Brett Hess - Business Management Company

The 529 savings plan: A tax-smart way to fund college expenses

December 2, 2015 / by Brett Hess / Tax

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

November 4, 2015 / by Brett Hess / Tax

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

October 15, 2015 / by Brett Hess / Small 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

October 7, 2015 / by Brett Hess / Uncategorized

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?

October 7, 2015 / by Brett Hess / Tax

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

September 30, 2015 / by Brett Hess / Small Business, 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

September 23, 2015 / by Brett Hess / Tax

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?

September 9, 2015 / by Brett Hess / Tax

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

September 3, 2015 / by Brett Hess / Small Business

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

September 2, 2015 / by Brett Hess / Tax

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 […]

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