The best part of Black Friday for me, is waiting for videos to surface online of straight up WWE fights happening in stores over a $20 item. It is hilarious, but sometimes sad, to see the extent that some people will go to in order to say that they saved 50% on Black Friday. It reminds me of the holiday classic, Jingle All The Way. This is such a hidden gem of a Christmas movie, starring Arnold Schwarzenegger and Sinbad, who go to extreme lengths to get their hands on a Turbo Man toy for Christmas. Do not mess with someone that looks the way Arnold looks on Black Friday.
Nowadays, consumers have a much less stressful way to do their shopping….online. TAX GUY PSA: Remember that if you do not pay sales tax on your online purchases, you are to report these purchases on your Wisconsin tax return. Most online retailers now charge sales tax, however, there are still some purchases from sites such as Ebay or Amazon that do not charge you sales tax.
Tomorrow is the real day to do your shopping. Small Business Saturday. I promote Small Business Saturday every year for two reasons. 1) Our specialty is working with small business owners. I know how hard a small business owner works and the passion that they have for their business. 2) Small business success correlates with the success of your community. Keep your dollars inside of your own community instead of big box retailers in New York and California. The economic well being of your community is dependent on the success of the small businesses that occupy your community.
You won’t hear about all of the great deals that you can get on Small Business Saturday, because they don’t have millions of dollars to blow on advertisements like the retailers on Black Friday do. You can find local businesses in your area that are participating in Small Business Saturday . Also, be on the lookout for your favorite local stores’ Facebook, Instagram, and Twitter pages to see what they are offering for Small Business Saturday. Avoid the stress today, shop small tomorrow.
Thank you to everyone that nominated us for the best accountant/tax adviser in Milwaukee. We have made it to the finals for Shepherd Express' "Best Of Milwaukee 2017". All votes have reset from nominations. Please take 2 minutes out of your day to give us a vote...let's win this thing! Voting goes until November 30th. You can vote one time per email address, please encourage friends and family to vote for us as well. Thanks!!!
So, the House of Representatives passed their version of the tax bill yesterday. Does that mean everything in the bill is legal tax code now? What does that mean for your tax return? What is going on?!
As a young student, with the help of School House Rock, I learned how a bill becomes a law. The House approving the bill, is progress, but it is not finality. The progress of the bill turning into a law is now on the Senate. The Senate has their own version of the tax bill, that has many similarities, but has some twists to it. To make things even more complicated, the Chair of the Senate Committee of Finance, had the ability to “mark-up” the Senate bill. The Chairman’s Mark as it is called, gives him the ability to tweak the bill before putting it to a vote. The current chairman is Senator Orrin Hatch (R-Utah). I will try and break down the differences between the House version, the Senate version, and the Chairman’s Mark.
Is there a certain tax or financial topic you would like to see in next month's newsletter? Let us know!!
Hammernik & Associates
2448 S. 102nd Street #130
West Allis, WI 53227