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

Don’t lose tax benefits when combining business travel with vacation pleasure

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way

Softening the blow of higher taxes on trust income

This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their

Your 2013 tax return is filed. What tax records can you toss?

The short answer is: none. You need to hold on to all of your 2013 tax records for now. But

Making the most of your business’s NOL

If during 2013 income tax return filing you found that your business had a net operating loss (NOL) for the

Expense vs. Capitalization: The Final Regulations

In late 2013, the Internal Revenue Service (IRS) released final regulations that will greatly impact a taxpayer’s ability to capitalize

It’s not too late to make a 2013 contribution to an IRA

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual

Your 2013 return may be your last chance for 2 depreciation-related breaks

If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks

2013 higher education breaks may save your family taxes

Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed.

Don’t overlook reinvested dividends

One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested

Could deducting state and local sales taxes save you more?

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes

Short-term ACA relief now available for midsize and large employers

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize

Home office deduction 101

If your use of a home office is for your employer’s benefit or because you’re self employed, you may be

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