May 25, 2020
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.
May 15, 2020
With more of us likely staying close to home this summer, why not plan to either start a healthy and regular workout schedule or enhance your current routine? It’s never too late in the year to get your healthy on, so we’ve compiled a short list of tips to get you moving.
May 15, 2020
Buying life insurance in the time of COVID-19
May 13, 2020
Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.
May 11, 2020
Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.
May 10, 2020
Where small businesses can look for emergency bridge loans
May 8, 2020
As the Economic Impact Payments (EIPs) continue to go out, the IRS has released information about why you might not have gotten a payment. There’s also a new tool to check the status of your EIP.
May 6, 2020
A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19 relief fixes the error and may result in revenue for eligible businesses.
May 1, 2020
Summer is typically the time people start planning vacations—Disney World…cruises…the beach. This year, however, travel may not be in the cards. But that doesn’t mean you have to sacrifice down time and fun with the family. Make this the year you plan a fantastic staycation! Here are some tips to make sure you can kick back, relax and have a memorable time with a vacation at home.
April 24, 2020
When are interest payments deductible?
April 22, 2020
Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.
April 20, 2020
The Work Opportunity Tax credit was set to expire on Dec. 31, 2019. But a law passed late last year extends it through Dec. 31, 2020. Here’s how employers can benefit.
April 17, 2020
Perfect Pair, Accounting & Technology
April 15, 2020
The fact is that many of us are now working from home…and we’re not sure just how long this will be a necessity. With this in mind, we compiled a list of best practices to support a successful and secure work-from-home operation.
April 15, 2020
The child tax credit is more valuable than it was a few years ago. In addition, more taxpayers are able to benefit from it. Here are the rules.
April 13, 2020
When it comes to executive compensation, C corporation owners need to keep it “reasonable.” Here’s why...
April 1, 2020
Working from home has increased in popularity over the past several years. But today, amidst the COVID-19 crisis, it’s not only popular, but required for many. Moving from a hustle-and-bustle professional workspace to a home office can be a major transition for many. To help you make the move successfully, here are a few tips to reduce distractions while working from home:
March 27, 2020
Is the product’s price right?
March 25, 2020
Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible, you still have time to contribute to an IRA, Roth IRA or SEP and benefit on your 2019 tax return.
March 23, 2020
Are you an employer who sponsors a tax-favored defined contribution plan? The recently enacted SECURE Act includes a new requirement for you. Here are the details
March 16, 2020
If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file early. Here are a few top reasons why you should…
March 9, 2020
Employers in the food and beverage industry may be eligible for a valuable tax break with the FICA tip credit. Here’s how it works.
February 28, 2020
The latest news on taking RMDs
February 26, 2020
Not all tax figures are annually adjusted for inflation or change due to legislation. But many do. Here are some Q&As about tax-related figures for 2020.
February 24, 2020
The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.
February 24, 2020
How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers to these and other questions about annual tax-related inflation adjustments affecting businesses.
February 21, 2020
Succeeding In Business By A Wide Margin
February 19, 2020
You may assume that if you make a charitable contribution to an eligible organization, you’ll receive a tax break for it. That may not be the case anymore. Here’s why.
February 17, 2020
It’s that time of year when everyone can agree on one thing: Paying taxes is a drag. As we progress into a new tax season, follow these tips to help avoid a heavy tax burden this year:
February 17, 2020
Your business can generally claim vehicle expense deductions by either calculating the actual expenses or using the IRS’s standard mileage rate, which has decreased slightly for 2020. Here are the details.
February 14, 2020
Take the money and...
February 12, 2020
Be an early-bird tax return filer this year. It may protect you from tax identity theft. Here’s why.
February 10, 2020
Are you an employer who sponsors a tax-favored defined contribution plan? The recently enacted SECURE Act includes a new requirement for you. Here are the details
February 7, 2020
Hot stock tip or cold-blooded fraud?
February 5, 2020
A new law might provide you with tax-saving opportunities related to your IRA or retirement plan.
February 3, 2020
Okay, so maybe not magical…but there are things you can do to rev up engagement in your meetings. After all, it’s likely that you spend at least 25 percent of your professional time in meetings, so why not put a little work into making them more appealing for all those involved. To get you started, give the following five tips a try:
February 3, 2020
Small businesses: The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law. It has provisions that may be of interest to you if you have a retirement plan for employees or are thinking of adding one.
January 24, 2020
Budgeting facts and tips for individuals
January 22, 2020
These days, many people work from home. But they don’t all qualify to deduct the expenses of a home office on their tax returns. Here are the basic rules.
January 20, 2020
Good news for businesses and employers: A new law provides federal tax relief. Here are five highlights.
January 15, 2020
There’s no better time to talk about goals than the start of a new year. And what better topic than your career? The following are a few tips to help you set reasonable and achievable goals this year:
January 10, 2020
M&As: Looking back at 2019, looking forward to 2020
January 8, 2020
These days, many people have side “gigs” to earn extra money. Find out more about the tax consequences of taking on these jobs.
January 6, 2020
Does your business make online, phone or mail-order sales in states where it lacks a physical presence? If so, it’s critical to find out if those states have economic nexus laws and determine whether your activities are enough to trigger them.
January 2, 2020
The New Year is the best time to take stock of your finances. So, as you begin the season of self-reflection and goal-making, take the time to review your spending and start making plans for a financially healthy 2020! Here are a few tips to get you started:
December 27, 2019
Your move - Motivate workers with gamification
December 25, 2019
Before you know it, 2020 will be here. You may still have time to reduce your federal tax liability by taking these steps.
December 23, 2019
Are you giving holiday gifts to employees or customers? Or is your business throwing a holiday party? Make sure you understand the tax implications.
December 20, 2019
Do mutual funds really offer "free money" in December?
December 18, 2019
There’s a tax-smart strategy for high-net-worth individuals over 70-1/2 years old who have IRAs and are charitably minded.
December 16, 2019
Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face.
December 16, 2019
The holidays are all about spreading cheer…not calories and cavities. So, why not try a few dessert recipes that put a healthier spin on some holiday treat favorites. We offer a few tested (and delicious) recipe ideas for you here:
December 13, 2019
Reverse mortgages – Look before you leap
December 11, 2019
Have you cashed in some investment gains in 2019? You may be looking for unrealized losses in your portfolio so you can sell those investments to offset your gains before year end. This can reduce your tax liability. But don’t run afoul of this rule.
December 9, 2019
Cost segregation studies can yield substantial benefits, but they’re not right for every business. Learn more about how this strategy can help accelerate depreciation deductions on the building that houses your operation.
December 6, 2019
4 Payroll Management Tips for Growing Companies
December 4, 2019
Are you looking for ways to save for your child’s or grandchild’s education? Or do you want to save for private elementary and secondary school? A Coverdell Education Savings Account may help.
December 2, 2019
Health Savings Accounts offer a flexible, tax-advantaged option for providing health care coverage. Employers and employees can benefit. Here’s a look at what an HSA could mean for your business.
December 2, 2019
Hosting a holiday party for your staff is one of the best ways to show them you care—while also creating some meaningful, team-driven memories. Follow our tips below for hosting a memorable soiree that doesn’t push your stress or your budget past your limit.
November 22, 2019
Mind the tax gap
November 20, 2019
Have you received a text, letter, email or phone call purporting to be from the IRS? Don’t become the victim of a scam. Here’s what you should look out for.
November 18, 2019
Unemployment taxes can cost your business a bundle. That is especially true if a lot of former employees file unemployment claims against your business. Fortunately, you may be able to reduce your unemployment tax bill.
