Whalen & Company, CPAs Grows with Acquisition of Martinelli & Company
Whalen & Company, CPAs is expanding again after its recent acquisition of Bexley-based accounting firm Martinelli & Company.
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We’ve expanded our staff!
The Whalen team is pleased to announce that we have added the following individuals to our staff recently:
John Calanog, CPA – Senior Staff, Tax Services
John specializes in tax services and holds a Masters degree in Tax. He has more than 18 years of progressive experience focusing in federal, state, and international tax compliance, research, and consulting. In addition, he has cumulative experiences beginning in industry, working in corporate tax departments, and continuing in public accounting, working at local, regional, and Big 4 firms.
At Whalen & Company, CPAs, John is focused on tax compliance and consulting for C corporations, partnerships, S corporations, and individual taxpayers.
Lee Atwell, MBA, MAcc – Senior Staff, Tax Services
Lee has held roles including auditor, corporate accountant, financial controller, senior accountant, and has joined the Whalen team as a member of our tax department as a consultant.
He is currently pursuing the CPA exam (expected summer 2019) and has been teaching at Columbus State since October 2014 in the Accounting Department.
In addition, he was honorably discharged from the Marine Corps & Army and has received the following degrees:
- B.S. degree in Accounting with a concentration in Applied Leadership
- Master’s in Business Administration with a concentration in Finance
- Master’s in Accounting with a concentration in Taxation
Nathan D’Aurelio – Staff, Assurance and Accounting Services
Nathan is a recent graduate of Ohio University and received a bachelor’s degree in accounting. He has joined the Whalen team as part of our Accounting & Assurance team.
He has previously worked alongside our staff as an intern, and we are pleased to welcome him back as a full-time staff member.
In addition, he is currently pursuing his CPA certification.
Whalen & Company, CPAs Expands Staff
WORTHINGTON, Ohio – Whalen & Company, CPAs recently added the following individuals to its team:
Andrea Brocksmith – Client Service Associate
As a member of Whalen’s Accounting Department, Brocksmith performs accounts payable and bookkeeping services for a specialized group of clients.
Larry Havens, CPA, CVA, CGMA – Senior Audit Consultant
Havens brings excellent technical ability and engagement management to Whalen’s Audit Department. He works closely with clients and manages a number of audits and special projects.
Adam Hooser – Client Service Associate
As a member of Whalen’s Assurance Department, Hooser performs various accounting tasks such as bank reconciliations and journal entries. He also assists with audits and reviews.
Cynthia Keith – Client Service Associate
As a member of Whalen’s Simplibooks division, Keith assists clients with their QuickBooks accounting.
Irma Wilhite, CPA, MST – Accounting and Tax Specialist
Wilhite performs various accounting and tax functions for Whalen’s Accounting Department. She works closely with a specialized group of clients and mentors and trains staff on client engagements.
3 income-tax-smart gifting strategies
If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting strategies, it also can reduce your income tax liability — and perhaps your family’s tax liability overall:
1. Gift appreciated or dividend-producing assets to loved ones eligible for the 0% rate. The 0% rate applies to both long-term gain and qualified dividends that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate.
2. Gift appreciated or dividend-producing assets to loved ones in lower tax brackets. Even if no one in your family is eligible for the 0% rate, transferring assets to loved ones in a lower income tax bracket than you can still save taxes overall for your family. This strategy can be even more powerful if you’d be subject to the 3.8% net investment income tax on dividends from the assets or if you sold the assets.
3. Don’t gift assets that have declined in value. Instead, sell the assets so you can take the tax loss. Then gift the sale proceeds.
If you’re considering making gifts to someone who’ll be under age 24 on December 31, make sure he or she won’t be subject to the “kiddie tax.” And if your estate is large enough that gift and estate taxes are a concern, you need to think about those taxes, too. To learn more about tax-smart gifting, contact us.
Copyright 2016 Thomson Reuters
Image courtesy of freeimages.com/alexling
Tips for Education-Related Tax Breaks
If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To make the most of education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can take only one break per student, and, for some breaks, only one per tax return.
Credits vs. Deductions
Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses:
- The American Opportunity credit — up to $2,500 per year per student for qualifying expenses for the first four years of postsecondary education.
- The Lifetime Learning credit — up to $2,000 per tax return for postsecondary education expenses, even beyond the first four years.
But income-based phaseouts apply to these credits.
If you’re eligible for the American Opportunity credit, it will likely provide the most tax savings. If you’re not, the Lifetime Learning credit isn’t necessarily the best alternative.
Despite the dollar-for-dollar tax savings credits offer, you might be better off deducting up to $4,000 of qualified higher education tuition and fees. Because it’s an above-the-line deduction, it reduces your adjusted gross income, which could provide additional tax benefits. But income-based limits also apply to the tuition and fees deduction.
How much can your family save?
Keep in mind that, if you don’t qualify for breaks for your child’s higher education expenses because your income is too high, your child might. Many additional rules and limits apply to the credits and deduction, however. To learn which education-related tax breaks your family might be eligible for on your 2015 tax returns — and which will provide the greatest tax savings — please contact Whalen & Company.
Copyright 2016 Thomson Reuters
Image courtesy of freeimages.com/Aaron Murphy