March 24, 2016 / by Brett Hess / Tax
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 […]
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There’s still time for homeowners to save with green tax credits
July 13, 2016 / by Brett Hess / Tax
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 […]
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Streamline your sales staff’s workflow
July 13, 2016 / by Brett Hess / Small Business
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, […]
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Stock market volatility can cut tax on a Roth IRA conversion
May 31, 2016 / by Brett Hess / Tax
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 […]
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Unexpected retirement plan disqualification can trigger serious tax problems
May 5, 2016 / by Brett Hess / Small Business
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 […]
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Choosing a funding method for your buy-sell agreement
May 3, 2016 / by Brett Hess / Small Business
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 […]
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QSB stock offers 2 valuable tax benefits
May 3, 2016 / by Brett Hess / Small Business, Tax
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 […]
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Entrepreneurs: What can you deduct and when?
April 9, 2016 / by Brett Hess / Small Business
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 […]
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Filing for an extension isn’t without perils
April 9, 2016 / by Brett Hess / Tax
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 […]
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Extension means businesses can take bonus depreciation on their 2015 returns – but should they?
March 28, 2016 / by Brett Hess / Small Business, Tax
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 […]
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Tips for deducting losses from a disaster, fire or theft
March 24, 2016 / by Brett Hess / Tax
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 […]
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