July 18, 2016 / by Brett Hess / Tax
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 […]
Read more
Accounting | Insurance | Financial Planning| Call us at 301.698.0795
What do pottery and accounting have in common?
January 26, 2017 / by Brett Hess / Small Business
Read more
2017 Q1 tax calendar: Key deadlines for businesses and other employers
January 25, 2017 / by Brett Hess / Small Business, Tax
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]
Read more
Deduction for state and local sales tax benefits some, but not all, taxpayers
January 25, 2017 / by Brett Hess / Tax
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as […]
Read more
A brief overview of the President-elect’s tax plan for individuals
December 2, 2016 / by Brett Hess / Uncategorized
Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals: Reducing the number of income […]
Read more
Go Green, Save Green
November 28, 2016 / by Brett Hess / Tax
Tax breaks to purchase efficient energy property and electric vehicles.
Read more
A quick look at the President-elect’s tax plan for businesses
November 23, 2016 / by Brett Hess / Small Business, Tax
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing the corporate alternative minimum tax, […]
Read more
Last year for energy tax credit on windows
September 16, 2016 / by Brett Hess / Tax
A limited tax credit is still available for energy-savings items added to your residence by December 31, 2016. The credit is 10% of the cost of those items and is limited to $500. Prior year credits reduce the $500 maximum. Certain items are capped: No more than $50 for circulating fans, $150 for furnaces and […]
Read more
Tax impact of investor vs. trader status
September 7, 2016 / by Brett Hess / Tax
If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good if […]
Read more
Happy Labor Day
September 2, 2016 / by Brett Hess / Small Business
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.
Read more
3 mutual fund tax hazards to watch out for
July 18, 2016 / by Brett Hess / Tax
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 […]
Read more