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Blogging Beyond the Numbers

tax deductions for moving costs
Posted by: Mike Scholz 3 hours ago
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won’t be deductible, and any employer reimbursements will probably be inclu...
2018 Property Tax
Posted by: Cam Brawley 3 weeks ago
The 2017 Wisconsin Tax Act 59 gave all Wisconsin commercial businesses some property tax relief. There’s been some questions around the changes so let’s dive right in. The exemptions in this bill are effective with the property tax assessments as of January 1, 2018.  All commercial and manufacturing taxpayers with property in the state must self-report taxable personal property with the assessor by M...
tax law changes for contractors
Posted by: John Folsom 3 weeks ago
The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and it offers substantial changes in the U.S. tax law for both businesses and individuals.  Provisions for C-Corporations are generally permanent in nature, whereas provisions for individuals, estates, and pass-through entities (e.g. partnerships and S-Corporations) typically “sunset” after 2025. There are several changes to t...
Tax Credits for Small Businesses
Posted by: Mike Scholz 3 weeks ago
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain empl...
bonus depreciation
Posted by: Mike Scholz 2 months ago
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return. Pre-TCJA bonus depreciation Under pre-TCJA law, for qualified...
Posted by: Mike Scholz 4 months ago
Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment...
Posted by: Mike Scholz 4 months ago
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning gets even more comp...
Cash Balance Plan
Posted by: Mike Scholz 4 months ago
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan. Defined benefit plan with a twist The two most popular qualified retirement...
Posted by: Cam Brawley 5 months ago
Although the Wisconsin state budget did increase some taxes, most of the changes will help lower taxpayers' tax bill.  From AMT being eliminated on the personal income tax side, internet access no longer being subject to sales tax, and machinery, tools, and patterns getting an increased exemption for property tax, businesses and individuals should feel the relief in their wallets. The Wisconsin Bu...
Q4 Tax Deadline Calendar
Posted by: Mike Scholz 5 months ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October 16 If a calendar-year C corporation that filed an auto...