Your home office and the mileage deduction
If you drive your car for work, you can take a deduction on your tax return based on either the standard mileage rate or the actual expenses related to the business use of your vehicle. However, commuting to and from your principal place of business is never deductible. How does that change if your home […]
Are you making it easy for someone to guess your password?
How well do your passwords protect your private information? Probably not as well as you think. In one recent test by a security firm, more than half of 625,000 passwords were easily breached by using common guessing techniques. The most common passwords used “123456″ followed by “Hello123″ and, not to be outdone, “password”. Hackers also […]
Find errors in your credit report quickly and easily
The Federal Trade Commission estimates that one in every 20 consumers has errors in his or her credit report. That’s an alarming estimate, given the fact that credit information can affect the rates you are able to obtain when applying for a mortgage, credit card or any other consumer loan. The quality of your credit […]
Capital Gains
Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you originally paid for it—is subtracted from the sales price to determine your capital gain on the sale. If your last tax return included some surprises […]
Tax Planning
Tax planning can be a benefit to individuals and businesses. We can strategize in order to minimize the amount of taxes you pay. For individuals, it can be extra money for personal expenses. For a business, minimizing the tax liability can provide more money for expenses, investment, or growth. If tax planning is something that […]
Child and Dependent Care Credit
You may be eligible for this credit if you paid for services outside of your household to take care of your child provided the payments were for a qualifying child under the age of 13 or a qualifying individual who regularly spends at least 8 hours each day in your household. The total expenses that […]
Home Office Deduction
If you use part of your home for business, you may be able to receive a deduction. This deduction is available to homeowners and renters, and applies to all types of homes. Until 2013, you used to have to allocate all the expenses of your home (mortgage interest, insurance, utilities, repairs, and depreciation) As of […]
Job Creation Deduction
Starting in 2011 a deduction is available for the increase in full time employees that are employed in Wisconsin during the taxable year. The subtraction is $2,000 per eligible employee for businesses with gross receipts greater than $5 million or $4,000 per eligible employee for businesses with gross receipts of $5 million or less. In […]
5 Common Problems for Business Owners
We’ve seen these same business challenges happen to just about all of our clients. Sometimes, it’s as simple as not knowing how to interview an accountant or an accounting firm. Other times it’s as complex as the mismanagement of payables and receivables. Five common challenges that small businesses might encounter Small businesses often face a […]
Wisconsin Income tax – Itemized deduction credit
The Wisconsin Department of Revenue has issued a personal income tax notice announcing that the itemized deduction credit was computed incorrectly on some 2013 Wisconsin income tax returns by certain tax preparation software. As previously reported, taxpayers with incomes over a certain threshold are subject to limitations on federal itemized deductions for 2013. Beginning July […]
