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Blogging Beyond the Numbers

shredded paper
Posted by: Mike Scholz 2 months ago
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these re...
2018
Posted by: Mike Scholz 2 months ago
While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be addit...
Using storytelling to avoid restricted donations
Posted by: Melodi Bunting 2 months ago
Everyone loves a good story.  Storytelling has a long tradition in our culture.  Research has shown our brains are wired for the structure and engagement of a story.  A story has the potential to instruct, influence, and inspire. Many nonprofits have found this to be true.  Donors are drawn into the mission and needs of the nonprofit through stories of how they are serving their clients.  Imagine he...
Tax Day
Posted by: Mike Scholz 2 months ago
The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS. Whatever you do, don’t get tripped up by one of these potential pitfalls. Filing for an extension Filing ...
city bus
Posted by: Kyle Ager 3 months ago
Due to the changes in the Federal Tax Law, nonprofit employers will have to pay a 21% Unrelated Business Income Tax (UBIT) on transportation benefits including parking and transit passes provided to employees starting January 1, 2018. Employers are NOT prohibited from providing these benefits, but the effect the tax could have on your nonprofit’s finances should be considered. Some employers will continue...
Q2 Tax Calendar
Posted by: Mike Scholz 3 months ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the second 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. April 2 Electronically file 2017 Form 1096, Form 1098, Form 10...
home related tax breaks
Posted by: Mike Scholz 3 months ago
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file your 2018 return next year. Here’s a look at various home-rela...
casualty loss deduction
Posted by: Mike Scholz 3 months ago
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President. What is a casualty? It’s a sudden, unexpected or unusual event, such as a natur...
Section 179
Posted by: Mike Scholz 4 months ago
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018. 2017 Sec. 179 benefits Sec. 179 expensing allows eligibl...
20%
Posted by: Bruce Mayer 4 months ago
Cooperatives that are taxed as partnerships or S-corporations fall under the general tax rules applicable to all partnerships and S-corporations.  The Subchapter T rules that apply to incorporated cooperatives do not apply to partnerships and S-corporations. Reduction in top corporate tax rate The headline change in the new tax law is the reduction in the top corporate tax rate from 35% to 21%.  That ch...