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Blogging Beyond the Numbers

IRS Audit
Posted by: Mike Scholz 2 years ago
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly, but a variety of tax-return-related items are likely to raise red flags with...
real estate taxes
Posted by: Mike Scholz 2 years ago
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of course the NIIT is part of the Affordabl...
Posted by: Mike Scholz 2 years ago
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Fortunately, there is a way to begin collecting your 2017 refund now: You can review the amou...
Posted by: Mike Scholz 2 years ago
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of ownership interests following stated “trigger...
Retirement Plan Options
Posted by: Breanna Baughman 2 years ago
If you are self-employed without employees and are looking into putting money away for retirement, there are several popular options outside of the Traditional or Roth IRA plans. Three of the more popular retirement plans include Self Employed Pensions (SEP) IRA, Simple IRA, and One-Person 401(k) Self Employed Pension (SEP) IRA A SEP IRA allows a self-employed individual to make contribut...
Home related tax deduction
Posted by: Mike Scholz 2 years ago
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction You generally can deduct interest on up to a combined total of ...
Tax Strategy
Posted by: Cam Brawley 2 years ago
Wisconsin is a great place for manufacturers to do business. Why? Wisconsin manufacturers can take advantage of generous property tax exclusions, income tax credits, and save money on their sales & use tax exposure. In a competitive market, Wisconsin holds its own when competing with other states for sales & use tax purposes. Let’s talk sales tax first If the manufacturer is selling tangible per...
Posted by: Mike Scholz 2 years 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. April 1 Kewaunee County to impose county sales and use tax ...
American Opportunity credit
Posted by: Mike Scholz 2 years 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. ...
Posted by: Mike Scholz 2 years 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...