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Health Savings Account Changes

By Tax Principal, Scott Syrjala Healthcare can be a large expense for working Americans and retirees alike. Fortunately, it's possible to set funds aside for current and future medical expenses in a tax-advantaged fashion using a Health Savings Account, or HSA. With...

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BASEBALL STADIUM DISTRICT SALES TAX ENDS MARCH 31, 2020

The Wisconsin Department of Revenue recently announced the end of the 0.1% baseball stadium sales and use tax. The local professional baseball park district board plans to make certification to the department in March 2020 for the tax to end March 31, 2020. Beginning...

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Changes to 401(k) Contribution Limits for 2020

Every year, the IRS takes a fresh look at contribution limits and makes changes as necessary. Below are some of the more significant changes for 2020: Contribution limits for employees who participate in 401(k) plans, 403(b) plans, most 457 plans and the federal...

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Give Your Taxes Your Attention 365 Days a Year

Numerous tax experts agree that addressing your tax liability effectively requires planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments just a few weeks before the...

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Social Security: Note the Key Changes for 2020

Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. Here are the basics for 2020 — what has changed, and what hasn't. First, the basic percentages have not changed: Employees and employers continue to pay...

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Navigating The New Lease Accounting Regulations: ASC 842

  As many of you are aware, the Financial Accounting Standards Board has recommended that the new standard on accounting for leases be delayed for private companies by one year to 2021. The feedback they received is that few companies would be ready to implement...

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What’s New With the Kiddie Tax?

The kiddie tax — around since 1986 — came about as an effort to close a tax loophole for the wealthy. The idea was that taxing children's children's investment and other unearned income at the same rate as their parents would eliminate a sneaky reallocation of money...

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