September 14, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]
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Gig workers should understand their tax obligations
December 28, 2021 / by Brett Hess / Newsletter, Small Business, Uncategorized
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands […]
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IRS announces adjustments to key retirement plan limits
December 1, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). […]
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Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
November 12, 2021 / by Brett Hess / Uncategorized
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But […]
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The tax score of winning
October 6, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]
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Selling a home: Will you owe tax on the profit?
September 14, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]
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Think like a lender before applying for a business loan
September 10, 2021 / by Brett Hess / Newsletter, Small Business
Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional […]
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IRS additional guidance addresses COBRA assistance under ARPA
August 24, 2021 / by Brett Hess / Deadlines, Small Business, Tax
In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]
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ABLE accounts may help disabled or blind family members
August 20, 2021 / by Brett Hess / Small Business, Tax
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]
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Still have questions after you file your tax return?
May 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]
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New law tax break may make child care less expensive
March 23, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your […]
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