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How the ‘Step-Up Basis’ Tax Rules Work in an Estate
When planning your estate, it’s important to understand the “cost” or “basis” for tax purposes that an individual gets in property he or she inherits. This is an area that’s often overlooked when families start to put their affairs in order. he Basics of Basis The basis of property you buy is usually its cost.…
Read MoreMedical Costs: Can I Really Get a Tax Break for That?
It’s difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you. For example, most insurance plans won’t cover laser eye surgery, such as radial keratotomy or “Lasik,” because they consider…
Read MoreWisconsin Manufacturers: Unlock R&D Tax Credits
R&D Tax Credits: The Opportunity Hidden in Everyday Manufacturing We see this often—companies solving complex production challenges every day without realizing those activities may qualify for valuable tax credits. If your team is: …there’s a good chance you may qualify for R&D tax credits. Unfortunately, many manufacturers who qualify may be leaving significant tax savings…
Read MoreIs It Time To Review Your Beneficiary Designations?
Estate planning involves more than just wills and trusts. Many financial assets pass directly to loved ones through beneficiary designations, making guidance from trusted tax accounting solutions Brookfield specialists essential for proper financial planning. . Too often, people designate a beneficiary when they acquire a nonprobate asset and then forget about it. But over time,…
Read MoreIs Your Business Eligible for Tariff Refunds?
Businesses searching for the best Accounting Services Brookfield providers should be aware of a significant new development affecting import-related taxes and compliance. The U.S. Supreme Court recently ruled that certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful, prompting U.S. Customs and Border Protection (CBP) to begin issuing refunds to eligible…
Read MoreFixing 401(k) Plan Errors Without IRS Involvement: What Employers Should Know
Question: Our company recently began offering a 401(k) plan. So far, things are running smoothly, but we know mistakes can happen. We’ve heard the IRS has a program for plan sponsors to fix mistakes. Are there some errors we can correct without IRS involvement? Answer: Yes. The IRS’s Employee Plans Compliance Resolution System (EPCRS) provides…
Read MoreNavigating the Social Media Minefield
Social media sites such as Twitter, Facebook, LinkedIn, YouTube and blogs can be powerful business tools. But they also carry risks, including inadvertently disclosing corporate trade secrets or engaging in behavior that can harm your company’s reputation. These concerns, combined with obligations to maintain confidentiality and worries about employee productivity, have prompted some businesses to…
Read MoreTax-Smart Ways to Get Cash Out of Your C Corporation
If your family business operates as a C corporation, watch out for double taxation whenever you withdraw cash from the company. If the corporation has current or accumulated earnings and profits, the IRS generally considers payments to shareholders to be taxable dividends — unless there’s proof payments were for another purpose (such as compensation for…
Read MoreWhy Now Is a Good Time to Review Your Withholding
Filing your 2025 federal income tax return can provide valuable insights to help with 2026 tax planning. For example, if you receive a large refund or owe significant taxes for 2025, you can benefit from revisiting your withholding for 2026. Although a large refund can provide an enjoyable cash boost, it really means you were…
Read More4 Types of Deductible Interest Expense for Individuals
How can you deduct interest expense on your 2025 individual federal income tax return and beyond? Let us count the ways. Although personal interest expense isn’t deductible in general — for example, you can’t deduct credit card interest — there are four types of interest expense that are deductible if you meet the requirements. As…
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