Tax | Business Management Company

Tax Provisions Extended?

December 11, 2014 / by Brett Hess / Small Business, Tax

According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014. Congress had all year to revive these tax breaks, but as usual they procrastinated and played the political game. The good news is that we believe the following […]

Simplified Home Office Deduction

August 27, 2014 / by Brett Hess / Tax

For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you’ll […]

IRS Phone Scams Warning

August 20, 2014 / by Brett Hess / Small Business, Tax

IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]

Health Insurance Marketplace – Dangers

August 18, 2014 / by Brett Hess / Tax

If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough. However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change. […]

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 […]

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 […]

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.

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 […]

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 […]

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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