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Blogging Beyond the Numbers

dependent care credit
Posted by: Katy Mering 11 hours ago
If you are a parent of a child age 17 to 23 and you pay over half of his or her living expenses you are eligible for the lower $500 other dependent credit.  The Tax Cut and Jobs Act (TCJA) increased the child credit to $2000 per qualifying child under the age of 17.  The income phase out was substantially increased so more people qualify for it.  TCJA eliminated dependency for children f...
Vehicle expense deductions
Posted by: Jamie Landsinger 12 hours ago
It’s not just businesses that can deduct vehicle-related expenses. Individuals can also deduct them on their tax returns in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce the deduction in comparison to what could have been claimed on prior years’ tax returns. For 2017, miles driven for business, moving, medical and charitable purposes were deductible depending on...
House made of money
Posted by: John Folsom 7 days ago
If you gifted cash or other property to others in 2018, you may have a gift tax filing requirement.  Gifts may also include interest-free loans or below-fair-value sales.  The receipt of an inheritance is not considered a gift.  How are gifts taxed to the recipient? Gifts are not taxable income to the recipient of the gift, no matter how large the gift.  However, for appreciated ...
Taxes due March 15
Posted by: Jamie Husemann 2 weeks ago
Be aware of March 15th! If you have historically struggled to remember the due date of your tax return, this year will be no different. The new due date for calendar year pass-through entities (partnerships and S Corporations) is March 15th. When did this change happen? Until the 2016 tax year, partnerships shared the April 15th deadline with individual taxpayers. One of the primary reasons for movin...
Posted by: Katy Mering 3 weeks ago
The IRS announced that it will waive the estimated tax penalty for Farmers and Fisherman if they file their 2018 income tax return and pay the tax due by April 15, 2019 instead of the normal due date of March 1.  Wisconsin announced it will follow the IRS extension.  For more information on this last minute extension, please contact us. ...
Posted by: Heather Sorenson 4 weeks ago
The Tax Cuts and Jobs Act (TCJA) has reduced most income tax rates and has expanded on some tax breaks, it still has limits.  It has eliminated several itemized deductions that have been valuable to several individual taxpayers.  There are five deductions that most will see lower or disappear from your 2018 income tax return: State and local tax deduction.  For tax years 2018 through ...
Posted by: Christin Biermeier 4 weeks ago
Are you confused about the 2019 tax brackets, itemized deduction vs. standard deduction, and what you need to be bringing to get your taxes done? Watch as Emily and Abby explain in non-accountant terms what you need to know as you prepare to file your taxes this year! https://youtu.be/Q5yI4K3e8Cw ...
Posted by: Dan Bergs 1 month ago
You are now able to file tax returns since the IRS opened the 2018 income tax return filing season on January 28. This is a great year to file earlier if you typically wait until close to April 15 to file. There are a several reasons to file early. You can potentially protect yourself from tax identity theft, receive tax refunds earlier if you are due refunds, and know of any tax liability before April 15....
Commercial real estate
Posted by: Collin Alexander 1 month ago
Commercial buildings and improvements are generally depreciated over 39 years.  Depreciation means that you can deduct a portion of the building and improvement cost every year over the building’s depreciation period (1/39 every year).   That may seem like a long time but there are special tax breaks that allow depreciation deductions to be taken more quickly for certain real estate investments. Some ...
Posted by: Christin Biermeier 1 month ago
Have you noticed that sometimes you haven't been charged sales tax when making an online purchase? That doesn't mean that taxes weren't due. In this video, Emily and Abby break down the recent Supreme Court Decision that affects taxation for online retailers and shoppers - the South Dakota v. Wayfair ruling. Watch to find out what it means for you as a business and as an online shopper! https:...