Whalen CPAs: Firm News

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

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

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

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

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

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

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t

The long-term capital gains rate is 0% for gains that would be taxed at 10% or 15% based on the

Each year, employers must determine the value of fringe benefits that they provide to their employees. One common fringe benefit

Typically, it’s better to defer tax. Here are two timing strategies that can help businesses do this: Defer income to

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and

If you’re self-employed, you may be able to set up a retirement plan that allows you to make much larger