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Blogging Beyond the Numbers

Retirement Plan
Posted by: Hannah Lanser 1 month ago
Have you heard of the 403(b)(9) plan? This type of plan, as opposed to an IRA, 403(b), 403(b)(7) or a 401(k) plan, has two key benefits for ministers described in greater detail below. Many churches are using one of the other categories of plans as opposed to the more advantageous 403(b)(9). There are multiple reasons for this. Typically, the retirement plan vendor of choice is either a local financial repr...
Posted by: Cam Brawley 1 month ago
Prior to the Tax Cuts and Jobs Act (“TCJA”) that went into effect in 2018, alimony and spousal support was generally deductible by the ex-spouse paying it and included in the taxable income of the ex-spouse receiving it. Child support, on the other hand, has never been deductible by the payer or taxed as income to the recipient. Under the TCJA, for divorce agreements executed (or, in some cases, modi...
Posted by: Cam Brawley 1 month ago
Have you noticed an increase in health care costs recently?  Tax breaks related to health care that you can take are more important than ever.  Unfortunately there are thresholds for deducting medical expenses that were already difficult for many taxpayers to meet, and it may be even harder to meet in 2019. The Tax Cuts and Jobs Act (“TCJA”) went into effect in 2018.  It also temporarily reduced t...
Posted by: Mike Scholz 1 month ago
Question from the Mailbag:   Q: Since we will use the new, larger, federal standard deduction for 2018, do we still need to gather and provide any itemized deduction information for preparing my 2018 taxes? A: Definitely, YES! Please provide your tax preparer with the usual paperwork for mortgage interest expense, charitable donations, medical health premiums, and real estate taxes paid. While it ...
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Posted by: Katy Mering 1 month ago
The new tax law, the Tax Cuts and Jobs Act, passed in December of 2017, could present unwanted surprises to millions of taxpayers filing their 2018 income tax returns.  According to the Government Accountability Office, this new law may find taxpayers have actually under-withheld their taxes. Oregon Senator Ron Wyden, of the Senate Finance Committee, sent a letter last week to the Internal Revenue Servi...
Businessman
Posted by: Mike Scholz 1 month ago
Even though the government is currently shut down, that won’t stop the upcoming 2018 income tax filing season.  Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring. With the biggest tax law change since 1986 —the Tax Cuts and Jobs Act (TCJA) — generally going into effect beginning in 2018, m...
Posted by: Erin Ezdon 1 month ago
Happy New Year!  I’m sure most of you are in full swing with closing your books and getting all your ducks in a row.  Here at the office, we’re in full prep mode for “opportunity season” aka “busy season”.  There’s a few things you should know about as you close out your books and begin prepping for your audit this year.  I’d like to think of this as the cliff note version of our roundta...
Posted by: Bruce Mayer 2 months ago
In the past there was no clear guidance on where to report the income from a 1099-PATR for a worker co-op owner.  In the 2018 Form 1040 instructions the Internal Revenue Service (IRS) has made it clear where they want the income reported.  On page 14 of the Form 1040 instructions they indicate that the income should be reported on Schedule C or C-EZ.  Generally you will qualify for Schedule C-EZ since yo...
Posted by: Cam Brawley 2 months ago
On Friday, December 14, Governor Scott Walker signed legislation that allows S corporations to elect to be taxed at the entity level for taxable years beginning on or after January 1, 2018, and partnerships and LLCs elected to be treated as partnerships to elect to be taxed at the entity level for taxable years beginning on or after January 1, 2019.  These entities are commonly referred to as pass-through ...
Posted by: Mike Scholz 2 months ago
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs...