Whalen CPAs: Firm News

What’s New at Whalen CPAs?

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The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might

If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of:

Health care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored plan that pays, or reimburses

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

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

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

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

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

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

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

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

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