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Blogging Beyond the Numbers

Posted by: Mike Scholz 1 year ago
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses. Let’s look at three midyear tax strategies inspired by th...
Posted by: Mike Scholz 1 year ago
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips: Take action when life changes occur Some life events (such as marriage, divorce, o...
Posted by: Mike Steinl 1 year ago
As you read the title to this article, you may have scoffed thinking that reducing your prices to increase profits is a ridiculous concept.  However, in certain situations, it’s absolutely true. The technique is called incremental pricing and if your supply chain business is in a cyclical industry or otherwise has times when operations are at less than normal capacity, it may help you increase y...
Moving Boxes
Posted by: Mike Scholz 1 year ago
Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs. Pass the tests The first requirement is that the move be work-rela...
Q3 Tax Calendar
Posted by: Mike Scholz 1 year 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. July 31 Report income tax withholding and FICA taxes for thi...
Income Tax
Posted by: Brian Dahlk 1 year ago
Nonprofit organizations generally conduct nonprofit activities.  That’s pretty obvious and self-explanatory.  However, nonprofits occasionally do enter into the for-profit domain, and these endeavors often generate Unrelated Business Income Taxes (UBIT).  Such activities by a nonprofit are permitted and acceptable, as long as its for-profit ventures 1) are not so excessive that they supersede the organ...
IRS Phone Scam
Posted by: Katy Mering 1 year ago
The IRS has warned people to beware of a new scam linked to EFTPS, in which the fraudsters call and demand immediate payment in the form of a prepaid debit card.  This scam is very similar to many used in the past, but comes with the new variation of telling their victims about two “certified letters” from the IRS that were sent to their address, but returned as undeliverable.  The scammers go on to t...
Posted by: Mike Scholz 1 year ago
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment long-term (more than one year) and the tax rate that will apply. But there are additional details you should pay attention to. If...
Education Savings Accounts
Posted by: Mike Scholz 2 years ago
With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger. One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren...
Donating a vehicle to charity
Posted by: Mike Scholz 2 years ago
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for example. If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. ...