November 15, 2019
If you have retirement on your mind, the big question is this: Are you in a financial position to do so? While nothing replaces the advice of a seasoned advisor, you can take your first step to answering this question by applying a simple 5-step calculation.
November 8, 2019
If you’re not a fan of Black Friday chaos—you know…the crowds, the rush, the relentless search for a parking space—then ditch the onsite shopping this year while still enjoying the sweet deals.
November 8, 2019
What does your balance sheet reveal?
November 6, 2019
With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.
November 4, 2019
As a business owner, are you worried about being audited by the IRS? Here’s what you need to know to be prepared for an audit and respond effectively.
November 1, 2019
The Department of Labor (DOL) announced a final rule that allows a much larger pool of employees to earn overtime if they work more than 40 hours per week. Specifically, the DOL raised the salary level for employees who are counted as “exempt” (or unable to earn overtime pay).
October 30, 2019
If you own Series EE bonds, check the issue dates on your bonds. If they’re no longer earning interest, you probably want to redeem them. Read this article to learn more on that and how the interest on the bonds is taxed.
October 28, 2019
Nearly every business has a website and the IRS hasn’t yet released official guidance on the tax treatment of website development costs. However, you can apply existing guidance on other costs. Here’s the story.
October 25, 2019
You see robots - The IRS sees capital gains
October 23, 2019
Want to offset the high cost of college? There may be a federal tax credit for higher education costs that you can claim. Here are the basic details.
October 21, 2019
Dividends paid out by corporations are taxable to shareholders and can’t be deducted by the corporation. But there may be ways to get cash out of your corporation without dividend treatment. Here are five ideas.
October 18, 2019
College costs keep going up and up ...
October 16, 2019
Getting a divorce can be a painful process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the process of getting a divorce.
October 15, 2019
If you’re starting a second business, then you know everything that’s involved with a business launch. However, there are a few business basics that every entrepreneur should revisit before diving into another enterprise. Consider these business basics and then put them into a well-thought-out business plan:
October 14, 2019
There are many retirement plan options for small business owners and their employees. Here’s a quick rundown of three of them.
October 11, 2019
Welcome to the gig economy
October 9, 2019
Are you an educator heading back to school and spending money out of your pocket to teach your students? You may be eligible for a special tax break.
October 7, 2019
For many business owners, a company car is a sign they’ve achieved success. Here are the basic tax breaks and tax implications involved in this fringe benefit.
October 1, 2019
The 2019 small and midsized business (SMB) Cyberthreat Study from Keeper Security reported that nearly two out of three SMB owners do not feel threatened by or are not concerned about cyber attacks. Yet, in the previous year’s study, two out of three business owners reported falling victim to some level of data breach.
September 27, 2019
Drop something? How to pick up the pieces
September 25, 2019
Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs. Here are three areas to understand in order to maximize your retirement savings.
September 23, 2019
One of the most popular business structures is the S corporation because of its liability protection and tax benefits. Could it work for you?
September 18, 2019
If you’re married and file a joint return, what happens if your spouse doesn’t disclose all of his or her income or otherwise doesn’t pay the correct tax owed? You’re generally liable for the full amount but there may be “innocent spouse” relief.
September 18, 2019
Let your business vehicle do the heavy lifting
September 16, 2019
We can all get caught up in the day…meetings, calls, texts, emails and the myriad of other workday demands that pile up quickly and can create unwanted stress.
September 16, 2019
If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and how to proceed.
September 13, 2019
Can your business survive a disaster?
September 11, 2019
If you’re fortunate enough to hit a sizable jackpot in the lottery or while gambling, there are tax implications. Here’s a rundown of the basics.
September 9, 2019
Is your small business accepting or using bitcoin or other virtual currencies yet? Familiarize yourself with the tax consequences, because the IRS is targeting users who fail to report and pay tax on transactions.
September 6, 2019
How women can bridge the retirement gap
September 4, 2019
If your child or grandchild has unearned income from dividends, interest and capital gains, beware of the “kiddie tax.” Your family may be hit even harder by the tax under current law.
September 2, 2019
If you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may provide a valuable tax break.
August 30, 2019
"Tax due" adds up fast if you don't withhold enough
August 29, 2019
Labor Day is upon us—a popular holiday that is dedicated to the millions of women and men who keep this country going strong. For many, it also means that it’s time to break out the grill for that big end-of-summer celebration. And because most of us aren’t Grill Masters, this is a good time for a refresh on some basic grilling safety tips to keep everyone safe and the party going.
August 28, 2019
In 2019, if you pay a household worker cash wages of $2,100, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
August 26, 2019
Before conducting an audit, IRS examiners do their homework by reviewing “Audit Technique Guides.” Business owners and executives can easily read the same guides.
August 19, 2019
Let’s face it. Kids aren’t cheap, so you have to save money where you can. Back-to-school shopping is a good place to start because costs can add up quickly—especially if you have more than one child. Consider these tips for sending your kids back to school without breaking the bank.
August 16, 2019
Test your financial literacy
August 14, 2019
As the old song goes: “Summertime, and the livin’ is easy.” But take some time to review your investment portfolio for possible growth and tax reduction strategies.
August 12, 2019
The Section 179 deduction and bonus depreciation for business assets have been increased and expanded. Learn more about these valuable tax breaks.
August 9, 2019
You build it up – We break it down
August 7, 2019
Do you spend time volunteering for charity? While you can’t deduct the value of your time, you may be able to deduct some of the out-of-pocket costs. Here are the rules.
$700 million is what Equifax will pay out as a result of its data breach. Make sure you get your share.
August 6, 2019
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
August 5, 2019
If you buy or sell business assets in an M&A deal, you’re required to report the details of the transaction to the IRS. The tax agency may then compare what both parties report to ensure they’re identical.
August 2, 2019
How early 20th century technology helped boost employee productivity
August 1, 2019
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
July 31, 2019
If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. And if so, how much will you have to pay?
July 29, 2019
Business owners have been engaging in bartering transactions for hundreds of years. But if your company trades goods or services today, be aware there are tax consequences.
July 26, 2019
PAID PARENTAL LEAVE - Employers respond to increased worker demand
July 24, 2019
If you meet certain requirements, you may be eligible for a tax break on summer day camp expenses you pay for your child. Here is a rundown of the rules.
July 22, 2019
In the past couple of years, major changes have been made to the taxation of both C corporations and pass-through entities (including sole proprietorships). So what’s the best entity choice for your small business?
SIMPLE, SEP or Safe Harbor?
July 17, 2019
Would you like to pay health care expenses from a tax-advantaged account? A Health Savings Account (HSA) may be right for you.
July 15, 2019
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.
July 15, 2019
Although you might want to enjoy the lazy days of summer, employers and businesses shouldn’t take it so easy that they miss these important Q3 2019 tax deadlines.
July 5, 2019
What’s the best tool for detecting fraud?
July 3, 2019
A tax deduction isn’t the only reason for donating a vehicle to charity. But if you’re counting on one, make sure you understand the rules. You may wind up with a small deduction or none at all.
July 1, 2019
As your trusted advisor, we are always looking for ways to improve your financial health—and that doesn’t stop at business activity. We also want to support you with tips to help you save money in your personal life as well.
July 1, 2019
New hires from certain disadvantaged “targeted” groups may qualify your business for the Work Opportunity Tax Credit. Here’s an overview of this potentially valuable tax break, including how it’s calculated.
June 28, 2019
How to handle an inheritance
June 26, 2019
Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.
