Winter Tax Newsletter

Deductions for Dining Out

Perhaps the most obvious way to deduct dining costs is to buy a meal for someone with whom you do business or would like to do business. The good news is that everything counts: food, drinks, tax, and tip. The bad news? Meal costs typically are considered entertainment expenses, which generally have a 50% cap on deductions.

Happy Holidays from Smith Schafer




Tax Tips

Tax season is right around the corner!

Listen to this short webinar to learn three quick tax tips.  

Click here to listen to the four minute webinar.


For more information on this topic or tax-planning questions you may have, please contact your Smith Schafer professional or send an email to



Learn questions to ask yourself before your W-2's are processed by listening to the webinar below.

Save time and money by listening to this three minute webinar.

Click here to listen.


For more information on this topic or tax-planning questions you may have, please contact your Smith Schafer professional or send an email to

The Pension Protection Act Document Restatement Period

Question & Answer

Does your company offer a retirement plan? If so, an important deadline is approaching. Internal Revenue Service (IRS) requires all pre-approved defined contribution plans be updated every six years to comply with changes to laws and regulations made since the previous restatement cycle. The Pension Protection Act (PPA) document restatement period runs from May 1, 2014 through April 30, 2016. Sponsors of any defined contribution retirement plans are required to restate their plans or risk disqualification of the plan and possible taxation and penalties.

Below are frequently asked questions:

New IRS Repair Regulations


On August 14, 2014, the IRS released final regulations regarding dispositions of tangible depreciable property.

Click here to read more. 

Year-End Reporting


As the holiday season is approaching, it can mean only one thing; TAX TIME IS HERE AGAIN. With the onset of a new year, all businesses must disclose employee wage and vendor payments for the prior year through W-2 and 1099-Misc. forms. As you look to prepare these forms there are a number of things to keep in mind.


W-2 Reporting

This will be the second year, W-2 forms will include the additional .9 percent Medicare surtax and possibly health insurance premium reporting. Employees who had wages over $200,000, which resulted in the additional .9 percent Medicare surtax being withheld from their paychecks, will have the amount reported with their normal Medicare withholding in box six of the W-2. 

Mn Seia - Midwest Gateway to Solar Conference

Steve Erchul at the Solar Expo

Our Managing Principal, Steve Erchul, is a panel speaker at the MN Seia - Midwest Gateway to Solar conference. Steve will discuss the potential tax implications surrounding the value of solar. 

Steve specializes in business and individual tax planning and consulting for the solar industry.


Fall Tax Newsletter

As always, savvy planning in the last quarter of the year can pay off in lower taxes next year when you file your return. Some tax planning is fundamental: most people will benefit by accelerating tax deductions into 2014, while deferring income into 2015. Yet, there is now a distinct divide between taxpayers reporting high income and all other Americans. Generally speaking, as a result of recent legislation, if your annual income is over $200,000 you must cope with far more tax complexity than other taxpayers face.

Click here to read more.

Red Wing Chamber Business Expo

Amanda Schroeder and Diane Johnson at the Red Wing Chamber Expo

Red Wing Chamber Business Expo

Red Wing staff enjoyed networking with local businesses at the Red Wing Chamber of Commerce Chamber Expo at the St. James Hotel on Oct. 21. 

"Lots of great food, drinks and interaction with old faces and new."