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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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