May 23, 2012 / by Brett Hess / Tax
Maryland raised income tax rates for singles making over 100,000 and married couples over 150,000. The increase starts at a quarter percent up to 1 percent for those over $250,000. With the addition of local taxes this takes Maryland income tax rates into the 8.75% range. This tax increase is retroactive to January 1, 2012, […]
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Tax Tips – Deducting Moving Expenses
August 18, 2014 / by Brett Hess / Tax
Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers […]
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TAX TIPS – Miscellaneous Deductions Can Cut Taxes
August 15, 2014 / by Brett Hess / Tax
Miscellaneous Deductions Can Cut Taxes You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions […]
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Tax Deductions You May Not Be Taking
January 31, 2014 / by Brett Hess / Tax
1. Most people know they can take contributions as a write off if they itemize deductions. Did you realize that you can also deduct mileage or travel expenses for your volunteer or charity work for qualified non-profit organizations.
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Beware Seasonal Tax Preparers
January 18, 2014 / by Brett Hess / Tax
Your income taxes, and who will prepare them is a question we have to answer every year. The tax code is now 73,954 pages long, do you want to trust your return to a seasonal tax company, and a preparer who is primarily answering prompt to software driven questions, or do you want true […]
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Obamacare – what it means now
January 16, 2013 / by Brett Hess / Small Business, Tax
We are beginning to see the effects of Obamacare on our personal and business taxes in 2013. One of the biggest impact will be for taxpayers earning more than 200K(Single) and 250K(Married). Individuals in those tax brackets could be subject to an increase in the Medicare tax of 3.8% on passive income (interest, rent, capital […]
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The American Taxpayer Relief Act of 2012 – What does it really mean
January 16, 2013 / by Brett Hess / Small Business, Tax
So Congress again waited until the last minute to “save us” from going over the fiscal cliff. That is what we are lead to believe anyway. Most of us simply want to know what it means to our bottom line. So here is the short and sweet version: Most of the tax rates and tax […]
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Maximizing Retirement Options
June 28, 2012 / by Brett Hess / Small Business, Tax
In a meeting with a doctor the other day we saw an opportunity for him to maximize his retirement contributions far beyond his 401k limits in his hospital job. He pays his wife who works in his family practice as the office manager and assistant. We setup a Simple IRA account for the company which […]
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Maryland raises tax rates
May 23, 2012 / by Brett Hess / Tax
Maryland raised income tax rates for singles making over 100,000 and married couples over 150,000. The increase starts at a quarter percent up to 1 percent for those over $250,000. With the addition of local taxes this takes Maryland income tax rates into the 8.75% range. This tax increase is retroactive to January 1, 2012, […]
Read more