May 4, 2021 / by Brett Hess / Newsletter, Small Business
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 […]
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Don’t assume your profitable company has strong cash flow
June 16, 2021 / by Brett Hess / Uncategorized
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. […]
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Retiring soon? 4 tax issues you may face
June 14, 2021 / by Brett Hess / Newsletter, Small Business
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 […]
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Still have questions after you file your tax return?
May 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
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 […]
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Providing education assistance to employees? Follow these rules
May 4, 2021 / by Brett Hess / Newsletter, Small Business
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 […]
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Should your business add Roth contributions to its 401(k)?
April 8, 2021 / by Brett Hess / Newsletter, Small Business, Tax
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 […]
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Retiring soon? Recent law changes may have an impact on your retirement savings
April 8, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
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 […]
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Need a new business vehicle? Consider a heavy SUV
April 7, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
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 […]
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New law tax break may make child care less expensive
March 23, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
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 […]
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2021 individual taxes: Answers to your questions about limits
February 10, 2021 / by Brett Hess / Uncategorized
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 […]
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View your financial statements through the right lens
February 2, 2021 / by Brett Hess / Uncategorized
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 […]
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