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WHAT WE DO
We are involved in performing: tax preparation and planning, financial planning, recordkeeping and preparation of financial statements, payroll writing and forms preparation, retirement planning, small business valuations, nonprofit financials and tax forms preparation, acting as trustees for certain personal trusts, and trying to adjust to the government rules.
WHO WE ARE
STAFF: Paul B. Edwards CPA J.D. Scott B. Edwards CPA J.D. Steven P. Edwards CPA
Recordkeeping, Tax Returns and Review Prepared Tax Returns, Advise re: Estate planning, financial planning and tax planning
Michelle Blink, Bookkeeping, Payroll and Phone, Burlington Cemetery Arrangements, Recordkeeping
Julie Kreuscher Tax returns, Payroll checks and forms, Recordkeeping
Leslie Edwards Tax Returns, Internet management, data management using computer experience
Amy Vos Tax Returns
Sue Burger Scan person
Marie LaMartina Tax Returns
Heather Savaglia Primary Photo Tax Return Person
Kari Koldeway Scan & Photo & Initial contact person at front counter and on phone
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EMAILS
While we have independent EMAILS for each employee making them available on the internet is not becoming a good thing to do because there are so many people that use their intelligence to scam other people using emails as a starting point.
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You can use egroup@edwardsgroupcpas.com or call the person working with you and they will give you their email. That account is monitored. Make sure you put the first name of the person you are wanting the message to go to. Or call and get the person's email so you can write directly to them if need be. 262-763-7616
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We like emails and answering emails as then we do not have to try to take notes so others in our office can see what was asked, answered and so on. However, having said that telephone conferences or in office conferences are not off limits.
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FROM APRIL 16, 2024 to probably JANUARY 12, 2025, we will be open from 9:00 to 4:00 Monday to Thursday , Closed Friday to Sunday. We will give notice when we go back to long hours probably starting January 13, 2025. We will still be processing tax returns on extension during that time which will be due either September 16, for Corporations, S Corporations or Partnerships and September 30, for Trusts and October 15, for Individual Returns. There also are a number a estate returns due normally on the 15th of each month during the year due to varied year ends. We will continue our recordkeeping for clients and estates, income tax and other advisory services during the times mentioned in the first sentence. During 1/15/24 to 4/15/24 our main personnel (eight people) averaged 66 hours or more a week.
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TAX IDEAS-call us if specific questions on any items. 262-763-7616
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Consider reviewing the year beginning letter, which was sent the first week of January 2024, and keep it handy, but these are some of the tax areas that need to be considered by our tax and recordkeeping clients: If you need a new copy let us know. ALSO IRS.gov Forms and instructions.
Health Savings Accounts-Publication 969
Home Mortgage Interest deductions-Publication 936
Charitable Contributions and choices-Publication 526
Searrch: for item. May get publication or latest instructions
Child Tax Credit-IRS.GOV child tax credit
Energy Efficient Home Improvement Credit
Residential Energy Efficient Property Credit
Clean Vehicle Credits
Required Minimum Distributions from IRA
Qualified Charitable Distribution from Traditional IRAs after 70 1/2
Business Mileage Rate in 2023 and 2024
Use of corporation or S corporation
Pension plans for businesses
Life Insurance use
Qualified Business Income Deduction
Using section 179 Depreciation or long use items or vehicles.
Expense single purchase items for less than $ 2,500 each
Traditional IRA rules
Roth IRA rules
Cafeteria Plans
401, 403, 457, SEP, Simple Plan, Simplified Employee Plan,
Social Security rules
Capital Gain and Loss Rules
Sale of businesses
Sale of rental properties
Use of Limited Liability Company
Sale of home rules
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401, 403401
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Individual tax returns-Federal: 2024 income tax brackets: Taxes due April 15, 2025 or October 15, 2025 with proper extension. For the 2024 tax year, there are also seven federal tax brackets percents: 10%,12%, 22%, 24%, 32% 35% and 37%. The tax bracket is determined by your filing status and taxable income in 2024. See below after employers.
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Wisconsin: RATES ARE 3.50%, 4.40%, 5.30%, 7.65%
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Full charts are available on IRS.gov and on Revenue.wi.gov.
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The Social Security maximum in 2024 at the 6.2% rate is $ 168,600.
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Medicare is collected at 1.45% without the wage limits.
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Employers match the above Social Security rates with their share.
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SEE FEDERAL CHARTS BELOW:
MOR TO COME LATER
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IRA contribution amount limits for 2024.
Those levels are now changed to: You can contribute up to $7,000 to a Traditional or Roth individual retirement account. Add in an extra $1,000 if you're 50 and over. Your contribution is restricted to the amount earned so if less than the $ 7,000 or the $ 8,000, whichever applies to you due to age, you can only contribute up to the lower amount of actual income. If income only $ 5,254 that is the number. However, normally you can count husband and wife income to determine the total you can contribute.
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If you have a will or living trust that donates some of the estate to a qualified charity, and you also own a traditional IRA that will be taxable to the beneficiaries consider:
Let the estate go to the beneficiaries and have the donation come from the IRA at x% of the total in the account or a specified amount. Your beneficiaries save the taxes on the IRA and the charity does not have to pay also.
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Long term capital gain stock. Instead of cash to charity, give the stock with the gain to charity and keep your cash. No gain to report and get a deduction for the fair market value on the date of the gift.
It is a win win situation.
* PBE POINTS
Our clients have been wonderful and we enjoy working for them and look forward to continuing, unless we run across a very negative attitude person. We would hope that it is temporary but when it is proven that it is just something that will always be present, we do ask them to go somewhere else for their tax returns, recordkeeping or planning. Some of those negative people have chosen to go on the net and give us a bad review. We guess that is what some people have time for today, rather then think about their attitude and possibly changing. We have had very good experiences with three of our former clients that are now still clients as they came and told us they did not realize their language or attitude was not easy for someone else to hear and they have changed. WOW.
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And, of course, the nonpayment of our billings does affect our attitude to some degree. When we work on an account, we want to make sure the outcome is correct, advise on items that might save clients time and money, and deliver proper tax returns, proper financial statements, and proper up to date advice. We have tried to make sure our fees are representative of the tax and accounting industries fees, and so are not happy when we do not get paid in generally a short period of time. No one would be. cl
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H S A Accounts (Health Savings Plans)
Contributions are tax deductible, earnings are tax free, and withdrawals are not taxable if used for medical expenses.
We like to see the contribution made, but use current cash if possible to pay medical bills, and leave the account build to pay medical bills after you are receiving medicare. You can continue to fund the H S A after you are 65 if you are not enrolled in medicare.
But this means also considering setting the account up somewhere you can invest the money and not just leave it in cash. Of course, this is all about cash flow and investment returns.
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