June 24, 2019
If payroll taxes withheld from employees’ paychecks aren’t remitted to the federal government, a severe tax penalty can be personally imposed on “responsible” individuals.
June 21, 2019
Making the best of BAD DEBT
June 19, 2019
An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest audit statistics, as well as some tips on how to survive an IRS examination.
June 17, 2019
June is national safety month, and it never hurts to remind your clients and community that safety always comes first. Our goal with this blog is to help you augment your marketing initiatives with a few ideas around safety. While we can’t cover every industry in a single post, we hope that you find the tips below useful and that they spark some innovative new marketing ideas!
June 17, 2019
Are you going on a business trip within the United States this summer? You might be able to add on some vacation days and deduct some of your expenses.
June 14, 2019
Got Google on the phone?
June 12, 2019
If you were shocked by a bigger tax bill in 2019, you might not be having the right amount of tax withheld from your paycheck. We’ll tell you how to avoid this next year.
June 10, 2019
Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits.
June 7, 2019
Parents, don’t rest on your laurels yet
June 5, 2019
Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales
June 3, 2019
It’s graduation season, and for many parents that means it’s almost time to start shelling out for college tuition. For those well-prepared parents with established 529 plans in place, the time has come to tap into that money pool. Of course, when it comes to tax-advantaged savings, trust that the IRS is keeping close watch, so it’s important to avoid making any rookie mistakes. It’s also important to keep saving as you move forward.
June 3, 2019
A Roth 401(k) can be a valuable retirement savings option to add to your company’s benefits package. But make sure employees use it.
May 31, 2019
HIT THE SOCIAL SECURITY JACKPOT
May 29, 2019
In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays, or, in worst-case scenarios, refunds may be applied to debts owed to the federal or state governments.
May 27, 2019
If you spend money in the course of doing business, you want to be able to write it off on your tax return. But in order to be deductible, expenses must meet certain requirements. Here are the rules.
May 24, 2019
CORPORATE GENEROSITY by the numbers
May 22, 2019
Are you interested in joining the growing ranks of plug-in electric vehicle owners? Find out about the federal income tax credit you might be able to claim
May 20, 2019
Failure to properly treat workers as independent contractors can be an expensive mistake for employers. Take a look at ways to proactively plan ahead.
May 17, 2019
First you need to come up with the money to buy an investment property.
May 15, 2019
Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help:
May 15, 2019
Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
May 13, 2019
Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away. Some may have to be amortized over time.
May 10, 2019
Five hundred years before spreadsheet software, the ancient Incans used "khipus" to track inventory. Arrangements of colored strings and knots...
May 8, 2019
The rules for deducting personal casualty losses on a tax return have changed for 2018 to 2025. Specifically, you generally can’t deduct losses unless the casualty event qualifies as a federally declared disaster.
May 6, 2019
The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks.
May 3, 2019
5 Fascinating Facts about Family Businesses
Family businesses rule! Here’s how.
May 1, 2019
If you are expecting a refund this year, you may be tempted to splurge on something not-so-practical. Before you do, take some time to think about ways to use your refund to bolster your financial health. We’ve put together a few ideas for you to consider:
May 1, 2019
Medicare premiums and supplemental insurance can be more expensive than seniors expect. However, some taxpayers may be able to lower their tax bills by deducting Medicare premiums and other qualifying medical expenses.
April 29, 2019
Like many major life events, divorce can have major tax implications. And if you own a business, the stakes are higher.
April 26, 2019
“Gray charges” aren’t generally fraudulent, but these sneaky, often-recurring items can add hundreds of dollars to your credit card statements.
April 24, 2019
Did you know that there is a tax credit to help improve your home’s accessibility, whether for you or for your visitors?
April 22, 2019
Buying or selling a business may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. After a deal is done, it may be too late to get the best tax results.
April 15, 2019
Once your taxes have been filed, first, take a moment to breathe a big sigh of relief…and then enjoy some Tax Day (April 15, 2019) discounts. There’s nothing like a good deal to take the sting out of tax obligations. Below, we’ve compiled a short list of best food and drink deals, taken from offer.com.
April 12, 2019
Although cryptocurrencies aren’t yet mainstream, companies increasingly are using them to pay for goods and services. But there are risks associated with bitcoin and other virtual currencies – including price volatility – and potential tax responsibilities.
April 10, 2019
Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to. Here are the details.
April 8, 2019
Does the April 15 filing deadline apply to your company? What additional tax deadlines are there for businesses and employers during the second quarter of 2018? Find out!
April 5, 2019
You’re no tourist. When you say you want to retire abroad, you mean live there – as a local. But whatever your destination, know that there are potential financial consequences and note you are taxed on world-wide income regardless of where you live.
April 3, 2019
Are you the parent of a child who is age 17 to 23? You may be eligible for a $500 dependent tax credit. Here are the qualifications.
April 1, 2019
The long stretch from the end of the winter holiday season until the next break in your routine can feel like eternity. If you feel the need to reboot your enthusiasm as the spring season arrives, try these tips:
April 1, 2019
There’s a family and medical leave credit that could be an attractive perk for your company’s employees. But there are the rules and restrictions and it’s only available for two tax years.
March 29, 2019
Most Americans don’t save enough.
March 27, 2019
When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this April.
March 25, 2019
Are you wishing you’d set up a retirement plan for your small business for 2018? Believe it or not, you may still be able to do so, and also reduce your 2018 tax liability!
March 22, 2019
What assurance level should you request from a CPA? It depends on operational complexity, in-house expertise and takeholders' needs.
March 20, 2019
Rather than keeping track of your actual vehicle-related expenses, you can use a standard mileage rate to compute related tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses?
March 18, 2019
When deciding whether to lease or buy equipment or other fixed assets, there are a multitude of factors to consider, including tax implications.
March 15, 2019
Our most precious commodity is time—and our attention is a close second. That’s why everyone can use some help on how to tune out daily distractions. We compiled the following helpful tips from copyblogger.com to get you started on dialing down distractions:
March 15, 2019
Remarrying? Here are five ways to protect everyone’s financial interests.
March 13, 2019
If you were granted incentive stock options (ISOs) in 2018, there likely isn’t any impact on your 2018 income tax return. But if in 2018 you exercised ISOs or sold stock you acquired via exercising ISOs, then it could affect your 2018 tax liability. Here’s why.
March 11, 2019
Friends, Romans and countrymen, lend me your ears: All ye who must file a partnership or S corporation tax return, watch out for this tax deadline.
March 8, 2019
Ethics vs. Performance
You don't have to choose
March 6, 2019
Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.
March 4, 2019
Business owners may be able to save tax with the home office deduction. But will you save more by claiming actual expenses or using the simplified method?
March 1, 2019
The April 15 filing deadline is rapidly approaching, so we encourage you to send us your tax documentation as soon as possible to expedite the filing process. Here are four important reasons why you should file your return sooner rather than later:
March 1, 2019
Machine learning, chatbots, autonomous vehicles. What was science fiction not long ago has become today’s reality.
February 27, 2019
There are three major changes that will impact many individual taxpayers, beginning when they file their 2018 income tax returns. And we’re not talking about tax rate cuts or reduced itemized deductions.
February 25, 2019
LLC members may be subject to back taxes and penalties if they underpay self-employment tax. Find out if you could be at risk.
February 22, 2019
How to spend less, much less, in 2019
February 22, 2019
A snow emergency was declared in Falls Church on Tuesday and Wednesday.
February 21, 2019
Most C corporations are seeing a significant tax cut under the Tax Cuts and Jobs Act. But there are still certain tax vulnerabilities for these entities that haven’t changed much.
