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Blogging Beyond the Numbers

2018 Property Tax
Posted by: Cam Brawley 11 months 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 11 months 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 11 months 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...
Home Office
Posted by: Mike Scholz 11 months ago
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this means you’ll enjoy a tax benefit only if these expenses plus you...
Tip of the Iceberg for TCJA Tax Reform
Posted by: Mike Scholz 11 months ago
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes...
Tax Reform Impact IRAs
Posted by: Mike Scholz 11 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 12 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 12 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 1 year 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 1 year 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...