Tax | Business Management Company

Go Green, Save Green

November 28, 2016 / by Brett Hess / Tax

Tax breaks to purchase efficient energy property and electric vehicles.

A quick look at the President-elect’s tax plan for businesses

November 23, 2016 / by Brett Hess / Small Business, Tax

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing the corporate alternative minimum tax, […]

Last year for energy tax credit on windows

September 16, 2016 / by Brett Hess / Tax

A limited tax credit is still available for energy-savings items added to your residence by December 31, 2016. The credit is 10% of the cost of those items and is limited to $500. Prior year credits reduce the $500 maximum. Certain items are capped: No more than $50 for circulating fans, $150 for furnaces and […]

Tax impact of investor vs. trader status

September 7, 2016 / by Brett Hess / Tax

If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good if […]

3 mutual fund tax hazards to watch out for

July 18, 2016 / by Brett Hess / Tax

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three tax hazards: High turnover rates. Mutual funds with high […]

There’s still time for homeowners to save with green tax credits

July 13, 2016 / by Brett Hess / Tax

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies The credit is for expenses related to your […]

Stock market volatility can cut tax on a Roth IRA conversion

May 31, 2016 / by Brett Hess / Tax

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to a traditional IRA may be deductible, depending on your modified adjusted […]

QSB stock offers 2 valuable tax benefits

May 3, 2016 / by Brett Hess / Small Business, Tax

By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The […]

Filing for an extension isn’t without perils

April 9, 2016 / by Brett Hess / Tax

Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to delay filing your return until the applicable extension […]

Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

March 28, 2016 / by Brett Hess / Small Business, Tax

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give […]

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