February 21, 2019
The first tax filing season under the new federal tax law is proving to be surprising, confusing — and occasionally frightening — for some Americans, especially those accustomed to getting money back from the government.
February 20, 2019
In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return electronically early in the tax filing season and claim a bogus refund. Here’s why you may or may not want to file early.
February 18, 2019
In our not-too-distant analog past, bills, correspondence, and photos were physical stuff. Today we’re bombarded with digital clutter. It’s enough to eat all your hard drive space, and maybe, your brain. Here are tips on corralling your digital life.
February 15, 2019
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
February 15, 2019
The official tax season opens on January 28. Assuming you have your W-2s and 1099s, you can file your 2018 return then. And the earlier the better if you want to:
February 13, 2019
Can the investment interest expense deduction save you tax on your 2018 return? You generally must pass three hurdles to benefit.
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
February 11, 2019
Enhanced depreciation-related tax breaks for certain business real estate investments, such as qualified improvement property, may offer substantial savings when you file your 2018 tax return. Learn more.
February 8, 2019
Most U.S. companies follow a calendar tax year, meaning their annual accounting period runs from January 1 to December 31. However, if your business qualifies, it may benefit from adopting a fiscal tax year – a period of 12 consecutive months ending on the last day of any month other than December.
February 6, 2019
Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.
February 4, 2019
Do you know what the Section 179 expensing limit is for 2019? Or how much you can allow your employees to contribute to their 401(k) plans this year? Find out these amounts and other annual inflation adjustments affecting businesses.
February 1, 2019
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
January 31, 2019
The week before last, our co-founder Pete Wilhelm attended the 53rd Annual Heckerling Institute on Estate Planning conference in Orlando, Florida.
January 30, 2019
Starting February 4th, our office hours will be 9 am – 6 pm Monday – Friday & 9 am – 5 pm on Saturday
January 30, 2019
The TCJA made changes to some of the middle income tax brackets that may negatively affect unmarried taxpayers and positively affect married taxpayers. Find out the potential impact on your rate for 2018 and 2019.
January 28, 2019
Businesses generally can determine their vehicle expense deductions either by calculating the actual expenses or using the IRS’s standard mileage rate, which has increased for 2019. Here’s what you need to know.
January 25, 2019
Many of you know Beth, who provides bookkeeping services for a number of our clients. The town she calls home, Wetumpka, Alabama, was recently hit by a devastating tornado. Beth is fine, although she says this was the first tornado warning that prompted her to take shelter in an inner room of her house.
January 24, 2019
On January 27, the price of a first-class stamp goes up to 55¢. Buy those Forever stamps now!
January 23, 2019
Changes to the medical expense deduction and the tax treatment of alimony go into effect in 2019. Find out the details.
January 21, 2019
If you’re like many business owners, you pay out annual bonuses to attract, retain and motivate employees. Depending on the circumstances, paying bonuses in early 2019 might reduce your 2018 tax liability.
January 18, 2019
As you prepare for the start of 2019, you may be thinking about shredding some of your business's old financial records. Stop! The IRS recommends that, in general, you hold onto...
January 17, 2019
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
January 16, 2019
Just because it’s now 2019 doesn’t mean you can forget about the TCJA changes that went into effect last year. The impact on individuals when they file their 2018 tax returns may be dramatic. So take a few minutes to revisit the provisions that may affect you.
January 14, 2019
With the new year comes the need for small-business owners to begin thinking about filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. So refresh yourself on its major provisions.
January 11, 2019
Is buying a home part of your 2019 plans? The type of mortgage loan you choose could significantly impact your budget and financial plans. Carefully consider the merits and drawbacks of both fixed rate and adjustable rate loans.
January 9, 2019
How much you can contribute to your retirement plans each year depends in part on the annual limits. Sometimes these go up from one year to the next, and sometimes they don’t. Learn what’s changed and what hasn’t for 2019.
January 7, 2019
Your exit strategy may not be the first thing that comes to mind when thinking about tax planning for your business. But it should be a key element. Find out why.
January 2, 2019
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
January 2, 2019
Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.
December 31, 2018
A lot has changed for businesses when it comes to filing their 2018 income tax returns. But one thing that hasn’t changed is the multitude of tax-related deadlines businesses face in the first quarter of the year.
December 26, 2018
2019 will be here soon. Have you taken care of everything you need to do by Dec. 31 to minimize your 2018 taxes, make the most of tax-advantaged savings opportunities and avoid unnecessary penalties?
December 24, 2018
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: 1) Postpone invoices. 2) Prepay expenses. 3) Buy equipment. 4) Use credit cards. 5) Contribute to retirement plans. 6) Qualify for the new “pass-through” deduction. These strategies are subject to various limitations and restrictions, so consult us before you implement them. We can also offer more ideas for reducing your taxes this year and next.
December 21, 2018
Tricia Smith has been with Wilhelm & Associates for five years. She has 17 years of work experience as a CPA, and serves clients in a variety of ways including income tax preparation for businesses and individuals, business and accounting evaluations, trust and estate accounting and tax preparation, and financial statement preparation and compilations.
December 19, 2018
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. For example, near year end, funds typically distribute net realized capital gains to investors. These gains will be taxable to you regardless of whether received in cash or reinvested in the fund. So, for each fund, find out the size of distributions and the breakdown of long-term vs. short-term gains. If the tax impact will be significant, consider strategies to offset the gain. Contact us to learn more.
December 10, 2018
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.
December 3, 2018
The holidays can be overwhelming. You only have so many hours in a day, your gift list is long, and your budget may be tight. A bit of up-front planning and prioritizing can help save you time and money. Here are a few ideas to help you minimize the hustle and bustle, stay on budget, and find more peace this holiday season.
December 3, 2018
Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Here’s why.
November 28, 2018
Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.
November 26, 2018
Small-business owners can face a harsh penalty if payroll taxes aren’t remitted to the federal government. Learn about your obligations and whether you could be personally liable.
November 20, 2018
Investing in qualified small business (QSB) stock offers some attractive tax benefits, especially considering that the Tax Cuts and Jobs Act (TCJA) didn’t cut long-term capital gains rates.
November 19, 2018
If your business sponsors a 401(k) plan for its employees, it’s important to keep up with tax developments related to such plans. For example, the Tax Cuts and Jobs Act and the Bipartisan Budget Act both included 401(k) plan changes you need to know about.
November 19, 2018
Instilling a thankful frame of mind among your staff makes for a gratifying work place. Consider a few suggestions for developing an atmosphere of thankfulness to get into the spirit of the holiday season.
November 15, 2018
Many of you already know Amy Brown. This month she celebrates eleven years with Wilhelm & Associates! She has 18 years of experience, and has been a CPA for 13 years.
November 14, 2018
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.
November 12, 2018
Does your business use independent contractors? Could the IRS reclassify them as employees and subject you to back taxes, interest and penalties? Find out what the IRS looks for and what you can do to reduce the risk of reclassification.
November 12, 2018
Black Friday and Cyber Monday need no introduction, but for small business owners it’s all about Small Business Saturday—an annual holiday shopping tradition that gets communities out in support of their local small businesses. Small Business Saturday falls on November 24 this year, so if you haven’t already…start getting the word out.
November 1, 2018
The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.
October 15, 2018
Small business owners in many communities offer downtown trick or treat events. Take advantage of this opportunity to build your business reputation. Involvement in local events goes a long way with both existing and prospective customers—indicating a vested interest in your community. Find creative ways to make your business stand out this trick-or-treat season. We hope the following suggestions will spark fun promotional ideas:
October 1, 2018
October marks Women’s Small Business Month, and we are happy and proud to recognize women in business both locally and around the world. Successful business women of the past and present continue to forge new paths for female entrepreneurs. We celebrate all those who are breaking the glass ceiling and serving as role models and mentors to women everywhere.
