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Blogging Beyond the Numbers

Posted by: Katy Mering 1 month ago
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If...
Posted by: Kent Collier 1 month ago
Good news for many Wisconsin Taxpayers who suffered losses due to the severe storms, tornadoes, straight-line winds, flooding and landslides that took place mid-August  2018.  The President has declared a major disaster exists in the State of Wisconsin such that affected individuals and businesses may be eligible for tax relief.  The Wisconsin Department of Revenue also indicated state tax relief will al...
Posted by: Bruce Mayer 1 month ago
The new tax law was amended in March 2018 to change the patronage dividends rules but did allow them to be eligible for the 20% pass through business deduction.  Co-ops where the recipients of patronage dividends are businesses, or are individuals not paying tax due to the personal use exemption, are not affected by this change.  I will explore what some of the tax advantages are for worker co-ops now tha...
Posted by: Bruce Mayer 1 month ago
On March 23, 2018 Congress passed an amendment to the new tax law that removed the “Grain Glitch” where private grain elevators were significantly disadvantaged.  Using per unit retains, a form of patronage dividends, farmers could deduct 20% from the gross proceeds of their sales to a cooperative grain elevator but not to a privately held grain elevator.  The fix was to remove patronage dividends fro...
Online Retailer
Posted by: Cam Brawley 1 month ago
It’s been a big year for tax changes. The United States Tax Cuts and Jobs Act (“Tax Reform”) has taken front seat and grabbed much attention. However, an equally big tax change occurred this year in the sales & use tax world with the Supreme Court decision South Dakota v. Wayfair, Inc. The Supreme Court ruled in favor of South Dakota’s authority to require out of state sellers without physi...
Medical Expenses
Posted by: Mike Scholz 2 months ago
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into 2018 beneficial for some taxpayers. At the same time, certain taxpayers who...
Posted by: Whitney Mauger 2 months ago
Is your accounting department prepared for the recent changes to meals and entertainment deductions?  Have they been trained to code invoices and track expense reports according to the new rules?  Are you looking for a better understanding of the new rules? The Tax Cuts and Jobs Act of 2017 made significant changes to the meals and entertainment rules that most have grown accustom to.  To date, the IR...
Posted by: Drew Barman 2 months ago
Are you tired or spending hour after hour gathering donor name and address information to submit with your organization’s 990 each year? If so, we may have great news for you. The IRS has announced that they will exercise their authority to grant relief to certain nonprofit organizations regarding donor information reporting requirements in their annual tax filings. This relief, however, is not applicable...
Posted by: Mike Scholz 2 months ago
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple types of taxes Federal gift and estate taxes generally apply at a rat...