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(920) 452-6199


813 N 6th St,
Sheboygan, WI 53081

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Certified Public Accounting

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Kerwin & LeMahieu LLC, Sheboygan, WI. 75 likes | 2 were here. At Kerwin & LeMahieu, LLC, we believe in the value of relationships, and strive to give. .

You can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. If you file a joint return, you and your spouse can each contribute to an IRA even if only one of you has taxable compensation. In some cases, you may need to reduce your deduction for traditional IRA contributions. This rule applies if you or your spouse has a retirement plan at work and your income is above a certain level. You have until April 15, 2015, to make an IRA contribution for 2014.

You can make tax-free gifts of $14,000 per recipient (unlimited in number) for 2014. You and your spouse can also combine gift-tax exclusions and make tax-free gifts per recipient of up to $28,000. Bear in mind too that you can make unlimited tax-free gifts for qualified tuition or medical expenses of another person (must be paid directly to a medical or educational institution).

Severe delays and inconvenience for millions of taxpayers could result in 2015 if the U.S. Congress fails to deal soon with a list of temporary tax laws that expired at the end of 2013, the Internal Revenue Service and a key senator warned on Tuesday. Known as the “extenders,” the more than 50 expired tax laws are in limbo, waiting for Congress to decide whether to renew them or not. They range from tax breaks for multinational corporations to breaks for alternative energy and school teachers.

Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Deductible travel expenses may include: transportation, car expenses, lodging costs,the cost of meals, and taxi or other transportation costs between the airport or station and your hotel. For more information, give our office a call at 920-452-6199.

If you travel for business and take a deduction for mileage on your tax return, please read the following: Income Tax—Calendar Notes Not Enough to Substantiate Vehicle Expenses: A taxpayer, who was employed as an outside direct sales representative, used his truck to call upon customers. Per company policy, he wasn’t reimbursed for his expenses. To keep track of his truck expenses, he kept records in a calendar planner book by documenting his truck’s odometer readings at the . beginning and end of each month, but no other information related to vehicle usage (personal or business) was included. On his Schedule A for the year, the taxpayer claimed a deduction of over $20,000 in vehicle expenses, based on the standard mileage rate, which the IRS disallowed for lack of substantiation. The Tax Court agreed with the IRS, concluding that although the taxpayer had unreimbursed travel expenses related to his employment, he failed to follow the strict substantiation requirements of IRC Sec. 274(d) . The taxpayer’s calendar, while contemporaneous, did not sufficiently document the business purpose of each business use of his truck. David H. Garza , TC Memo 2014-121 (Tax Ct.).

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Please let us know if you have any questions about this tax credit 920-452-6199

Don’t forget that if you make estimated tax payments to a federal or state government, the 2nd quarter estimate is due on Monday!

If you missed the April 15 tax filing deadline, don’t panic. If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return if you are due a refund. If you need assistance, give our office a call and we would be happy to assist you. 920-452-6199

Do you plan on making year end donations to charities? Here are some things to remember. To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date.

The Internal Revenue Service has issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: •56 cents per mile for business miles driven. •23.5 cents per mile driven for medical or moving purposes •14 cents per mile driven in service of charitable organizations

If your employer offers you a health flexible spending arrangement (health FSAs) benefit you want to check with them to see if the plan has been modified to allow employees to carry over unused amounts at the end of the year. IRS modified the “use-or-lose” rule for health flexible spending arrangements (health FSAs) in order to allow, at the plan sponsor’s option, participating employees to carry over up to $500 of unused amounts remaining at year-end. Previously, any amounts that weren’t used by year-end would be forfeited. Certain plan sponsors may be eligible to take advantage of this option as early as plan year 2013.

This is just a reminder as you prepare your information for tax preparation in the next few months. A scary IRS court case in 2008 reminds us of the rules on charitable contributions. ALL deductions of any amount must have a receipt. Any individual contribution over $250 must also have an acknowledgement letter from the charity, and the letter must be dated by the date we file your return. The letter should show the date and amount of any individual contribution over $250, and should also state that no goods or services were received in return for the contribution.

Don’t forget to take required minimum distributions (RMDs) from your IRA or 401(k) plan (or other employer-sponsored retired plan) if you have reached age 70-1/2. Failure to take a required withdrawal can result in a penalty of 50% of the amount of the RMD not withdrawn. If you turned age 70-1/2 in 2013, you can delay the first required distribution to 2013, but don’t forget you’ll still have to take next years distribution in 2014 as well.

For the second year in a row, the star, t of tax season will be delayed, the Internal Revenue Service announced on Tuesday. Due to the 16-day government shutdown, the IRS says it needs more time to program and test its systems. However, the April 15 due date is not being pushed back.

If you need to make some energy efficient improvements to your home, you may want to do so by the end of the year or miss out on the opportunity to claim a credit on your federal tax return. The nonrefundable credit is available for insullation material, exterior windows and skylights and exterior doors installed during 2013. The credit is limited based on each taxpayers situation, please call us to find out how you may benefit from this credit.

Are you looking for a way to redue your taxes over the long term? If you believe a Roth IRA is better than a traditional IRA, and want to remain in the market for the long term, consider converting traditional-IRA money invested in beaten-down stocks (or mutual funds) into a Roth IRA if eligible to do so. Keep in mind, however, that such a conversion will increase your adjusted gross income for 2013.

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