcile monthly bank statements Records Management Audit Trail, Accounting records clean-up Accounting and bookkeeping services Accounting software analyses, implementing and staff training Financial statement analyses Preparing monthly and/or quarterly financial
- [Team](https://www.bmcaccounting.com/team/) - [columns] [/columns] [columns] [/columns] [columns] [/columns] [columns] [/columns] Make a team member carousel slider [columns] Our Team [/columns]
- [Blog](https://www.bmcaccounting.com/blog/)

## Projects

- [Premium WP Theme](https://www.bmcaccounting.com/project/premium-wp-theme/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Beautiful Words](https://www.bmcaccounting.com/project/beautiful-words/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Cool Application](https://www.bmcaccounting.com/project/cool-application/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Hey, Cats!](https://www.bmcaccounting.com/project/hey-cats/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Fosepool Company](https://www.bmcaccounting.com/project/fosepool/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [ZooMobile App](https://www.bmcaccounting.com/project/zoomobile-app/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Where is my bird?](https://www.bmcaccounting.com/project/where-is-my-bird/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Around the World](https://www.bmcaccounting.com/project/around-the-world/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Black and Blanc](https://www.bmcaccounting.com/project/black-and-blanc/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Lorem Ipsum](https://www.bmcaccounting.com/project/lorem-ipsum/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Hey Lorem Ipsum](https://www.bmcaccounting.com/project/hey-lorem-ipsum/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.
- [Great Company Website](https://www.bmcaccounting.com/project/whatever/) - This is a short description for your project. Use it to highlight the most important details. Think about your audience and give the details that will be useful for them. Use plain language to stay clear and short. Your audience will appreciate that.

## Categories

- [Uncategorized](https://www.bmcaccounting.com/category/uncategorized/)
- [Tax](https://www.bmcaccounting.com/category/tax/)
- [Small Business](https://www.bmcaccounting.com/category/small-business/)
- [Newsletter](https://www.bmcaccounting.com/category/newsletter/)
- [Deadlines](https://www.bmcaccounting.com/category/deadlines/)

## Tags

- [1040](https://www.bmcaccounting.com/tag/1040/)
- [Tax Preparation](https://www.bmcaccounting.com/tag/tax-preparation/)
- [taxes](https://www.bmcaccounting.com/tag/taxes/)
- [Accounting](https://www.bmcaccounting.com/tag/accounting/)
- [ACA](https://www.bmcaccounting.com/tag/aca/)
- [New Health Care Law](https://www.bmcaccounting.com/tag/new-health-care-law/)
- [Obamacare](https://www.bmcaccounting.com/tag/obamacare/)
- [tax deadlines](https://www.bmcaccounting.com/tag/tax-deadlines/)
- [form 945](https://www.bmcaccounting.com/tag/form-945/)
- [W-2 deadline](https://www.bmcaccounting.com/tag/w-2-deadline/)
- [ESA](https://www.bmcaccounting.com/tag/esa/)
- [Coverdell](https://www.bmcaccounting.com/tag/coverdell/)
- [Education planning](https://www.bmcaccounting.com/tag/education-planning/)
- [tax](https://www.bmcaccounting.com/tag/tax/)
- [business](https://www.bmcaccounting.com/tag/business/)
- [capital gains](https://www.bmcaccounting.com/tag/capital-gains/)
- [tax planning](https://www.bmcaccounting.com/tag/tax-planning/)
- [deadlines](https://www.bmcaccounting.com/tag/deadlines/)
- [employers](https://www.bmcaccounting.com/tag/employers/)
- [state and local taxes](https://www.bmcaccounting.com/tag/state-and-local-taxes/)
- [retirement](https://www.bmcaccounting.com/tag/retirement/)
- [estate](https://www.bmcaccounting.com/tag/estate/)
- [inventory](https://www.bmcaccounting.com/tag/inventory/)
- [growth](https://www.bmcaccounting.com/tag/growth/)
- [compensation](https://www.bmcaccounting.com/tag/compensation/)
- [AMT](https://www.bmcaccounting.com/tag/amt/)
- [FSA](https://www.bmcaccounting.com/tag/fsa/)
- [HSA](https://www.bmcaccounting.com/tag/hsa/)
- [pretax](https://www.bmcaccounting.com/tag/pretax/)
- [benefits](https://www.bmcaccounting.com/tag/benefits/)
- [small business](https://www.bmcaccounting.com/tag/small-business/)
- [Charity](https://www.bmcaccounting.com/tag/charity/)
- [Tax Break](https://www.bmcaccounting.com/tag/tax-break/)
- [C-Corp](https://www.bmcaccounting.com/tag/c-corp/)
- [S-Corp](https://www.bmcaccounting.com/tag/s-corp/)
- [Individual](https://www.bmcaccounting.com/tag/individual/)
- [Financial Planning](https://www.bmcaccounting.com/tag/financial-planning/)
- [Accounts Payable](https://www.bmcaccounting.com/tag/accounts-payable/)

## Project skills

- [Android](https://www.bmcaccounting.com/project-skills/android/)
- [CSS](https://www.bmcaccounting.com/project-skills/css/)
- [HTML5](https://www.bmcaccounting.com/project-skills/html5/)
- [Illustrator](https://www.bmcaccounting.com/project-skills/illustrator/)
- [iOS](https://www.bmcaccounting.com/project-skills/ios/)
- [JS](https://www.bmcaccounting.com/project-skills/js/)
- [Photoshop](https://www.bmcaccounting.com/project-skills/photoshop/)
- [WordPress](https://www.bmcaccounting.com/project-skills/wordpress/)