News & Tech Tips

The Whalen & Company Cookies

Kathleen Hargrove on June 6, 2016

Whalen & CompanyIt’s not unusual to catch a whiff of baked goodness when you visit the Whalen & Company, CPAs offices!  That’s because we bake chocolate chip cookies in-house for our clients and guests.

Why Cookies?

Cookies were meant to be shared.

Cookie Monster once said, “Maybe friend somebody you give up last cookie for” and we couldn’t agree more.  At Whalen & Company we like to share chocolate chip cookies as a small (and delicious) token of our appreciation for you!

So the next time you’re in the Whalen & Company offices, please enjoy a cookie and know we are so glad you stopped by!

Deduction Guidelines for Entrepreneurs

Kathleen Hargrove on March 30, 2016

deductions for entrepreneursStarting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away.

How expenses are handled on your tax return

When planning a new enterprise, remember these key points:

  • Start-up costs include those incurred or paid while creating an active trade or business — or investigating the creation or acquisition of one. Organizational costs include the costs of creating a corporation or partnership.
  • Under the federal tax code, taxpayers can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs. The $5,000 deduction is reduced dollar-for-dollar by the amount by which your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized over 180 months on a straight-line basis.
  • No deductions or amortization write-offs are allowed until the year when “active conduct” of your new business commences. That usually means the year when the enterprise has all the pieces in place to begin earning revenue. To determine if a taxpayer meets this test, the IRS and courts will generally ask: Did the taxpayer undertake the activity intending to earn a profit? Was the taxpayer regularly and actively involved? Has the activity actually begun?

An important decision

Time may be of the essence if you have start-up expenses that you’d like to deduct this year. You need to decide whether to take the elections described above. Recordkeeping is important. Contact Whalen & Company about your business start-up plans. We can help with the tax and other aspects of your new venture.

Copyright 2016 Thomson Reuters
Image courtesy of patpitchaya at freedigitalphotos.net 

Whalen & Company, CPAs Starts New Year with New Division, New Venture

Kathleen Hargrove on January 7, 2016

WORTHINGTON, Ohio (Jan. 7, 2016) — Whalen & Company, CPAs is enhancing its service offerings in 2016, merging with QuickBooks® consulting firm, Simplibooks, and launching a new tax preparation practice, Simplitax.  These developments follow Whalen & Company’s acquisition of accounting firm Earman & Wood CPAs in November 2015.

“This is an exciting time for our firm,” said Whalen & Company Partner Lisa Shuneson, CPA, PFS.  “As we enter our seventy-first year in business as an accounting firm, Simplibooks and Simplitax will help us continue to evolve with the industry, meet the needs of our clients and engage new clients.”

Previously based in Hilliard, Ohio, Simplibooks will continue to provide QuickBooks® support and bookkeeping services as a division of Whalen & Company.  Simplibooks founder Jessica A. Distel, CPA, MBA, a Quickbooks® ProAdvisor, will join Whalen & Company as a Senior Manager, along with associates Tiffany Clark as Client Service Leader and Josh McReynolds as Accounting Staff.

This alliance coincides with a new business venture for Whalen & Company: the launch of Simplitax, a tax preparation business.  Simplitax will provide individual income tax preparation as a separate entity operating within Whalen & Company’s parent offices during the 2016 tax year, with plans to expand in 2017.

“Simplitax will provide basic income tax return preparation for individuals, allowing us to connect with new clients who may not have required the full slate of offerings at Whalen & Company,” said Whalen & Company Partner Richard Crabtree, CPA, PFS.

“We are excited about serving new clients with Simplitax’s competitive rates and convenient services,” said Crabtree.

For more information about Simplibooks and Simplitax, visit www.simplibooks.com and www.simplitaxusa.com.

About Whalen & Company, CPAs: Whalen & Company is a full service CPA firm located in Worthington, Ohio.  Established in 1945, Whalen & Company offers accounting, audit, business advisory and tax services.  www.whalencpa.com

 

Whalen CPAs
250 W. Old Wilson Bridge Rd., Suite 300
Worthington, OH 43085-2215
(614) 396-4200

© 2024 Whalen CPAs. All Rights Reserved.

The content provided on whalencpa.com is intended for informational purposes only. Before any action is taken based on this information, personalized advice should be obtained from a Whalen CPAs professional. Information obtained on whalencpa.com does not constitute professional advice or create a professional relationship with Whalen CPAs. Learn more.