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Blogging Beyond the Numbers

Posted by: Mike Scholz 2 years ago
The lower fuel prices we experienced in 2016 means the 2017 business mileage rates are also dropping. The Internal Revenue Service recently announced the standard mileage rates for 2017 for taxpayers to use in calculating the deductible costs of driving a car for business, charitable, medical or moving purposes. In Notice 2016-79, the IRS lists the standard mileage rates, effective as of Jan. 1, 2017: ...
Posted by: Jillian Runde 2 years ago
The holiday season is known as the time for giving, and who better to give to than your favorite non-profit organization. These year-end contributions may not come in the form of cash as expected, but rather as a promise from a contributor to give in the future. As a non-profit, how does your organization account for these promised contributions? The timing of revenue recognition is tied to the date of...
Posted by: Joe O'Connor 2 years ago
When customers can’t find what they want on a company’s website, they quickly move on to a competitor, according to The Outlook for Wholesale Distribution in 2015 study. So building a user-friendly site is a must, the study said. The increased focus on technology should level the playing field for many small and mid-sized distributors looking to gain better visibility through e-commerce. But budgeting...
Posted by: Swati Jain 2 years ago
Do you have a business that exports property/goods manufactured, produced, grown or extracted in the United States? If yes, then there is a powerful tax savings opportunity that is provided by the US government as an incentive to exporters. Interest Charge - Domestic International Sales Corporations, IC-DISC for short, are domestic tax exempt corporations that are created by the exporting company. The mec...
Wisconsin Tax
Posted by: Mike Scholz 2 years ago
Wisconsin is one of the country's most productive manufacturing states. To boost that activity even more, Wisconsin manufacturers are receiving significant tax incentives to keep this work in Wisconsin. A new law that took effect in 2013 allows manufacturers to take a credit on profits from manufacturing in Wisconsin. The credit has been phased in from 2013 to 2016. This year the credit will be fully phased...
Posted by: Mike Scholz 2 years ago
If you're charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock. More tax savings Appreciated publicly traded stock you've held more than one year is long-term capital gains property. If ...
Posted by: Christin Biermeier 2 years ago
One of the most important financial statements for a business is the cash flow statement. The cash flow statement is the best resource for testing a company's liquidity and short-term viability. It records the inflows and outflows of a business's cash and cash equivalents, therefore showing how a company spends and receives cash. This article will explain how a cash flow statement is prepared based...
Posted by: Mike Scholz 2 years ago
If you invest, whether you're considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That's good if your net gains are long-term (that is, you've held the investment more than a year) ...
Posted by: admin 2 years ago
Written by Dan Busby, President, ECFA Before you know it 2016 will be over and it will be time to prepare to issue charitable gift acknowledgments received by the church this year. Properly issuing these gift acknowledgments confirms to givers the church's credibility. Improper gift acknowledgments may leave givers with questions as to whether the church is a good steward of gift. So, let's review the b...
Posted by: Mike Hablewitz 2 years ago
Recently the Department of Labor raised the salary threshold for overtime protection to $913 a week or $47,476 per year. The new level takes effect December 1, 2016. Types of coverage There are two types of coverage to consider in determining the applicability of the Fair Labor Standards Act (FLSA): enterprise coverage and individual coverage. The enterprise coverage is generally not applicable to churche...