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Blogging Beyond the Numbers

Fringe benefits
Posted by: Mike Scholz 2 months ago
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance on a tax-free basis. Here are some of ...
Posted by: Mike Scholz 2 months ago
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations. Counts toward your RMD A charitabl...
Retirement Planning
Posted by: Mike Steinl 2 months ago
You’ve all heard the saying “failing to plan is planning to fail.” As a business owner, one of the most important and beneficial actions you can take is establishing a plan for the continuation of your business when you retire or in the event of an emergency such as an unexpected death or disability. Planning ahead for business succession allows the advantages of peace of mind, adequate train...
Posted by: Mike Scholz 3 months ago
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA). While the TCJA didn’t change long-term capital gains rates, it did change the tax brack...
Audit Report
Posted by: Adam Kuczynski 3 months ago
One of the decisions an organization faces during its annual budget process is whether or not to engage an external CPA firm to conduct an audit of its financial statements.  Some organizations are required to have an audit due to external regulations (compliance with a grant agreement and/or state regulatory authority) while others decide to have an audit conducted for overall “good practice.” ...
Donated Artwork
Posted by: Mike Scholz 3 months ago
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the top long-term c...
Posted by: Mike Scholz 3 months ago
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts wit...
Q4
Posted by: Mike Scholz 3 months ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October 15 If a calendar-year C corporation that filed an auto...
Estimated tax deadline
Posted by: Mike Scholz 3 months ago
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely need to make estimated tax payments. But even if you do...
School supplies
Posted by: Mike Scholz 4 months ago
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA). The old miscellaneous itemized deduction Before 2018,...