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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ABLE accounts may help disabled or blind family members
August 20, 2021 / by Brett Hess / Small Business, Tax
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]
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There’s currently a “stepped-up basis” if you inherit property — but will it last?
July 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]
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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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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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