September 17, 2018
For many business owners, September tends to bring a bit of a slowdown. The chaos of getting kids prepared for going back to school has passed, and a focus on saving money tends to kick in as people prepare for the coming holiday spend. Combined, this can often translate into a lull for business owners.
September 4, 2018
This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 15, 2018 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
August 21, 2018
According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.
August 15, 2018
August is upon us once again. The collective “UGH!” is heard nationwide as families trudge toward the school supplies aisle in preparation for the upcoming academic year. Sadly, the “days-gone-by” supplies such as a box of crayons, spiral-ring notebooks and a pack of #2 pencils have evolved into a much longer list. But never fear, we’ve put together these useful tips to help you do “back to school” on the cheap.
August 1, 2018
So popular was the topic of our last post, that we created Part II to create our eating-healthy-this-summer-themed blog series. Enjoy these added nutritional and time-saving tips for summer meal planning.
July 16, 2018
If you are like most, summer is prime time for family and friend vacations. It’s a time to unwind and recharge…to see new places and try new things. For many, “new things” often means food. And if you are trying to maintain or lose weight, that can be a problem. So, for all you travelers trying to stay healthy this summer, here are 5 great tips to help you stay on a healthy eating plan and still enjoy your vacation!
July 2, 2018
If you are like most families, summer means vacation. And if your kids are like most kids, they tend to be tethered to their technology. Whether planning to travel abroad or a long weekend at a local campground, summer is a time for exploration and simply paying attention to the beauty around us.
June 18, 2018
Multigenerational family vacations have experienced an uptick in popularity, especially with older generations being more active and families living farther apart. Family getaways certainly bring people together physically, but also emotionally. Dedicated family time is simply good for the soul…even more so when multiple generations take part. With this in mind, we bring you a few ideas and tips to consider when planning your next multigenerational vacation.
June 4, 2018
For many of us, our smartphone is a vital travel tool. We rely on it for navigating unfamiliar places, taking photos, and identifying recreational activities. Michael Zhao, an editor for TheWirecutter.com, offers the following tips on what to pack in addition to your smartphone—so you won’t be stranded when traveling this summer...or any other time of the year.
May 15, 2018
You may be completely proficient at decoding emojis on social media and in text messages, but for many of us, figuring out what other people’s facial expressions mean can be quite a challenge. Here’s a quick rundown of how to interpret different facial stances based on research from people-communicating.com:
May 1, 2018
Summer will be here before you know it! If you are a working parent with school-aged children, you know that it can also mean pretty steep bills for childcare and summer camp. However, you may be able to soften the hit to your family’s budget if these services qualify for the Child and Dependent Care Tax Credit.
April 18, 2018
Quite often we can get so wrapped up in checking projects off the company’s to-do list that we forget to recognize the labor that went into each accomplishment. Acknowledging milestones provides opportunity to show appreciation to the employees who helped you achieve them...
April 2, 2018
Are you expecting a tax refund? If so, don’t treat your tax refund as ‘bonus’ cash. Rather look at it as simply a return of taxes paid beyond your actual obligation. This will help you think about using this money purposefully. Here are some ideas to try:
March 19, 2018
The spring season is here! In addition to taxes, many of us want to take care of some overlooked cleaning tasks. Procrastination often creeps in when it comes to cleaning—especially our offices. It can feel overwhelming and somewhat unproductive to spend time decluttering and cleaning your workspace, but once complete, most people feel a sense of relief and calm. Use this handy checklist...
March 5, 2018
Have you filed your 2017 taxes yet? If not, you still have the opportunity to make sure that you lower your tax obligation as much as possible. With new tax laws in effect for 2018 and beyond, the following deductions will disappear after this tax season—check them out to see which ones may help you lower your taxable income...
February 15, 2018
When you are super busy running a business, it can be easy to let customer appreciation slide to the bottom of your long to-do list. The problem is, if you don’t show your customers love on a regular basis, they’re going to feel neglected, which can put their continued loyalty at risk.
February 1, 2018
With the occurrence of cybercrimes affecting businesses increasing daily, many companies are looking for outside expertise to help them mitigate their risks. If your company has never engaged a cybersecurity professional before, you may be unsure of what to look for. The IRS suggests businesses use the following four steps when evaluating and selecting a cybersecurity...
January 16, 2018
Even if you are not a New Year’s resolution maker, it’s likely that at some point in your life you’ll want to adopt healthier or more productive habits. When you do want to make a change for the better, consider trying the following tips from lifehack.org to increase your chances of making your new good habits stick:
January 3, 2018
Tax season is approaching quickly. It’s just a few weeks until the IRS officially starts accepting returns, which means now is the perfect time to use the tips below to help you net some last-minute tax-savings and tackle tax season with ease.
January 2, 2018
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
December 18, 2017
It’s amazing how much festive fun can be packed into a few weeks. While the holidays truly can be wonderful, they can also feel overwhelming with too much to do and too many temptations that derail us from enjoying what is truly important. To help you make your holidays feel more fulfilling and less frantic, try these suggestions...
December 4, 2017
On November 16, the House passed a new tax reform bill that moves the GOP closer to bringing the legislation to fruition. Now the Senate is preparing its own tax reform package. If passed, it must be reconciled with the House before any final legislation goes to the White House. Here is a snapshot of some of the key changes proposed in the tax reform bill:
November 14, 2017
With just days to go before Thanksgiving, the clock is ticking down to some of the most memorable meals of the year. However, for many of us, the pressure of preparing a perfect Thanksgiving feast can be overwhelming. If this is true for you, consider these tips to simplify your seasonal spread.
November 1, 2017
The end of the year is often hectic, which is why it’s important to take some time now to reduce your tax bill. Our firm can offer additional strategies to further mitigate your tax burden; however, the following 5 tips are an excellent starting point:
October 16, 2017
Whether your business needs temporary workers to get through the holiday season or you hire short-term help on a regular basis, the process of finding the right candidates can be challenging. Try applying these strategies to make seasonal staffing easier:
October 2, 2017
Because stress related to work, family issues and other events is something that affects many of us, it’s important to reset your own stress response to protect your health and productivity. Sharon Melnick, Ph.D., a business psychologist, offers these tips:
September 29, 2017
Tax reform, one of President Trump’s key legislative agenda items, is moving closer to fruition. Based on the outline of his proposed tax reform package, which he unveiled on September 27, 2017, we’ve compiled this brief overview of the President’s major tax proposals:
September 14, 2017
If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your last name and the last six digits of your social security number to use this tool.
August 30, 2017
Staff retreats can offer companies a lot of value. They can also be expensive and, unless managed effectively, not particularly productive. Before you plan your next (or first) staff retreat, review the following key factors to help you make the most of...
August 15, 2017
There likely aren’t many college students who don’t have a smart phone loaded with helpful apps. However, it is unlikely that any of these apps are dedicated to helping them build their financial fortitude. This is why we created our list below—chock-full of apps designed to make it easier for college students of any age to save money.
August 1, 2017
Did you know that your webcam and even your home or office internet router can be the gateway through which cyber criminals gain access to your most sensitive data? If not, don’t panic—we have helpful tips below from the experts at the National Cyber Security Alliance to ensure that you head off this type of malicious action.
