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Blogging Beyond the Numbers

House for Sale
Posted by: Ryan Kupres 3 days ago
If you own a home and are thinking about selling, you know that spring and summer are the optimum seasons for selling. The combination of low inventory and attractive interest rates means it’s a seller’s market, so this may be your season to sell! Before you contact a realtor to sell your home, you should review these important tax considerations. Gain May be Excluded from Tax If you’re sel...
where's my tax refund
Posted by: Rick Welsch 1 week ago
It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days (quicker if you e-filed your return). However, it may take longer — and in rare cases, refunds might not come at all. Check Refund Status Online If you’re curious abo...
Accounting for Nonaccountants
Posted by: Christin Biermeier 3 weeks ago
Are you passionate about a cause and thinking about starting a non-profit? Or even wondering the difference between a 501c3 and a 501c6 or even where to begin? Watch this vlog for 7 tips to start your own non-profit organization! https://youtu.be/DeSITbvFkyo Subscribe to our YouTube channel to view new Accounting for Non-Accountants videos as they are published! ...
electric vehicle
Posted by: Pete Oettinger 3 weeks ago
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500.    Tax credit basics You can claim the federal tax credit for buying a qualifying new (not u...
Accounting for Nonaccountants
Posted by: Christin Biermeier 2 months ago
Did you end up owing tax this year, or receiving a very large refund? You may want to check your W-4 form and make some adjustments to your withholding. If you're not sure what you should be claiming (or what a W-4 form is), watch this video as Abby and Emily break it down for you! https://youtu.be/_cOpGNJ9aUQ ...
south dakota v wayfair
Posted by: Cam Brawley 2 months ago
Just a friendly reminder that effective April 1, 2019, California joins 37 other states who previously adopted economic nexus rules for sales & use tax purposes as a result of the South Dakota v. Wayfair decision.  This means out-of-state retailers selling above certain thresholds are required to collect California use taxes on their sales into California even if they have no physical presence in Ca...
retirement required minimum distribution
Posted by: Kent Collier 2 months ago
If you participate in a qualified retirement plan, such as a 401(k) or 403(b), you generally need to begin taking distributions from the plan no later than April 1 of the year after you turn age 70½. However, like most rules there’s an exception. This exception applies to certain plan participants who are still working for the entire year in which they turn 70½. RMD Basics Required minimum distr...
dependent care credit
Posted by: Katy Mering 2 months 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 2 months 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 2 months 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 ...