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Blogging Beyond the Numbers

FMLA
Posted by: Swati Jain 4 months ago
Question: What is the new Family and Medical Leave tax credit and how does it benefit my business? Answer: The 2017 Tax Cuts and Jobs Act recently introduced a new credit for employers who provide paid family and medical leave to their employees. Eligible employers can claim a general business credit equal to 12.5% to 25% of the wages paid to qualifying employees on paid leave. The credit is available for ...
Estate planning
Posted by: Mike Scholz 4 months ago
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for the next several years. Nevertheless, factoring taxes into your estate planning is still important...
Stock
Posted by: Mike Scholz 4 months ago
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b) election. Convert ordinary income ...
Retirement options
Posted by: Mike Scholz 4 months ago
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you consider property taxes and sales taxes. For example, suppose you’ve narrowed your decision do...
Business Loss
Posted by: Mike Scholz 5 months ago
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively...
House sale
Posted by: Mike Scholz 5 months ago
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion The U.S. House of Representatives’ original version of the Tax Cuts and Jobs Act included a p...
shopping cart
Posted by: Cam Brawley 5 months ago
The Wisconsin Legislature recently passed a sales tax holiday for August 2018. What does this mean for the general consumer? A sales and use tax exemption is created for sales of certain items during a five-day period in August 2018. The temporary exemption period, referred to as a sales tax holiday, will begin at 12:01 AM on August 1, 2018, and continue through 11:59 PM on Sunday, August 5, 201...
Posted by: Mike Scholz 5 months ago
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should consider reducing the amounts you’re having withheld (and/or what estim...
tax planning
Posted by: Mike Scholz 6 months ago
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substanti...
child tax rebate
Posted by: Cheryl Wittmann 6 months ago
Governor Walker and the State Legislature have created a new “one-time” Child Sales Tax Rebate to return some of the $400 million dollar budget surplus to eligible taxpayers.  It is a $100 rebate for sales and use tax paid on purchases made for raising a dependent child in 2017. Who is eligible? A person can claim the rebate if they have a child under the age of 18 as of December 31, 2017, who they w...