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 […]
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One reason to file your 2020 tax return early
January 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), […]
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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 […]
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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 […]
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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 […]
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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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Reasons why married couples might want to file separate tax returns
February 19, 2020 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable […]
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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 […]
Read more