Tax | Business Management Company

Educate yourself about the revised tax benefits for higher education

January 12, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to […]

Can you qualify for a medical expense tax deduction?

December 17, 2020 / by Brett Hess / Small Business, Tax

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]

The easiest way to survive an IRS audit is to get ready in advance

October 7, 2020 / by Brett Hess / Deadlines, Small Business, Tax

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]

Employers on the Hook for Deferred Payroll Taxes

August 31, 2020 / by Brett Hess / Small Business, Tax

Late on Friday, the IRS finally issued guidance on President Trump’s Executive Order allowing certain payroll taxes to be deferred in late 2020: Employers can defer withholding and depositing the employee portion only of Social Security. Applies to SS withheld on wages paid from Sept 1 though Dec 31, 2020. Applied only to employees whose […]

Answers to questions you may have about Economic Impact Payments

April 21, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]

Economic Impact Payment – Special alert for benefit recipients who don’t file a tax return and have dependents

April 21, 2020 / by Brett Hess / Tax

WASHINGTON – The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment. Their $1,200 payments […]

COVID-19: IRS announces more relief and details

April 20, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]

Give your 401(k) plan a checkup at least once a year

February 27, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes […]

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