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What records you need for tax preparation

February 3, 2017

If you're not a naturally organized person, keeping your tax records in one place might not be easy. But gathering the appropriate records ahead of time will make it easier on yourself and help ensure the accuracy of your tax return.

Keywords: record keeping

When filing your taxes, why early may make sense

February 3, 2017

Even though the IRS has started accepting tax returns, most of us aren't yet ready to file. There are, however, reasons to consider filing your return early. Here are some of the most common:

Keywords: income taxes, taxes

January 2017 Market Insight

February 1, 2017

Flipping through The Wall Street Journal for the past month, one might see front page headlines such as

Keywords: stock, stock market

Making the most of your tax refund

January 25, 2017

If you are expecting a tax refund, you might consider investing your refund or using it to increase your financial security. While everyone's needs are different, here are some optional uses of your refund that may work for you.

Keywords: tax, tax refund, taxes

Time to plan for inflation-adjusted 2017 tax numbers

January 25, 2017

Each year, certain tax figures are adjusted for inflation. While most figures are unchanged versus 2016, there is more than a 7% increase to the maximum earnings subject to social security tax.

Keywords: 2017 tax numbers

Standard mileage rates drop for 2017

January 6, 2017

Whether you drive your vehicle in your own business or reimburse your employees for business mileage, you'll need to revise the rate you use in 2017.

New law offers new HRAs in 2017

January 6, 2017

A health reimbursement arrangement, or HRA, is a benefit plan you can offer to your employees to reimburse them for medical expenses that are not covered by an insurance plan. HRAs offer tax benefits, including the deductibility of contributions you make to your employees' accounts.

Great Things are Happening in Ashland!

January 6, 2017

Ashland News

Keywords: ashland, news

Jordan Lance Earns CFP Certification

January 6, 2017

We’d like to introduce you to Jordan Lance, CFP, who serves as an Investment Advisor Representative at Whitcomb & Hess.

Keywords: cfp, jordan lance

Taxes under President Trump

By Jim Hess, CEO, CPA   |  January 6, 2017

By the time you read this article we will be less than two weeks away from Donald Trump's inauguration.

Keywords: taxes, trump

What is “The Market?”

The Stock Market has returned 8% per year...

Keywords: stock market

December 2016 Market Insight

January 3, 2017

With winter now here and the holidays in the rear-view mirror, the markets also shared in the holiday cheer with a positive (but uneventful) December.

Keywords: stock market, stocks

Standard mileage rates go down for 2017

December 28, 2016

Have you noticed the price of gas? So has the IRS – and the reimbursement rate for business mileage has gone down as a result. The new rate for 2017 is 53.5¢ per mile, down from the 2016 rate of 54¢ per mile.

2017 financial shape up: Small steps toward big goals

December 28, 2016

Shaping up your finances in 2017 may seem like a big goal, perhaps even too daunting. But if you take one small step at a time, these small steps will add up. Here are suggestions.

Note the new due dates for Forms W-2 and 1099

December 27, 2016

As you begin your January payroll preparation, take into account earlier due dates for two common information reporting forms.

Some federal income tax refunds may be temporarily delayed

December 27, 2016

In general, you can expect your federal refund to be issued approximately 21 days after your electronically filed tax return has been accepted. However, identity theft is still a major problem, and the IRS continues to implement new strategies to protect taxpayer data.

IRS extended the due date for Forms 1095

December 27, 2016

When you're an applicable large employer (generally, when you employ 50 or more full-time workers and equivalents), you're required to provide information about health coverage to the IRS and to your employees.

Keywords: form 1095

Get ready for earlier due dates for certain payroll returns

December 6, 2016

Updating your payroll records before year-end and putting procedures in place for annual reporting is an especially good idea this December. Two important due dates have been pushed forward...

Payroll update: the overtime rule and other changes

December 5, 2016

Have you been keeping up with the latest changes in payroll reporting and other requirements? Here's an update.

Keywords: flsa, overtime, payroll

November 2016 Market Insight

December 1, 2016

November markets have simply been captivated by the US Presidential election.

Keywords: market, stock market

Are you up-to-date on the tax rules affecting your 2016 return?

November 25, 2016

Here's a quick review of some of the rules you can expect to encounter when you get ready to prepare your 2016 federal income tax return.

Keywords: 2016 tax rules

No change to nanny tax threshold

November 24, 2016

The social security coverage threshold for domestic employees, including nannies, will remain at $2,000 for 2017, the same as the 2016 threshold.

Keywords: nanny tax

Judge Halts Overtime Ruling due to go into effect 12/1/16

By Kim Tanner, SPHR   |  November 23, 2016

On Tuesday, November 22, U.S. District Judge Amos Mazzant of the Eastern District of Texas issued a temporary injunction to stop the new regulation to the Fair Labor Standards Act. This regulation was set to go into effect December 1st...

Keywords: dol, flsa, overtime

Check your basis in your S corporation before the end of the year

November 23, 2016

Losses can be hard to take - so if you think your S corporation will show a loss for 2016, now's the time to plan to make sure you'll get the full tax benefit.

Keywords: basis, s corporation

Be prepared for a higher social security wage base in 2017

November 22, 2016

For 2017, the wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016.

You still have time for tax-free gift giving

November 8, 2016

December 31 is the last day you can take advantage of this year's annual gift tax exclusion. The exclusion is the amount you can give away each year without triggering gift tax. For 2016, the exclusion is $14,000 per recipient.

Keywords: tax planning

December 31: the deadline to donate or distribute

November 7, 2016

As an IRA owner, you've probably heard about required minimum distributions (RMDs). These account withdrawals, which are mandatory once you reach age 70 &1/2;, are coupled with a steep penalty for noncompliance, and you're generally required to take...

Keywords: ira, retirement, rmd

7 Tricks to Budget Like a Pro

Life in the 21st century is pretty amazing. We have access to nearly limitless options - where to live and work, which degree to earn, what to eat for dinner, which show to stream, where to go on vacation, and so on.

Keywords: budget

October 2016 Market Insight

November 1, 2016

U.S. stocks declined in October with the S&P 500 dropping 1.82% as the November 8th election approaches. It appears that the markets are reluctant to make large moves before it is clear who our next president will be...

Keywords: stock market, stocks

Can your business survive these seven potential disasters?

October 30, 2016

Disasters, natural or otherwise, could ultimately lead to your company's demise. Fortunately, advance planning can keep you on track. Here are seven scenarios to be prepared for.

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