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Check Your Withholding Now

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they're withholding the right amount of tax from their paychecks. You can check out the IRS Withholding Calculator to help navigate the complexities of...

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How to Manage the Home Office Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. There are basically two methods for deducting the...

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Moving and Mileage: Roundup of TCJA Changes

The IRS has provided information to taxpayers and employers about changes related to the Tax Cuts and Jobs Act on the rules for these expenses: moving, vehicle and unreimbursed employee. But there's a bright spot: The agency offered information about higher...

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Supreme Court Ruling on Online Sales Tax Sows More Confusion

It has long been the rule that a state cannot collect sales tax from a vendor that is selling products in that state, unless that vendor has a physical presence, called a nexus. However, on June 21, in a 5-4 decision, the Supreme Court swept away the nexus rule...

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Understanding Your Payroll Tax Liabilities

On the federal level, employer-only taxes include Social Security tax, Medicare tax, and federal unemployment (or FUTA) tax, which are administered by the Internal Revenue Service (IRS). On the state level, employers are on the hook for state unemployment (or SUTA)...

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What Every Employer Must Know About State Unemployment Tax

Although most wages are subject to SUTA tax, certain wages may be exempt. In New York, for example, wages paid to babysitters under 18 years of age, church employees, and certain family members are exempt from SUTA tax. Therefore, it’s essential to check with your...

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Wisconsin’s Sales Tax Holiday

Governor Walker recently signed into law a new sales tax holiday from August 1 through August 5, 2018. During the five day sales tax holiday, retail sales of certain items will not be subject to sales tax. Items Included In Sales Tax Holiday Clothing with a sales...

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Are You Maximizing Your Company’s Value?

By Paul D. Schoessow, CVA  As a small business owner, your business is likely one of your most valuable assets and at some point you may want to either sell your business or establish a succession plan in order to preserve your legacy. To maximize your selling price...

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Wisconsin’s Child Tax Rebate

Wisconsin ended the last fiscal year with a surplus. Governor Walker and the State Legislature are returning the surplus to certain taxpayers in the form of a Child Sales Tax Rebate. The $100 rebate is available for sales and use tax paid on purchases made for raising...

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HSA Family Contribution Update

The IRS announced in Revenue Procedure 2018-27 relief for taxpayers with family coverage under high deductible health plans. The procedure re-instates the originally announced maximum contribution limit for 2018 of $6,900. In March of 2018, the IRS had revised the...

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