bonus money with ribbon

Taxing Year-end Bonuses

Most employees welcome a year-end bonus, but many are confused about how this additional income is taxed. Many times the employee will be shocked at the large amount of Federal and State income taxes withheld from the bonus check. The fact is that in most cases, the employer is mandated to withhold taxes on bonus payments at rates higher than a typical paycheck.

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record keeping

Why Should I Keep Records?

Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns.

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R&D Tax Credit assembly line

Changes to the Alternative Simplified R and D Tax Credit Can Help Your Business

RandDTaxCredit 300x182In 1981, the R&D Tax Credit was added to the tax code as part of the Economic Recovery Tax Act. It has been renewed regularly and remains in effect through the current tax year. Over the intervening years, however, several changes and clarifications have been made to the original R&D Tax Credit. A four-part test is generally applied to R&D expenses to ensure that they qualify under this tax credit:

  • The R&D expenditures must have been made for a permitted purpose, usually to improve existing products or to create new ones.
  • A systematic process of experimentation must be followed to ensure the scientific validity of the results.
  • There must be an intention to eliminate uncertainty regarding the method used to develop or improve current technologies.
  • The R&D performed must be directed toward technological and scientific advances in the fields of engineering, computer science or the physical and biological sciences. Read More >
Future 50

Chortek is Proud to be a Sponsor of Future 50

The MMAC/COSBE Future 50 Program, established in 1980, recognizes privately-owned companies in the seven county region that have been in business for at least three years and have shown significant revenue and employment growth. The companies are honored at two well-attended events: a Future 50 awards cocktail reception on Tuesday, September 9th and Future 50 awards luncheon on Thursday September 11th.

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BizTimes Milwaukee

BizTimes Highlights Chortek’s Food and Beverage Niche Practice

milwaukee biztimes coverThe May 26th issue of BizTimes Milwaukee Magazine highlights Chortek’s concentrated focus upon the Food & Beverage Industry.

Business is good for craft beer brewers, bread makers and cheese meisters in Wisconsin and beyond… Chortek is serving up accounting and tax strategies to maximize their profits and ensure future growth.

Partner Mark Albrecht and Tom McRae, Director of Business Development discuss Chortek’s commitment to serving the specialized financial needs of this industry.

Read the complete BizTimes Milwaukee story here.

BizTimes Milwaukee

BizTimes Highlights Chortek’s Food and Beverage Niche Practice

milwaukee biztimes coverThe May 26th issue of BizTimes Milwaukee Magazine highlights Chortek’s concentrated focus upon the Food & Beverage Industry.

Business is good for craft beer brewers, bread makers and cheese meisters in Wisconsin and beyond… Chortek is serving up accounting and tax strategies to maximize their profits and ensure future growth.

Partner Mark Albrecht and Tom McRae, Director of Business Development discuss Chortek’s commitment to serving the specialized financial needs of this industry.

Read the complete BizTimes Milwaukee story here.

business vacation

Mix Business With Pleasure

Mix business with pleasure and get a tax deduction!

When mixing business with vacation on out of town trips, follow these key strategies to maximize your tax savings from the cost of travel, meals and lodging: Read More >

Inc 500 5000 logo

Congratulations Inc. 500/5000 Clients

Inc. Magazine recently published their 32nd annual list of the top 500 fastest growing private companies in America. At Chortek, we are thrilled to congratulate our client, Patina Solutions for making the list. Since 2009, Patina Solutions has grown by 1,555 percent.

Inc. Magazine also released their 2013 Inc. 5000 List and we are thrilled to congratulate another client, Doig Corporation, for making the list.

Both Patina Solutions and Doig Corporation have demonstrated outstanding performance and are significant contributors to the local business landscape. At Chortek, we are honored to provide innovative, client-centric solutions that enable high growth businesses like these to excel.

Chortek Expands Waukesha Team

Chortek LLP, a CPA and business advisory firm with a 65+ year legacy of serving private businesses, governmental entities and individual clients throughout the nation is excited to announce the addition of eight new team members hired in various roles within our Accounting, Tax, Technology Consulting and Merger and Acquisition divisions.

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