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Blogging Beyond the Numbers

Q3 Tax Calendar
Posted by: Mike Scholz 7 hours 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...
Income Tax
Posted by: Brian Dahlk 3 days ago
Nonprofit organizations generally conduct nonprofit activities.  That’s pretty obvious and self-explanatory.  However, nonprofits occasionally do enter into the for-profit domain, and these endeavors often generate Unrelated Business Income Taxes (UBIT).  Such activities by a nonprofit are permitted and acceptable, as long as its for-profit ventures 1) are not so excessive that they supersede the organ...
IRS Phone Scam
Posted by: Katy Mering 1 week ago
The IRS has warned people to beware of a new scam linked to EFTPS, in which the fraudsters call and demand immediate payment in the form of a prepaid debit card.  This scam is very similar to many used in the past, but comes with the new variation of telling their victims about two “certified letters” from the IRS that were sent to their address, but returned as undeliverable.  The scammers go on to t...
Posted by: Mike Scholz 1 week ago
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment long-term (more than one year) and the tax rate that will apply. But there are additional details you should pay attention to. If...
Education Savings Accounts
Posted by: Mike Scholz 2 weeks ago
With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger. One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren...
Donating a vehicle to charity
Posted by: Mike Scholz 3 weeks ago
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for example. If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. ...
IRS Audit
Posted by: Mike Scholz 1 month ago
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly, but a variety of tax-return-related items are likely to raise red flags with...
real estate taxes
Posted by: Mike Scholz 1 month ago
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of course the NIIT is part of the Affordabl...
Posted by: Mike Scholz 1 month ago
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Fortunately, there is a way to begin collecting your 2017 refund now: You can review the amou...
Posted by: Mike Scholz 2 months ago
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of ownership interests following stated “trigger...