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Blogging Beyond the Numbers

Posted by: Christin Biermeier 4 days 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...
Retirement Plan Options
Posted by: Breanna Baughman 3 weeks ago
If you are self-employed without employees and are looking into putting money away for retirement, there are several popular options outside of the Traditional or Roth IRA plans. Three of the more popular retirement plans include Self Employed Pensions (SEP) IRA, Simple IRA, and One-Person 401(k) Self Employed Pension (SEP) IRA A SEP IRA allows a self-employed individual to make contribut...
Home related tax deduction
Posted by: Mike Scholz 3 weeks ago
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction You generally can deduct interest on up to a combined total of ...
Tax Strategy
Posted by: Cam Brawley 4 weeks ago
Wisconsin is a great place for manufacturers to do business. Why? Wisconsin manufacturers can take advantage of generous property tax exclusions, income tax credits, and save money on their sales & use tax exposure. In a competitive market, Wisconsin holds its own when competing with other states for sales & use tax purposes. Let’s talk sales tax first If the manufacturer is selling tangible per...
Posted by: Mike Scholz 4 weeks 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. April 1 Kewaunee County to impose county sales and use tax ...
American Opportunity credit
Posted by: Mike Scholz 1 month ago
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption. ...
Posted by: Mike Scholz 2 months ago
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in most cases your parent must have less gross...
Posted by: Bruce Mayer 2 months ago
We have been involved in the Food Cooperative (FCI) Initiative annual conference, Up & Coming, for four years.   Bruce has been giving and refining a presentation on Taxes and Accounting for Start-Up Food Cooperatives.  In 2014, FCI coordinated putting the presentation on You Tube. The presentation has been slightly modified since the presentation in 2014. Here is the current PowerPoint for th...
Safe Harbor Deduction
Posted by: Mike Scholz 2 months ago
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over a period of years. But costs incurred on inc...
Posted by: Dale Kunin 2 months ago
Are you looking for a specific check or invoice? Perhaps you just made an entry, but you can't seem to find it anywhere? Here is a way to find those missing transactions without wasting precious time. You can search for transactions in Peachtree based on specific criteria that you enter. 1.  From the Edit menu, select Find Transactions   2.  Select a Filter range This is a 2-step process. Fir...