July 13, 2017
The IRS has identified several new variations of standard tax scams involving fake tax bills and demands for payments. Many of these scams involve purchasing and transferring information using a gift card or iTunes card. Other scams to be aware of include:
June 29, 2017
Now that summer/vacation season is here, your business may be enjoying a more relaxed vibe with employees taking time off or leaving early. If you’ve ever thought about implementing a flexible work program, now may be the time to pilot one, especially if your business is a bit slower this time of year. To help, we offer the following tips...
June 15, 2017
It’s almost exactly the mid-point of the year, which makes it prime time for a mid-year financial review. If you need some monetary motivation for evaluating your financial progress so far this year, you may want to think of mid-year planning as a series of potential money-saving opportunities, for example:
June 1, 2017
The recent “Wanna Cry” ransomware attack that paralyzed several large organizations in the U.S. and Europe is a solemn reminder that the risk of cyber security breaches is real. Every business owner should take steps...
May 16, 2017
Whether from heavy rains or hurricanes, this time of year can bring with it the risk of floods across many parts of the United States. While you may not be able to predict the likelihood of a flood in your area, with these tips you can help to mitigate physical and financial damage if a flood occurs where you live.
- Treat structural damage seriously. In any...
May 4, 2017
This time of year is when you often see yard sale signs popping up. For some, holding a yard sale is a means of clearing out unwanted items. For others, it’s an opportunity to get some great “finds.” Whichever side of the yard sale fence you’re on, these tips can help you “clean up”:
Choose your timing carefully. Research continues...
April 19, 2017
Window washing, carpet cleaning, garden grooming—these are all popular spring cleaning chores for homeowners. However, with year-end and tax season behind you, this time of year is also perfect for spring cleaning at the office. These tips will help you and your staff get—and keep—that “just cleaned my office” feeling:
Start with a clean sweep of...
April 3, 2017
With just a few weeks to go until Tax Day on April 18, it’s time to make sure that you’re on track to get your individual return filed. If you haven’t already engaged our firm to help you with your taxes and you need assistance, don’t delay…it’s time to let us know!
While tax season can be stressful, Tax Day itself can be quite rewarding if you...
March 20, 2017
The average American sits a lot. Many of us sit while we work, while we relax and while we learn. Over the long term, this sedentary way of life can have a negative impact on our health, increasing the risk of diabetes, heart disease and cancer—in addition to shortening life spans. To counteract these negative effects, it’s important to get up, get active and get...
March 1, 2017
Spring is in the air...which means peak home-selling season isn’t far away. In fact, according to recent market data, 60 percent of all home sales in the United States will occur in the spring and summer months. If you’re thinking about putting your home on the market, now is the time to get prepared—which includes considering how you will “stage” your home to...
February 17, 2017
For sports fans, this time of year is an exciting one. First the Super Bowl, and then the buildup toward the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game—and the April 18 deadline—to score the benefits of early filing.
February 1, 2017
Although the fate of the Affordable Care Act (aka Obamacare) is not yet clear, thanks to the passing of the 21st Century Cures Act at the end of 2016, employers with fewer than 50 employees can now start funding stand-alone health reimbursement accounts (HRAs) again. Employees can use HRAs to pay for medical expenses, including health insurance coverage on the Obamacare health insurance...
January 17, 2017
You need only tune into the news to see that cybercrimes are a very real threat. From viruses to malware, everyday computer use and online browsing can leave you vulnerable to hackers who want your valuable information. If you have a small business, your risk of a cyberattack is likely even higher, especially if you do not have the resources or know-how to enact effective security policies....
December 28, 2016
There’s a reason why the regular New Year’s resolutions like losing weight, exercising more and sticking to a budget are popular—so many of us need to do them! There’s also a common reason why so many of us fail to meet our goals in these areas: we haven’t developed the mindset to support the changes that we want to make.
Instead of setting a big,...
December 14, 2016
The holiday season can be wonderful, but they can also be one of the most stressful times of the year. Fortunately, the experts at Psychology Today also offer these simple stress relievers to put the joy back in this special time of year:
- Take a time-out. Time-outs aren’t just for toddlers who have a tantrum. In fact, rather than being a...
November 30, 2016
Just days before it was scheduled to be implemented on December 1, a federal judge in Texas has blocked the implementation of the new Department of Labor (DOL) federal overtime rule, which would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for exemption from overtime pay. According to an NPR report, this extension of overtime eligibility would have...
November 15, 2016
As a result of the highway funding extension bill signed into law by President Obama in 2015, there are important changes coming in 2017 to deadlines for business tax filings including:
- W-2 and 1099 filings are due January 31 in 2017 instead of March 31. These forms are still due employees and contractors by January 31, so it’s important to prepare and...
November 1, 2016
We’re well in to the fourth quarter of the year, which means year end is fast approaching. Here are five important areas of your business to review before the calendar turns to 2017.
- Tax planning opportunities. November and December are prime time for tax planning, which can pay big dividends when filing time arrives. Touch base with our firm now to...
October 17, 2016
If you’re like many parents and grandparents, you may already be thinking about what kind of gift to get the children on your list this holiday season. For teens and young adults especially, it can be challenging to come up with truly unique and meaningful gifts. One idea with long-lasting impact is to make a contribution to either a traditional or Roth IRA on your children or...
October 3, 2016
Many businesses need to adjust their spending to meet the reality of their cash flow during the last few months of the year. While it can be tempting to just cut expenses across the board, this strategy may actually backfire if you cut in the wrong places. Here are four budget areas you should try to preserve to avoiding derailing your long-term business goals:
September 19, 2016
With election season in full swing, you may be wondering, “Are political contributions tax deductible?” Here’s the lowdown:
Whether it’s your county mayor or the future President of the United States, the rules on taking advantage of tax deductions for political contributions are the same: Donations are deductible if the organization you give to is a 501(c)(3)...
September 1, 2016
Consider this blog post as early notice that the date by which employers must file their W-2s and 1099s with the Social Security Administration (SSA) and IRS will change to January 31 in 2017.
Previously, W-2s and 1099s were not due to governmental agencies until March 31, so this new deadline will significantly reduce the window for making any necessary changes. These forms are still...
August 16, 2016
EMV chip technology, which is the first major upgrade for credit card fraud protection in many years, is slowly being rolled out by merchants around the world, including in the United States. While this technology has the potential to provide better security for your credit card data, it still has its limits and it is not completely hacker-proof or secure. As such it is still important to be...
August 2, 2016
It’s August and children and parents everywhere are facing a grim reality: back to school season is just around the corner. At this time of year, many parents struggle to get their kids back into a regular sleep routine. To help, we offer these tips to reset your family’s alarm clock before the first school bell rings:
- Start tonight. While child...
July 18, 2016
While most couples go to great lengths to ensure that their wedding day is perfect, far fewer think about how their nuptials will impact their tax liability. The truth is, the moment you get married, no matter what time of the year it is, in the eyes of the government you are considered to have been married for the entire tax year. With this in mind, here are some tax tips to consider as you...
July 5, 2016
It’s fair to say that the recent ‘Brexit’ vote by Britons to exit the European Union (EU) has shaken global financial markets to their core, at least in the short-term. Financial analysts say that it’s too early to tell what the long-term impact of this historic vote will be. But one thing is for certain, the Brexit offers several important lessons that individual...
June 21, 2016
One of the most (if not the most) important indicators of business health is its cash flow. Even if your business is profitable and growing, if you don't have a consistent stream of cash coming in, you'll run into financial trouble. Lack of cash flow is the primary reason that more than one quarter of new businesses fail—29 percent to be exact. Here are some smart strategies...
