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Blogging Beyond the Numbers

Posted by: Mike Scholz 1 month ago
Internal Revenue Service announced that the federal 1040 income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021.  Federal balance due amounts are also moved to the new due date of May 17, 2021. Most states, including Wisconsin, also followed the IRS due date change so 2020 state individual tax returns and state tax balance...
Posted by: Kate Serpe 1 month ago
Shuttered Venue Operators Grant Portal Open The Shuttered Venue Operators Grant (SVOG) portal opened on 4/8/21 at noon EST on the SBA.gov website.  There have been reports that the website has been down intermittently due to an overwhelming response for funding.  We recommend being patient and persistent in your efforts to complete the application process.  As a reminder, once you submit your SVOG ap...
Posted by: Joshua Hakl 1 month ago
Should you capitalize or expense your business’ or organization’s latest purchase?  This is a question that should be getting answered for each and every purchase you make.  The answer you decide will have an effect on the usefulness of your financial statements, the size of your record-keeping burden, and how much you pay in taxes. The point of capitalization Making this decision requ...
Posted by: Zachery Klassy 1 month ago
An individual’s filing status determines the rate they are taxed and their allowable standard deduction. The head of household filing status, generally, allows for a lower tax rate and a higher standard deduction over single tax filers. Head of household may be beneficial to individuals who meet the following qualifications: Unmarried or considered unmarried (legally separated) the last day of tax...
Posted by: Hannah Lanser 1 month ago
“If we rent out our church building, is that taxable income?” First, it’s important to determine whether the rental activity itself is substantially related to your tax-exempt purpose and mission. If it’s related, the income is tax-exempt. If the rental activity is not related to your mission, then the rental income would be taxable in these situations: If more than 50% of the rent is for ...
Posted by: Swati Jain 1 month ago
The child and dependent care credit has been available to taxpayers for a while but for 2021 tax year, the New American Rescue Plan Act (ARPA) has enhanced this credit. The credit is available for expenses that a taxpayer pays for the care of qualifying children of age 12 and under so the taxpayer can be gainfully employed. The 2021 credit is refundable if either the taxpayer or their spouse has a principa...
Posted by: Dan Bergs 2 months ago
Businesses and organizations that have suffered a decline in gross receipts may qualify for an employee retention credit (ERC). Recent legislation has extended the ERC through Q4 2021. For 2021, your business operations must be either fully or partially suspended by a COVID-19 governmental authority shutdown (mandate) for any quarter in 2021 OR gross receipts are less than 80% of gross receipts for the ...
Posted by: Kate Serpe 2 months ago
PPP Extension Passed in the Senate This afternoon, the Senate passed the bill to extend the time to apply for a PPP first or second draw loan to May 31st. This is great news for those that have not yet applied, or for applicants whose loan remains on hold or in processing. The bill also provides the SBA with an additional 30 days after the May 31st deadline to continue processing loans. This provision w...
Posted by: Jamie Landsinger 2 months ago
The American Rescue Plan Act, signed into law on March 11, 2021, hopes to provide a variety of tax and financial relief to Americans to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are advance tax credit payments that will be made to eligible individuals and parents. Below are some answers to common questions about these payments. What are the two types of payments? ...
Posted by: Jessica Grant 2 months ago
Normally April 15 is the deadline for filing your individual tax return  (except for 2020 taxes that are now due on May 15, 2021), it’s also the deadline for the first quarterly estimated tax payment for both Federal and State for 2021, if required. You may have to make estimated tax payments if you receive interest, dividends, pension/IRA income, self-employment income, capital gains, prize money or...