Language:

Blogging Beyond the Numbers

Budget
Posted by: Hannah Lanser 3 years ago
Budget season. Two words that you'll be hearing a lot in the upcoming months. Have you considered budgeting for an accountable plan as an alternative for expense reimbursements for your pastoral staff? Why reimburse under an accountable plan Under regular employee reimbursement, expenses reimbursed to an employee are considered income and must be accounted for in the employee’s gross income. This causes...
Cash Gift
Posted by: Melodi Bunting 3 years ago
As individuals begin to finalize their year-end giving, it is important to consider the deductibility of contributions. According to IRS Publication 526, Charitable Contributions, deductible contributions must be made to a qualifying organization.  Qualified organizations include nonprofits, churches, synagogues, temples, and mosques.  Gifts to a nonqualified organization or individual are not tax deducti...
Property Tax
Posted by: Mike Scholz 3 years ago
Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. Proposed property tax deduction changes The initial ver...
Posted by: Mike Scholz 3 years ago
With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. As released by the Ways and Means Committee of the U.S. House of Re...
Posted by: Mike Scholz 3 years ago
Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when it comes to taxes. So it’s important to be aware of the different tax treatments when managing your income investments. Varying tax treatment The tax tre...
R&D Credit
Posted by: Whitney Mauger 3 years ago
Some of the latest trends in the food and beverage industry that may qualify for the Federal research and development credit are: Reducing the number of ingredients Sustainability Reducing sugars Use of local ingredients Eco-friendly packaging Let’s say you are a food manufacturer with all production and activities taking place in the United States. Following is an example of the steps...
Posted by: Mike Scholz 3 years ago
Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment...
Posted by: Mike Scholz 3 years ago
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning gets even more comp...
Cash Balance Plan
Posted by: Mike Scholz 3 years ago
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan. Defined benefit plan with a twist The two most popular qualified retirement...
Bunching Medical Expenses
Posted by: Mike Scholz 3 years ago
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. I...

COVID-19 Resource Center

 

Visit our COVID-19 resource center for our most recent updates, resources, and related information as it becomes available.

 

COVID-19 Resource Center