June 10, 2016
With a rise in IRS phone scams, the Agency changed its policy on contacting taxpayers whose tax records are subject to an audit. The new policy instructs IRS agents to contact affected taxpayers only by mail—never by phone (which used to be the IRS’ go-to method of contact). As such, we urge all of our clients to adhere to the following guidelines should...
June 1, 2016
While many of us appreciate the glory of a beautiful garden, there’s no denying that having one is a time-consuming endeavor. That’s why we’ve compiled these tips to help you make the most of your yard in less time:
1. Start with a plan.
A well-thought-out plan for your garden that utilizes low-maintenance plants and flowers will save you time...
May 20, 2016
President Obama, declaring that “Americans have spent too long working more and getting less in return,” ordered the Labor Department to revise federal rules on overtime pay for salaried workers that log more than 40 hours a week. The long-awaited rule change will extend overtime pay to an estimated 4.2M workers.
Under current federal regulations, only salaried employees...
May 16, 2016
We’ve likely all heard the news—Americans are incredibly sleep-deprived. However, according to recent research, achieving better quality sleep may be more important than actually increasing the number of hours of sleep. In fact, experts report that 6 hours of deep refreshing sleep is more beneficial than 8 hours of light interrupted sleep.
May is Better Sleep...
May 2, 2016
Wow! May is already here—and if you’re like many Americans your savings account balance is still stuck where it was at the beginning of the year. So what to do? You can’t make up for lost savings opportunities…or can you? We believe that you can with a little bit of discipline. For example, saving $125 a month can be as easy as:
- Renegotiating your...
April 14, 2016
A quick glance at the news is all it takes to realize that the threat of cyber attacks is increasing for businesses. So how can your business beat the odds and avoid becoming another victim of cybercrime? Try putting the following five action items at the top of your priority list:
- Encrypt your data. Whether it's bank routing digits, credit card accounts or...
March 31, 2016
Every year, American taxpayers leave millions of dollars on the table for Uncle Sam—in the form of unclaimed tax deductions. With Tax Day just around the corner, it’s time to do one final check to make sure that you are not missing out on three of the most common deductions:
- Retirement contribution deductions for single-income couples and the...
March 15, 2016
Spring is here and the season for new beginnings. This is a good time to re-think "spring cleaning" and choose snacks that can cleanse our bodies from the inside out.
These five snacks are guaranteed to feed your mind, detoxify your body, and satisfy your palate!
1. Guacamole - High in fiber and “fat” but don’t worry, it’s good fat!...
March 1, 2016
If you’re packing your bags for a spring break getaway, take a little time before you leave to implement the tips below—they’ll help keep your home safer while you’re gone, and free your mind of worry so that you can truly enjoy your trip.
- Tell your neighbors that you will be away. Inform your neighbors and friends of the dates that you...
February 16, 2016
The IRS has joined with industry and states on a public awareness campaign to provide taxpayers with easy tips to better protect themselves. For some quick tips, you can watch an informative video here.
Tax-related identity theft occurs when someone uses your stolen Social Security Number to file a tax return...
February 1, 2016
According to a recent IRS notice, due to an error, taxpayers are receiving Identity Protection (IP) PIN letters with an incorrect year listed. If you received the CP01A Notice dated January 4, 2016, be aware that the PIN contained in it is valid for use on all individual tax returns filed in...
January 18, 2016
It’s a stark reality that millions of us face once the holiday season is over: the post-holiday slump. Even just a few days off can make coming back to the office seem excruciating—there’s all that work to do, the anticipation and cheer of the holidays are gone, and for many people the next vacation day is a long way off. Yes, being a working adult is tough, but getting over...
January 4, 2016
If your business engages in social media, you may have noticed an uptick in the number of customers who are posting questions on your Facebook page, tweeting comments or engaging with your company on other social platforms looking for customer service support. It’s a trend that is affecting just about every type of business—and using social media as a customer service channel will...
December 15, 2015
In an ongoing effort to keep you informed of IRS changes, we have a new and important one to report. And this time, the change eases your filing burden.
Within the last month, the IRS significantly simplified the paperwork and recordkeeping requirements for small business by raising the safe harbor threshold for deducting certain capital items from $500 to $2,500. This applies to...
December 1, 2015
As cybercriminals begin to take advantage of the holiday season, it’s important to take extra precautions to avoid having your money, credit card information, social security number, or identity stolen. E-commerce thieves, at this time of year especially, will try to create holiday-related websites, scams, and other phishing e-mails that can trick even the most alert consumers. The...
November 16, 2015
The countdown is on to the what retailers hype as the best shopping day of the year—the day after Thanksgiving dubbed by Americans as ‘Black Friday’—represents the kick-off to the holiday shopping season. However, given the explosion of retail competition and the Internet in the past several years, Black Friday is really not what it used to be. And if you’re not...
November 2, 2015
With just a few short weeks to go before the end of the year, it’s important to take a look at your tax situation and consider ways to decrease your tax obligations. In other words, it’s time for tax planning. We put together the following tips for you to support smart tax decisions:
- Stay apprised of potential tax provision extensions. Congress...
October 14, 2015
Ah, the sweet smell of success! Achieving goals and bringing our vision to fruition is the end-game for most of us, especially in our business lives. Unfortunately, success can sometimes elude us to the point where we have to start looking at what, exactly, is going wrong. Perhaps, though, the question we ought to be asking is this: What is going right? By honing in on what is bringing you or...
September 30, 2015
The Human Factors and Ergonomics Society has designated each October as National Ergonomics Month (NEM). Ergonomics is an applied science that incorporates principles of usability into the design process with the goal of making finished products more effective and safe for people to use.
In the workplace, proper ergonomic practices can play an important role in reducing pain,...
September 15, 2015
If you did any road trips over the summer—or you commute to work—you’ve likely noticed that filling up your vehicle doesn’t necessarily empty your wallet anymore. Thanks to lower gas prices, the average American is on track to save approximately $750 on gas this year.
While it’s not life-changing, $750 can make a difference to your personal finances if...
New Tax Law More Than Doubles Fines for Failure to File Information Returns and Failure to Provide Payee Statements
September 1, 2015
The Trade Preferences Extension Act of 2015 was recently signed into law. Part of this new law includes a provision that more than doubles the cap on penalties from $1.5 million to $3 million for 1) failure to file correct tax information returns and 2) failure to provide payee statements. In both cases, fines have been increased from $100 to $250.
These changes are...
August 13, 2015
As reported by The Journal of Accountancy on July 31, the short-term highway funding extension passed by the Senate—and signed by President Obama—at the end of July contains several important tax provisions (H.R. 3236). The bill was passed by the House of...
July 29, 2015
As legendary business author Peter Drucker once said, "What's measured improves." If you've been in business any length of time, you know that creating meaningful measurements that tell you how your business is doing (a.k.a. Key Performance Indicators or KPIs) can be challenging. The good news is, you only need a few KPIs to really get a handle on the financial pulse of your...
July 14, 2015
For many adult children, it’s hard to contemplate the fact that their once seemingly invincible parents may now—or at some point down the road—become dependent on them to take care of their everyday needs. If you don’t feel prepared to take on these tasks, this scenario can be very stressful—especially when part of your duties involves taking care of your...
June 29, 2015
Tax season is over and one of the biggest American celebrations—the Fourth of July—is just around the corner. Maybe you’re looking forward to a little downtime this summer, so perhaps working on your financial plan has slipped to the bottom of your to-do list. It’s understandable, but putting your finances on cruise control at mid-year is not an ideal strategy....
June 15, 2015
School’s out for many kids, and if you run your own business, you may be able to turn your child’s summer break into a tax advantage—and some extra help—for you.
