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House GOP “Tax Cuts and Jobs Act”

Special Report: House GOP Proposes Sweeping Tax Code Overhaul  House Republicans unveiled a major overhaul of the Internal Revenue Code on November 2, 2017 The proposed "Tax Cuts and Jobs Act" would impact virtually every individual and business on a level not seen in...

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Club Dues: Deductible Or Not Deductible

The IRS distinguishes between dues paid to clubs, which often are not deductible, and dues paid to professional organizations, which are often deductible. Generally, you cannot deduct dues paid to social, athletic, sporting, airline, hotel, and luncheon clubs. The IRS...

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Code Sec. 199 – Planning for the Construction Industry

Code Sec. 199 allows taxpayers a deduction based upon gross receipts derived from qualifying production property manufactured in the United States. Construction activities qualify for this deduction. Based upon a review of your tax return, you may be interested in the...

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The Pros and Cons of Becoming an ESOP

An ESOP is not the only way for employees to own a company, but it is by far the most common. Although the concept was almost unknown until 1974, by 2014, about 7,000 companies had ESOPs covering 13.5 million employees, according to the National Center for Employee...

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Know the Tax Rules for Part-time or Seasonal Help

As an employer, you normally have to file a quarterly Form 941 to report your employees' wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social...

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Federal and Wisconsin Business Incentives For Manufacturers

In order to maintain a competitive edge in the manufacturing and distribution industries, businesses must proactively manage global competition and rising costs. At the same time, they must sustain a constant focus on customer satisfaction. At Vrakas, we specialize in...

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Take a Look at the New HSA Plan Limits

For 2018, individuals can contribute up to $3,450, up from $3,400 in 2017, while family contributions are up to $6,900, up from $6,750 in 2017. The maximum out-of-pocket figures are up too: $6,650 for single coverage, up from $6,550 in 2017, and $13,300 for family...

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Hobby vs. Business: Where Do You Draw the Line?

What's in a word? A world of tax consequences when the word is "business" or "hobby." In a nutshell: If you and the IRS determine that an activity is a business, you'll owe taxes on profits and will be allowed to deduct expenses for conducting that business. But if...

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Want to Succeed? Become a Joiner!

Where can you count on endless networking opportunities? Business organizations offer many chances for joining likeminded professionals and learning more about your chosen field. Take the plunge to: Take charge of your career — Associations often have job listings...

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