January 18, 2014 / by Brett Hess / Tax
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 […]
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TAX TIPS – Miscellaneous Deductions Can Cut Taxes
August 15, 2014 / by Brett Hess / Tax
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 […]
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Employee or Subcontractor & Obamacare
June 6, 2014 / by Brett Hess / Small Business
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 […]
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Understanding Your Value In Business
May 15, 2014 / by Brett Hess / Small 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 […]
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Be Careful with Subcontractors
May 9, 2014 / by Brett Hess / Uncategorized
IRS has again made a point to audit businesses who pay employees as subcontractors. There are a number of tests that must be met to clearly define a person performing services for you as an independent contractor. Three simple tests to consider: 1. Did the person invoice me for their time? 2. Do they perform […]
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How can my payroll taxes not be paid? – I hired a payroll company
March 6, 2014 / by Brett Hess / Small Business
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 […]
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Another tax deduction you may be missing
February 6, 2014 / by Brett Hess / Uncategorized
Home Office deductions have long been scorned as “too risky” or “not worth the effort”. The bottom line is that if you meet the requirements for a home office deduction there is no greater risk of audit than any other deduction, and IRS has made taking the deduction even simpler. For tax year 2013 IRS […]
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Tax Deductions You May Not Be Taking
January 31, 2014 / by Brett Hess / Tax
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.
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Beware Seasonal Tax Preparers
January 18, 2014 / by Brett Hess / Tax
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 […]
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Payroll Upgrades
August 14, 2013 / by Brett Hess / Small Business
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.
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Obamacare – what it means now
January 16, 2013 / by Brett Hess / Small Business, Tax
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 […]
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