Tax | Business Management Company

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 […]

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 […]

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, […]

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