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Blogging Beyond the Numbers

Posted by: Cam Brawley 12 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 1 year 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...
Posted by: Mike Scholz 1 year ago
It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds. Take all of your exemptions In most states, businesses are exempt from sales tax on equipment used i...
Posted by: Mike Scholz 1 year ago
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses. Let’s look at three midyear tax strategies inspired by th...
IRS Audit
Posted by: Mike Scholz 1 year ago
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly, but a variety of tax-return-related items are likely to raise red flags with...
real estate taxes
Posted by: Mike Scholz 1 year ago
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of course the NIIT is part of the Affordabl...
Posted by: Mike Scholz 1 year ago
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of ownership interests following stated “trigger...
Retirement Plan Options
Posted by: Breanna Baughman 1 year ago
If you are self-employed without employees and are looking into putting money away for retirement, there are several popular options outside of the Traditional or Roth IRA plans. Three of the more popular retirement plans include Self Employed Pensions (SEP) IRA, Simple IRA, and One-Person 401(k) Self Employed Pension (SEP) IRA A SEP IRA allows a self-employed individual to make contribut...
Posted by: Mike Scholz 1 year ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the second 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. April 1 Kewaunee County to impose county sales and use tax ...
Safe Harbor Deduction
Posted by: Mike Scholz 2 years ago
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over a period of years. But costs incurred on inc...