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Blogging Beyond the Numbers

American Opportunity credit
Posted by: Mike Scholz 3 days 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. ...
dependent
Posted by: Mike Scholz 2 weeks 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 3 weeks 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 3 weeks 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...
telescope
Posted by: Dale Kunin 4 weeks 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...
speedometer
Posted by: Mike Scholz 4 weeks ago
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes. What are the deduction rates? The rates vary depending on the purpose and the ye...
Tax Cut
Posted by: Cam Brawley 4 weeks ago
As a business, do you hate meeting with your tax accountant?  Remember – they aren’t always the bearer of bad news. Here’s something you should want to talk with your tax planner about. The Business Development Credit (BTC) provides incentives for job creation, capital investment, training, and corporate headquarters location or retention, for new and current businesses located in Wisconsin....
Books
Posted by: Jolene Giese 1 month ago
Year end has come and gone.  Your auditor is contacting you about the upcoming audit.  Are you ready and anticipating the audit or do you dread it?  You probably feel like you are back in school and prepping for an exam.  Read on to make sure you make the grade. Coursework The day to day transactions, internal control documentation, and filing of supporting documents are the material you will be teste...
Gift Tax Return
Posted by: Mike Scholz 1 month ago
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file a gift tax return. Some transfers require a return even if y...
Tax Deadline
Posted by: Bruce Mayer 1 month ago
The Internal Revenue Service has changed the due dates for a number of returns relevant to cooperatives. The primary driver for this was moving up the partnership due date so that K-1s are made available to individuals in time to file their 1040 without extensions. A secondary issue was moving back the corporation due date one month. Most corporations extend their returns so the initial due date is less imp...