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Blogging Beyond the Numbers

Cash Balance Plan
Posted by: Mike Scholz 5 days ago
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan. Defined benefit plan with a twist The two most popular qualified retirement...
Bunching Medical Expenses
Posted by: Mike Scholz 2 weeks ago
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. I...
Posted by: Cam Brawley 2 weeks ago
Although the Wisconsin state budget did increase some taxes, most of the changes will help lower taxpayers' tax bill.  From AMT being eliminated on the personal income tax side, internet access no longer being subject to sales tax, and machinery, tools, and patterns getting an increased exemption for property tax, businesses and individuals should feel the relief in their wallets. The Wisconsin Bu...
Wash Sale Rule
Posted by: Mike Scholz 3 weeks ago
A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2017 tax liability. But what if you expect an investment that would produc...
Posted by: Yingying Yuan 3 weeks ago
As the plan sponsor of your company retirement plan, you have a fiduciary obligation to manage the plan assets and oversee operation. The fiduciary guidelines of the Employee Retirement Income Security Act of 1974 (ERISA) require the named fiduciaries of the Plan to carry out due diligence in administering Plan operations. Fiduciaries have responsibilities and are subject to standards of conduct because th...
Retirement Planning
Posted by: Mike Scholz 4 weeks ago
One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in th...
Q4 Tax Deadline Calendar
Posted by: Mike Scholz 1 month ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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. October 16 If a calendar-year C corporation that filed an auto...
Posted by: Mike Scholz 1 month ago
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be able to deduct its full fair market value and avoid any capital gains ta...
Educator Expense
Posted by: Mike Scholz 2 months ago
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket. The tax code provides a special break that makes it a little easier for these educators ...
Key Financial Performance Indicators
Posted by: Steve Kleiss 2 months ago
"So how are we doing?" A common question from management and governance of nonprofit organizations. Here are a few financial indicators for a clearer understanding of the financial health and performance of your organization.  Operating Reserve How much do we have for the lean times? Ample reserves are often discussed and often harder to make a reality, but it helps to start with a defin...