Whalen CPAs: Firm News

What’s New at Whalen CPAs?

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Whalen & Company Celebrates 70th Anniversary

WORTHINGTON, Ohio (April 23, 2015) -- Whalen & Company, CPAs celebrated more than the end to a successful tax season

Did the additional 0.9% Medicare tax catch you by surprise?

[vc_row][vc_column][vc_column_text]Facing an unexpected bill for the additional 0.9% Medicare tax? The additional 0.9% Medicare tax applies to FICA wages and

A net operating loss on your 2014 tax return isn’t all bad news

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific

Taking Advantage of Tangible Property Safe Harbors

[vc_row][vc_column][vc_column_text]If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible

Yes, there’s still time to make a 2014 IRA contribution!

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is

Guidelines for Gift Tax Returns

[vc_row][vc_column][vc_column_text] Do you need to file a 2014 gift tax return by April 15? Generally, you’ll need to file a

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

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