Whalen CPAs: Blog

Discover Our Thoughts on Important Accounting Topics.

We understand that constantly changing tax laws can get confusing. That is why we keep our blog updated on tax policies that could affect the life and business of our clients. If you have any questions regarding an article featured on our blog, please contact the experts at Whalen CPAs for more information. Want info delivered right to your inbox – Subscribe Now

Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes

How to report software costs

What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded

Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from

Is it time to update your accounting practices?

If you ask some business owners why they do things a certain way, they might answer, “Because we’ve always done

Strategies for investors to cut taxes as year-end approaches

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider

What to do if your CFO or controller leaves

A leadership departure in your accounting department can create turmoil, at least temporarily. However, it also provides an opportunity to

Accounting policies and procedures are essential for nonprofits, too

Financial reporting isn’t all about profits. Not-for-profit entities can also benefit from implementing formal accounting processes. From preparing budgets and

Computer software costs: How does your business deduct them?

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer

Preparing for year-end inventory counts

How accurate is the amount reported in your company’s perpetual inventory system? To best answer that question, a physical count

Reap the benefits of QuickBooks software solutions

Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because

Adopting a child? Bring home a tax break too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able

How inflation will affect your 2022 and 2023 tax bills

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than

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