Hiring your offspring as an employee to do legitimate work in your business provides several tax benefits:
- You can deduct the salary you pay your child from your business income as a...
June 4, 2015
Last week, the Internal Revenue Service (IRS) announced that a "brute force" hacking attempt compromised approximately 104,000 taxpayer accounts through the utilization of the “Get Transcript” tool located on IRS.gov. In the attack, hackers utilized information gleaned from black market sources to answer identity verification...
June 1, 2015
It’s no secret that the majority of Americans are spending a lot of time online. While some of the time we spend on the Internet is productive, there’s a lot of it that’s not—and it’s crowding out some of our higher value offline activities, according to research from the National Bureau of Economic Research (NBER).
In a recent NBER study, each minute of...
May 14, 2015
When it comes to running a business, building as much efficiency as possible into your operations is the key to keeping things running smoothly and freeing up your own time to focus on the big picture. While employing the right team and the right technology are integral to boosting efficiency, so is having the right mindset when it comes to how you approach day-to-day tasks.
April 30, 2015
Yes, Tax Day has come and gone for this year, but the memory of your tax return is likely still fresh. So before you move on, consider the following three questions that may point you toward areas you want to work on before next April 15 rolls around.
Do I need to start my tax filing earlier?
Ideally, you should engage in tax planning year-round. As your trusted...
April 16, 2015
If compiling all of your tax documentation this year triggered the thought that you really should try to be more organized, then the following tips are for you. Constantly searching for things you have misplaced, missing important dates, and not feeling like you have control over your days can waste your time and increase your stress level.
The following tips will help you take...
April 1, 2015
If you’re planning to travel this spring break, you have likely already spent time planning your trip—but have you spent time thinking ahead about how to reduce the chances of a mishap while you’re traveling? While no one wants to ruin their vacation worrying excessively, it is wise to take a few preventative steps to ensure that your time away is not marred by an easily...
March 16, 2015
Some health coverage reimbursement arrangements offered by small employers (those with less than 50 full-time employees) are considered by the IRS to be non-compliant with the health coverage plan requirements set forth in the Affordable Care Act (ACA). Beginning January 1, 2014, employers who offer such plans were facing a significant penalty: an excise tax of $100 per employee per day, up...
March 2, 2015
With the rise of identity theft and tax and financial fraud, it is critical that we all remain vigilant about protecting our sensitive personal and financial information—especially during tax season. Being alert to any attempts by criminals to intercept your information is one important way you can protect yourself. The IRS recently issued the following alerts about a new crop of tax...
February 16, 2015
February can be a tough month when it comes to motivation and energy levels for many people. So it’s not surprising that employees may seem a little less productive at this time of year. Fortunately, the following four tips can help you put the spring back in your team’s step—and boost the productivity of your business.
Keep Sharing Your Vision
January 26, 2015
Office hours from Feb. 2 through Apr. 14 are:
Mon.- Fri. 9 am to 6 pm
Sat. from 10 am to 5 pm
Meetings with Pete, Bob, or Karen are scheduled by appointment only on a first come basis. If you want an appointment, please make it early. Contact Lela at (703) 356-5005 x 201 or via email at firstname.lastname@example.org. We will...
December 29, 2014
Our best wishes to you and yours for a Happy, Healthy and Prosperous New Year! We appreciate working with you and hope you will find this tax season the easiest one to date. We worked hard on the Tax Organizers and the web versions went out today, December 29, 2014. We were hoping to get them out by the 19th but the Affordable Care Act new forms and rules, the new capitalization Regulations...
October 26, 2014
Investing the time now to take stock and make appropriate changes before December 31st will reward you handsomely for your efforts. If you identify the tasks you need to delegate in this process it will also free up time in the future to allow you to better focus on your core business.
Becoming more collaborative makes this process much easier so we strongly recommend using...
September 17, 2014
Bogus IRS phone calls - Per the IRS there are telephone scam artists calling and pretending to be IRS agents.
These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the...
August 7, 2014
Kristen Keirn earned her Enrolled Agent (EA) license! Earlier this year she successfully completed the special enrollment exam (SEE) governed by the IRS. She has demonstrated a high level of technical competence in tax and is licensed to practice before the administrative levels of the IRS by the United States government.
We applaud Kristen for her achievement and
July 7, 2014
A quick reminder that the summer office hours of Wilhelm & Associates, Ltd. are in effect through August.
The Falls Church office is closed on Fridays, and open from 9:00 to 5:00 Monday –Thursday by appointment...
May 7, 2014
As we enter the Summer season we are getting our tax work back in good order and planning for next tax season. If your tax returns are on extension of time to file, please let us know when you wish to complete the return process. If you have yet to provide your tax information to us, please let us know when you plan to get that dones so we may schedule our time...
April 15, 2014
Our firm takes the security of your information seriously. You may have heard of a new potential security risk called the "Heartbleed Bug." Rest assured that any data you exchange with us through your secure online login is not affected or at risk from this bug. Our provider has assured us they Completed a Type 1 SSAE16 SOC1 and SOC2 audit with no exceptions and have robust protection...
March 17, 2014
The IRA funding deadline of April 15 for the 2013 funding. Anyone under age 70 1/2 with earned income can fund an IRA based on their earned income. It may be non-deductible if your income is too high but it will set the stage for a later conversion to a Roth IRA. We have creative ways to get that funding into a Roth IRA.
The Roth IRA is simply the most powerful investment...
March 12, 2014
If you haven't sent your tax materials and need an extension, get a copy of our extension form in the Tax Forms folder under Tools & Resources. If you want to prepare your own extensions, in the same folder you will find fill-in PDF's for your
March 3, 2014
We are all working from the comfort and safety of our homes today. The office will be closed Monday March 3, 2014. Be safe and feel free to call, email or send information via your portal. Warm Regards
February 18, 2014
The 1099 forms should all be out and available now as well as the W-2 forms. Please schedule some time to pull your tax material together and complete your Organizer so we may begin the tax preparation process. It is also a good time to think about tax planning for 2014 and beyond.
Thanks to those who have already sent their tax information to us, we appreciate your early...
February 13, 2014
Due to the pending storm our office at 256 N Washington will be closed on February 13. We are working from home so feel free to call, email, etc. as usual. We hope everyone will stay safe and we will be open Friday if
January 24, 2014
A short video explanation of how to use the portal File Exchange feature and Web Organizers is now available under the Tools & Resources tab in My ClientTraining. Simply click on My Client Training, enter "client" as the user name and as the access codeand click on Login. On the next screen click on Access Training and then on the final screen click on "launch". We think...
January 21, 2014
Due to the imminent heavy snowfall our physical office at 256 N. Washington Street will be closed Tuesday January 21. We will be working remotely so please call or email us
January 12, 2014
Tax season has begun. There are many new forms and changes to deal with this year. If you have 1099 forms or payroll returns you want us to prepare please send the information to us ASAP. The individual tax organizers have all gone out. The business and trust organizers are in process now and should be to you by January 20th. Iif you need an organizer please let...
November 8, 2013
It’s close to year-end and time for tax planning while you have time to act. You may benefit from tax planning this year as this is the first year for a number of new tax provisions explained more fully in the Tax Planning & Tax Reduction Guides. Copies of the fill-in PDF Guides are located under Tool & Resources in Tax Guides for your use.
There is significant...
May 30, 2013
We are excited to announce the recent launch of our firm’s new website! At Wilhelm & Associates, we’ve been working very hard to enhance our site and give our firm a little facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs. Take a moment to look around our new...