NEW &  NOTEWORTHY
Please reload

Please reload

December 27, 2018

Charitable giving is a whole new ballgame for taxpayers now that most itemized deductions have been reduced or eliminated and the standard deduction has nearly doubled. This will likely prompt a lot of taxpayers to adjust their charitable giving tax plan this year.

Luck...

December 27, 2018

So you're ready to open an individual retirement account, but you're not quite sure what's going to work for your situation. Don't worry. Here's a quick overview to help you decide.

The IRA differences

IRAs generally fit into two categories: traditional IRAs and Roth IRA...

December 27, 2018

If you rent out a living space such as a vacation home (or even a boat or recreational vehicle), consider these items as you determine whether or not you can take advantage of the tax breaks:

•  Know when you have to report income. If you rent out your home for 14 or fe...

December 27, 2018

The Wisconsin Senate voted Tuesday to give Wisconsin residents a one-weekend sales tax holiday in addition to a one-time $100-per-child tax rebate.  Below is information to take advantage of the rebate and holiday.


Wisconsin Child Sales Tax Rebate

Wisconsin is also givi...

December 27, 2018

Tax Day has passed, but that doesn't mean all of your tax issues have been resolved. Here are answers to three popular questions taxpayers ask post-tax season:

1. What happens if I didn't file on time?

There's no penalty for filing a late return after the tax deadline if...

December 27, 2018

A lot of people like to receive a refund from the IRS, thinking of it as a form of forced saving.  On the other hand, if you underpay your taxes by more than $1,000 and don't meet certain exceptions, you could be hit with a penalty.

Too big a refund or too large a tax b...

December 27, 2018

The Tax Cuts and Jobs Act signed into law at the end of 2017 sets the estate tax exemption at $11.2 million per individual for 2018.  (The exemption amount is adjusted annually for inflation.)

Now that the estate tax exemption has seriously increased, it's time to revie...

December 27, 2018

Some of the most significant tax changes since the 1980s took effect in 2018. Congress passed a new tax bill in late December 2017. Here's a brief recap:

• Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket d...

December 27, 2018

As the year ends, we are finding more planning opportunities and questions.  Here are some of the common questions and items we are coming across:

  1. Real Estate Taxes – Should I pay ahead in December or defer to the bill’s due date or pay monthly via escrow?  Answer:...

December 27, 2018

Have you started a new business or hobby? If so, the tax difference between the two could turn out to be very important when it comes to your tax bill.


2018 tax law changes for hobbyists

If the IRS considers your new venture a business, you can generally deduct expenses...

Please reload