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Blogging Beyond the Numbers

Posted by: Katy Mering 4 months ago
The IRS announced that it will waive the estimated tax penalty for Farmers and Fisherman if they file their 2018 income tax return and pay the tax due by April 15, 2019 instead of the normal due date of March 1.  Wisconsin announced it will follow the IRS extension.  For more information on this last minute extension, please contact us. ...
Posted by: Heather Sorenson 4 months ago
The Tax Cuts and Jobs Act (TCJA) has reduced most income tax rates and has expanded on some tax breaks, it still has limits.  It has eliminated several itemized deductions that have been valuable to several individual taxpayers.  There are five deductions that most will see lower or disappear from your 2018 income tax return: State and local tax deduction.  For tax years 2018 through ...
Accounting for Nonaccountants
Posted by: Christin Biermeier 4 months ago
Are you confused about the 2019 tax brackets, itemized deduction vs. standard deduction, and what you need to be bringing to get your taxes done? Watch as Emily and Abby explain in non-accountant terms what you need to know as you prepare to file your taxes this year! https://youtu.be/Q5yI4K3e8Cw ...
Posted by: Dan Bergs 4 months ago
You are now able to file tax returns since the IRS opened the 2018 income tax return filing season on January 28. This is a great year to file earlier if you typically wait until close to April 15 to file. There are a several reasons to file early. You can potentially protect yourself from tax identity theft, receive tax refunds earlier if you are due refunds, and know of any tax liability before April 15....
Commercial real estate
Posted by: Collin Alexander 4 months ago
Commercial buildings and improvements are generally depreciated over 39 years.  Depreciation means that you can deduct a portion of the building and improvement cost every year over the building’s depreciation period (1/39 every year).   That may seem like a long time but there are special tax breaks that allow depreciation deductions to be taken more quickly for certain real estate investments. Some ...
Accounting for Nonaccountants
Posted by: Christin Biermeier 4 months ago
Have you noticed that sometimes you haven't been charged sales tax when making an online purchase? That doesn't mean that taxes weren't due. In this video, Emily and Abby break down the recent Supreme Court Decision that affects taxation for online retailers and shoppers - the South Dakota v. Wayfair ruling. Watch to find out what it means for you as a business and as an online shopper! https:...
Posted by: Cam Brawley 5 months ago
The Wisconsin Department of Revenue just announced that due to the extreme weather conditions, State agencies were closed for public business on Wednesday, January 30th. The United States Postal Service is also experiencing service disruptions throughout the state. As a result, due dates for sales, withholding and other business taxes (premier resort tax, local exposition tax, etc.) are extended. D...
Posted by: Kyle Ager 5 months ago
In December 2018, the IRS released Notice 2018-99 to clarify the taxation of parking expenses Under § 274(a)(4) and § 512(a)(7) of the Internal Revenue Code. The notice reaffirmed that the amounts paid to a 3rd party for employee parking spots by a taxpayer or exempt organization are subject to tax. The majority of the notice focused on how taxpayers or exempt organizations should handle owned and lease...
Posted by: Chris Bell 5 months ago
We would like to thank you for your generosity in 2018. Your donations, no matter how small, can help those in need daily. If you contributed to a qualified charitable organization in 2018 you should start seeing those contribution statements delivered soon. But if you don’t receive a statement regarding your contributions, can you still claim the itemized deduction on your 2018 tax return? The answer (li...
Posted by: Erin Ezdon 5 months ago
So you’re in charge or your company’s retirement plan… what does this mean for you? The Employee Retirement Income Security Act (ERISA) protects your plan’s assets by subjecting those in charge of the plan with fiduciary responsibilities. Plan fiduciaries may include plan trustees, plan administrators, and members of a plan’s investment committee. Your primary responsibility as the fiduciary i...