Thanksgiving Insights & Charitable Contributions Update

The Team at Wisdom CPAs would like to wish our clients, community, friends & family a happy Thanksgiving and safe travels over the holiday. As we approach the Thanksgiving & Christmas seasons (in the strangest year on record), we recognize many of you make monetary & food donation contributions to various organizations. In order for charitable contributions to be deductible, …

S-Corporation

What is an S-Corporation? An S-Corporation, commonly referred to as a small business corporation, is a common tax designation that provides significant savings to small business owners. A subchapter S corporation is a status granted by the IRS that allows income, deductions, and credits to flow through to the shareholder’s personal tax return. This means that the S-Corporation itself does …

When is the deadline? What is an Extension?

This coming tax season individual income tax returns are due on April 15th, 2020. Do you need more time to file your tax return? No problem! You can request a six-month automatic extension, which will give you until October 15th, 2020 to file. Although you have an extension to file your tax return, your tax liability must be paid by …

Kansas Sales Tax

Kansas imposes a 6.5% retailers sales tax on: Sale of tangible personal property Labor services to install or repair tangible personal property Admission to entertainment establishments Sales tax is paid by the final consumer of taxable goods or services. Businesses who purchase products to resell do not pay sales tax on these purchases, as they will collect sales tax from …