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Blogging Beyond the Numbers

Tax Reform Impact IRAs
Posted by: Mike Scholz 5 months ago
The new tax bill has some important changes impacting IRAs and Rollovers that we wish to share with you. We’ve already received some client questions which we are certain you also may have pondered.   Q: For 2018 and future years, are “backdoor” Roth IRA conversions still available to traditional IRA holders under the Tax Cuts and Jobs Act? A: Yes, the "Backdoor" Roth IRA strategy is a way t...
bonus depreciation
Posted by: Mike Scholz 5 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 5 months ago
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 level is for contributions to defined contribution plans, which has gone up by...
Charitable Giving
Posted by: Mike Scholz 5 months ago
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your 2017 return, a charitable donation must be made by Dec. 31, 2017. Ac...
UW Madison
Posted by: Mike Scholz 5 months ago
If Tax Reform passes, there is a very good chance that 2017 will be the last year Badger fans can take a tax deduction for a portion of their ticket purchase that includes a contribution towards the University of Wisconsin Foundation. Currently, 80% of the amount a donor pays in order to purchase preferred seating at UW game tickets is deductible for income tax purposes, according to IRS Code Section 170 (I...
Posted by: Mike Scholz 5 months ago
Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. Any final legislation will no doubt contain elements of both the House and Senate versions, but for now, let’s take a look at the similarities and differences of the major provisions of the bills. Notable differences between the two bills include the proposed individual and pass-thro...
Q1 Tax Calendar
Posted by: Mike Scholz 6 months ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. 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. January 31 File 2017 Forms W-2, “Wage and Tax Statement,” w...
capital gains tax
Posted by: Mike Scholz 6 months ago
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all federal tax liability on the appreciation, or at least significantly reduce it. Leveraging lower rates Investors g...
RMDs
Posted by: Mike Scholz 6 months ago
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year en...
Property Tax
Posted by: Mike Scholz 6 months ago
Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. Proposed property tax deduction changes The initial ver...