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Blog Category: Tax

Tax implications of donations and gifts

  With the holiday season here and year-end quickly approaching, many plan to donate to charity or gift money or other assets to their family members.  What are the tax

What the FTX Collapse Means for Future Tax Deductions

With the recent news of the crypto giant, FTX, filing for Chapter 11 bankruptcy, you may be left wondering what this means and whether you will be able to deduct

Wisconsin Tax Updates

As we head into the final weeks of 2022, there are a few Wisconsin tax updates to share.   Personal Tax Changes The WI personal capital loss deduction will increase

Available Tax Break when Adopting a Child

Adopting a child can be very expensive, but there are two tax benefits that are available to offset the expenses of adopting. In 2022, adoptive parents may be able to

Do you have a household employee? You may be liable for “nanny tax”

You’ve probably heard of the “nanny tax.” This tax could apply to you even if you don’t employ a nanny. Other household hires may also make you liable for payroll

When are You Required to Make Estimated Tax Payments?

Do you receive interest, dividends, self-employment income, capital gains, passthrough, or other non-payroll income? If so, you may be a good candidate that should consider paying quarterly estimated tax payments. If

Tax Inflation Adjustments for 2023

Good news from the IRS this week as the tax inflation adjustments for 2023 have been released.  The income tax rates, certain deductions, and limitations are adjusted for inflation EVERY

The facts about Tax-free bonds

Are Tax-free Bonds Really Free? Tax-free bonds are an attractive option for investing but are they really tax-free? There can still be a tax impact even if the bonds are

Offering Employee Fringe Benefits? Here’s what’s excludible from income.

Businesses can provide great benefit plans to employees that don’t cost them much or anything at all. Offering these benefits can be an effective way to recruit and retain top

IRS Warns Businesses to be Wary of ERC Scammers

Many businesses experienced financial hardship due to the COVID-19 pandemic. To incentivize employers who continued paying their employees during this trying period, the CARES Act introduced the “Employee Retention Credit”