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Blogging Beyond the Numbers

key to successful audit
Posted by: Lisa Lang 2 years ago
Successful audits hinge on communication and documentation. As such, preparing for an audit can either be an easy or daunting task depending on your experience and the state of your financial records. Wegner CPAs is committed to making the audit process be a positive experience. Here are the secrets from an auditor’s perspective Obtain the audit preparation list from your auditor. This is a vital co...
creating a church budget
Posted by: Melodi Bunting 2 years ago
Say the word budget and you may see eyes glaze over, people shrink down in their chair or attention shift to cell phones.  The term “budgeting” is often burdened with negative connotations of being restricting, time consuming, useless, and confusing. Budgeting is not a mysterious process done by an accountant in a windowless office, nor is it a futile exercise, but instead it has the ability t...
2018 Property Tax
Posted by: Cam Brawley 2 years ago
The 2017 Wisconsin Tax Act 59 gave all Wisconsin commercial businesses some property tax relief. There’s been some questions around the changes so let’s dive right in. The exemptions in this bill are effective with the property tax assessments as of January 1, 2018.  All commercial and manufacturing taxpayers with property in the state must self-report taxable personal property with the assessor by M...
tax law changes for contractors
Posted by: John Folsom 2 years ago
The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and it offers substantial changes in the U.S. tax law for both businesses and individuals.  Provisions for C-Corporations are generally permanent in nature, whereas provisions for individuals, estates, and pass-through entities (e.g. partnerships and S-Corporations) typically “sunset” after 2025. There are several changes to t...
Tax Credits for Small Businesses
Posted by: Mike Scholz 2 years ago
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain empl...
Home Office
Posted by: Mike Scholz 2 years ago
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this means you’ll enjoy a tax benefit only if these expenses plus you...
Tip of the Iceberg for TCJA Tax Reform
Posted by: Mike Scholz 2 years ago
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes...
Tax Reform Impact IRAs
Posted by: Mike Scholz 3 years ago
The new tax bill has some important changes impacting IRAs and Rollovers that we wish to share with you. We’ve already received some client questions which we are certain you also may have pondered.   Q: For 2018 and future years, are “backdoor” Roth IRA conversions still available to traditional IRA holders under the Tax Cuts and Jobs Act? A: Yes, the "Backdoor" Roth IRA strategy is a way t...
bonus depreciation
Posted by: Mike Scholz 3 years ago
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return. Pre-TCJA bonus depreciation Under pre-TCJA law, for qualified...
Allocating Expenses
Posted by: Danielle Moyer 3 years ago
Nonprofit organizations are required to present expenses by their functional classification, such as major classes of program services and supporting activities, but some organizations wait to allocate their expenses functionally until they are required to for financial statement purposes. Below, you will find some of the reasons that it is important to allocate expenses throughout the year, as wel...

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