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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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 […]
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Need a new business vehicle? Consider a heavy SUV
April 7, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired […]
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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 […]
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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 […]
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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 […]
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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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HSA + HDHP can be a winning health benefits formula
September 4, 2018 / by bmc_admin / Small Business, Tax
If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model for health care benefits — that is, offering a Health Savings Account (HSA) coupled with, as […]
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