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

Make sure you have proper substantiation for your 2014 donations

[vc_row][vc_column][vc_column_text]If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a

Should you forgo a personal exemption so your child can take the American Opportunity credit?

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income

The “manufacturers’ deduction”: It’s not just for manufacturers

[vc_row][vc_column][vc_column_text]The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified

Tax extenders: 3 credits for businesses on their 2014 returns

[vc_row][vc_column][vc_column_text]The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including

Tax extenders: 3 breaks for individuals on their 2014 returns

[vc_row][vc_column][vc_column_text]On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec.

Have you had your annual estate plan checkup?

[vc_row][vc_column][vc_column_text]An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction

You may be able to save more for retirement in 2015

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings:

3 extended tax breaks to act on by Dec. 31

On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on

Why you should make annual exclusion gifts before year end

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any

How much time is left to make donations you can deduct on your 2014 return?

To take a 2014 charitable donation deduction, the gift must be made by Dec. 31, 2014. According to the IRS,

Review gains and losses now to see if action by Dec. 31 can save 2014 taxes

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the

Buying a business vehicle before year end may reduce your 2014 tax bill

If you’re looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year

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