January 12, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]
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One reason to file your 2020 tax return early
January 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), […]
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The COVID-19 relief law: What’s in it for you?
January 12, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]
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Educate yourself about the revised tax benefits for higher education
January 12, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to […]
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Can you qualify for a medical expense tax deduction?
December 17, 2020 / by Brett Hess / Small Business, Tax
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]
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Taking distributions from a traditional IRA
November 19, 2020 / by Brett Hess / Uncategorized
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in […]
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Now more than ever, carefully track payroll records
November 2, 2020 / by Brett Hess / Uncategorized
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck […]
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Divorcing couples should understand these 4 tax issues
October 28, 2020 / by Brett Hess / Uncategorized
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are […]
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Buying and selling mutual fund shares: Avoid these tax pitfalls
October 22, 2020 / by Brett Hess / Uncategorized
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund […]
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Inventory management is especially important this year
October 22, 2020 / by Brett Hess / Uncategorized
As year-end draws near, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed the impact on both. However, […]
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Reviewing your disaster plan in a tumultuous year
October 19, 2020 / by Brett Hess / Uncategorized
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went right […]
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