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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Subchapter V: A silver lining for small businesses mulling bankruptcy
May 14, 2020 / by Brett Hess / Newsletter, Small Business
Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law […]
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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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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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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 […]
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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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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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