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Blogging Beyond the Numbers

Posted by: Mike Scholz 5 days 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...
Expired
Posted by: Mike Scholz 2 weeks ago
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made a multitude of tax breaks permanent. However, there were a few valuable breaks for individuals t...
Posted by: Hannah Lanser 2 weeks ago
Missions Trips, the most common summer church activity. Let's talk about tax deductibility Donations for a trip can be deductible if the donation 1) is a gift to or 2) for the use of a qualified charitable organization. The first step with missions trips is determining the primary purpose of the trip. A direct connection must exist between the trip expenses and the charitable, volunteer services being per...
Church Network Conference
Posted by: Hannah Lanser 2 weeks ago
As I fly back from the 61st Annual Church Network conference with Scott Haumersen, I am inspired by the number of people and organizations working with churches in our nation. This conference is for church administrators and there were more than 400 people in attendance this year representing nearly 40 states and nearly every denomination. We were there representing Wegner CPAs at the tradeshow for the s...
Posted by: Christin Biermeier 3 weeks ago
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.” Penalty exemptions Before we review how th...
Posted by: Mike Scholz 1 month 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...
Posted by: Mike Scholz 2 months ago
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips: Take action when life changes occur Some life events (such as marriage, divorce, o...
Posted by: Mike Steinl 2 months ago
As you read the title to this article, you may have scoffed thinking that reducing your prices to increase profits is a ridiculous concept.  However, in certain situations, it’s absolutely true. The technique is called incremental pricing and if your supply chain business is in a cyclical industry or otherwise has times when operations are at less than normal capacity, it may help you increase y...
Moving Boxes
Posted by: Mike Scholz 2 months ago
Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs. Pass the tests The first requirement is that the move be work-rela...
Q3 Tax Calendar
Posted by: Mike Scholz 2 months 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. July 31 Report income tax withholding and FICA taxes for thi...