April 9, 2020 / by Brett Hess / Newsletter, Small Business
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, […]
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CARES ACT changes retirement plan and charitable contribution rules
April 9, 2020 / by Brett Hess / Newsletter, Small Business
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, […]
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What Matters Most
March 17, 2020 / by Brett Hess / Small Business
I gathered our team together these past two mornings to review where we are as a company and remind them of our four “matters” during these tough times. Families matter: I let them know that we care for them, that we are going to take care of them and their families as best we can. […]
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Give your 401(k) plan a checkup at least once a year
February 27, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes […]
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Reasons why married couples might want to file separate tax returns
February 19, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable […]
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Numerous tax limits affecting businesses have increased for 2020
January 30, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]
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Can you deduct charitable gifts on your tax return?
January 21, 2020 / by Brett Hess / Small Business, Tax
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]
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How business owners and execs can stay connected with staff
January 15, 2020 / by Brett Hess / Small Business
With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a strong start in […]
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Some business owners can’t participate in their own companies’ HRAs
August 28, 2019 / by Brett Hess / Newsletter, Small Business
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may […]
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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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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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