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Does Your Organization Innovate?

To innovate means to introduce something new or make changes in something established, especially by introducing new methods, ideas, or products. Should every company innovate? Absolutely! If not, you’ll get left behind. Vrakas has found an innovative resource in...

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IRS DEADLINE REMINDERS

The IRS put into place numerous deadline changes that went into effect in 2017. Please review the list to see how you might be affected and the upcoming deadlines. A)    Business Returns Calendar year Partnership returns Form 1065 are now due March 15th Calendar year...

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How Does the Gift Tax Work?

Gift givers — not gift recipients — have to pay gift tax, but you won't owe the gift tax until you've given away more than $5 million in cash or other assets during your lifetime. Simple enough. But you may still have to file gift tax returns even though you don't owe...

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What you need to know about Governor Walker’s Budget

The Waukesha County Business Alliance touched on Governor Scott Walker's budget: What you need to know about Governor Walker's Budget  This week, Governor Scott Walker formally announced his proposed 2017-19 state budget bill. The state budget plan, introduced as...

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Ex-Spouses, Pensions and Social Security

Divorce often becomes very expensive once the years of wedded bliss are ended. When married couples split up, their marital assets are fair game to be split as well. For the past 40 years, pension benefits have been protected by the Employee Retirement Security Act of...

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Know All About Your Miscellaneous Deductions

A large group of deductions is lumped together in a category, miscellaneous itemized deductions. The proviso: You may deduct these expenses only if they exceed 2 percent of your adjusted gross income. So, if you earn $50,000 in AGI, you have to come up with more than...

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Social Security Taxes: The Basics Heading into 2017

As a business owner, you're responsible for withholding certain federal taxes from your employees' wages. These include FICA taxes, or Federal Insurance Contributions Act taxes. Those that fall under FICA include Social Security and Medicare taxes. Social Security...

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Government Makes Tax-Related Inflation Adjustments

More than 50 tax provisions and rate schedules are pegged for annual inflation adjustments and will take effect for tax returns filed in 2018, according to the Internal Revenue Service: The standard deduction for married folks filing jointly rises to $12,700, up $100....

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Know What’s Up With the ACA

As a new year begins, it's a good idea to review the main provisions of the ACA to see how it relates to you and your family. Qualifying Coverage The aim of the ACA is to enable — actually require — all Americans to obtain health care coverage. Many Americans already...

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