Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions. To do that, they must itemize their deductions instead of taking the standard deduction on their tax return.
Here are several tips in dealing to think about when dealing with miscellaneous deductions:
In this first article of a five part series, the discussion will involve the general concept of not-for-profit (AKA nonprofit) accounting and what must be reported when providing information externally. The succeeding parts of the series will break down each financial statement that is required to be reported, giving further insight into each.
When must a not-for-profit organization externally report their financials?
The global ransomware attack dubbed WannaCry marked an unwelcome precedent in the dark world of cybercrime. It is the first cyberattack that combined ransomware with the self-propagating power of a “worm” to generate a wide-ranging global attack, affecting some 200,000 computers in more than 150 countries with the toll still rising. The hackers behind the scheme took standard ransomware and were able to replicate it on a global scale.
WKMR Welcomes New Staff Members
WKMR recently welcomed two new team members.
• Andrew Bainbridge has joined WKMR as the Firm Administrator.
• Erin Halfen joined our Oconomowoc Office as an Administrative Assistant.
We welcome you both and are proud to have you as part of the team.
WKMR is Pleased to Announce the Following Promotions