Do YOU think we are the BEST tax and accounting service in the Milwaukee area? Nominate us for Shepherd Express' "Best Of Milwaukee" contest. Each year the Shepherd Express media outlet holds a contest for various business industries in the Milwaukee area. Nominations are held until October 19th, and then they will select the finalists to battle it out from there. You can nominate Hammernik & Associates under the 'Services Rendered' category > Tax Advisors/Accountants. Nominating us will take you less than a minute of your time. We appreciate it!!
The new tax reform proposal calls for the end of AMT
Summer is coming to an end, and that means it is time to go back to school for kids of all ages. Education can come at a pretty large cost. The IRS has a few deductions and credits available to taxpayers that pay tuition to try and help offset costs. There is even a dedcution for all of you teachers out there. Click below to read more. All tax laws from the time of the blog still apply to this tax year.The proposed tax reform that is in the current limelight has different angles to it which could affect a wide array of American taxpayers. One of the proposed issues involves the AMT. You may be asking yourself, what the heck is AMT? Is that the machine that dispenses money? Haha no, it actually does the opposite, it takes your money. AMT is an acronym for Alternative Minimum Tax.... click below to continue reading.
A few weeks ago, we posted on hammernikassoc.com and our Facebook page about the Equifax hack. Since that time, there have been a few updates. In an earlier post, we had suggested applying for an IPIN if you were a victim of the Equifax breach. However, the IRS has now come out with a statement in regards to this issue. Presumably due to high volume, the IRS will only accept ID Theft Affidavits and issue IPIN’s if you can confirm that somebody is using your personal information. They will not issue you an IPIN if you were affected by the breach and you do not have proof somebody is using your information. If you are considering a credit freeze or fraud alert, please check out our blog with those procedures. Also in the blog, you can find information to help you find out if you were a part of the Equifax hack.
Athletes contracts nowadays can be eye popping. But how much money are they actually taking home? One of my favorite follows, Robert Raiola, is an expert in sports tax. He teamed up with ESPN and they put together a breakdown of some of the NBA's stars' salaries. Athletes that play their home games in states that do not have state income tax get to keep a little bit more of their money.
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