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What to Do if You’re Audited

he IRS will assure you that you've been randomly selected for closer examination. You may feel totally unhinged, like you are entering Dante's Inferno. For one Manhattan man, the letter about the audit was the opening act of a five-month-long drama. He methodically...

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Don’t Try to Be Funny with the IRS

Nobody likes paying taxes, and the IRS gets that. But citizens who come up with the-dog-ate-my-homework excuses for not paying their fair share of taxes really annoy the U.S. government. They're called "frivolous tax arguments," and the IRS has a response for every...

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Don’t Forget Your Military Tax Breaks

If you're in the U.S. military, Uncle Sam thanks you for your service in the way of special tax breaks. Some types of income are not taxable, some deductions and credits are especially for you, and you may be able to get more time to file your federal tax return and...

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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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