August 7, 2019 / by Brett Hess / Uncategorized
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported […]
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April 20, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
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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 […]
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Covid-19 Shutdown – Do I Layoff Now or Wait?
March 20, 2020 / by Brett Hess / Uncategorized
I would like to provide some advice to business owners who are struggling with the difficult decision to layoff and let employees collect unemployment, or keep paying them as long as you can. My advice is to think long term. What is best for the employees and the company in the long term. The best […]
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Do you run your business from home? You might be eligible for home office deductions
February 27, 2020 / by Brett Hess / Uncategorized
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]
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The tax aspects of selling mutual fund shares
February 11, 2020 / by Brett Hess / Uncategorized
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated […]
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Numerous tax limits affecting businesses have increased for 2020
January 30, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900 […]
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6 ways to ensure your marketing plan drives sales
October 16, 2019 / by Brett Hess / Newsletter, Uncategorized
“Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely to drive strong […]
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The next estimated tax deadline is September 16: Do you have to make a payment?
September 3, 2019 / by Brett Hess / Uncategorized
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, […]
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Taking distributions from your traditional IRA
August 23, 2019 / by Brett Hess / Uncategorized
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family […]
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The tax implications of being a winner
August 7, 2019 / by Brett Hess / Uncategorized
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported […]
Read more