Education planning | Business Management Company

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 […]

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 […]

Don’t assume your profitable company has strong cash flow

June 16, 2021 / by Brett Hess / Uncategorized

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]

Providing education assistance to employees? Follow these rules

May 4, 2021 / by Brett Hess / Newsletter, Small Business

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training […]

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 […]

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 […]

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 […]

Want to save for education? Make 2017 ESA contributions this year.

January 30, 2017 / by Brett Hess / Tax

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2017 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the […]