state and local taxes | Business Management Company

Gig workers should understand their tax obligations

December 28, 2021 / by Brett Hess / Newsletter, Small Business, Uncategorized

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands […]

IRS additional guidance addresses COBRA assistance under ARPA

August 24, 2021 / by Brett Hess / Deadlines, Small Business, Tax

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]

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 […]

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 […]

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 […]

Factor in state and local taxes when deciding where to live in retirement

July 3, 2018 / by bmc_admin / Tax

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you […]