December 27, 2018 / by Brett Hess / Newsletter, Tax
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs: […]
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Read this before you try to sell your business.
August 22, 2019 / by Brett Hess / Newsletter, Small Business
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Financial statements tell your business’s story, inside and out
February 21, 2019 / by Brett Hess / Newsletter, Tax
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business. […]
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You may be able to save more for retirement in 2019
December 27, 2018 / by Brett Hess / Newsletter, Tax
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs: […]
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Could “bunching” medical expenses into 2018 save you tax?
December 10, 2018 / by Brett Hess / Newsletter
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]
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Reduce insurance costs by encouraging employee wellness
December 10, 2018 / by Brett Hess / Newsletter
Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues […]
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Does prepaying property taxes make sense anymore?
December 10, 2018 / by Brett Hess / Newsletter, Tax
Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But […]
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Data Security – The Risk is Real
October 31, 2018 / by Brett Hess / Newsletter, Small Business
No company is too small for a hacker. In fact, when it comes to data breaches – hackers tend to gravitate towards smaller businesses. Nearly two thirds of all data breaches occur within small firms. Hackers focus their attention on these companies because they don’t have millions of dollars to protect themselves from cyber-attacks like larger companies […]
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Minimum Wages Increases
November 25, 2014 / by Brett Hess / Newsletter
New Minimum Wage Rules New minimum wage rules will apply in many states including Maryland and West Virginia starting January 1, 2015 and even earlier for certain counties in Maryland. Use the links below for more information and specifics. If you are unsure how this applies to your business please contact us. Maryland Law http://www.dllr.state.md.us/labor/wages/wagehrfacts.shtml […]
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