Financial Planning | Business Management Company

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. […]

Retiring soon? 4 tax issues you may face

June 14, 2021 / by Brett Hess / Newsletter, Small Business

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You […]

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 […]

Should your business add Roth contributions to its 401(k)?

April 8, 2021 / by Brett Hess / Newsletter, Small Business, Tax

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]

Retiring soon? Recent law changes may have an impact on your retirement savings

April 8, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Retiring soon? Recent law changes may have an impact on your retirement savings If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which […]

The COVID-19 relief law: What’s in it for you?

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

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]

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 […]

Taking distributions from a traditional IRA

November 19, 2020 / by Brett Hess / Uncategorized

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in […]

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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