Whalen CPAs: Blog

Discover Our Thoughts on Important Accounting Topics.

We understand that constantly changing tax laws can get confusing. That is why we keep our blog updated on tax policies that could affect the life and business of our clients. If you have any questions regarding an article featured on our blog, please contact the experts at Whalen CPAs for more information. Want info delivered right to your inbox –  Subscribe Now
The power of catch-up retirement account contributions after 50
The power of catch-up retirement account contributions after 50
Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to
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Payroll tax implications of new tax breaks on tips and overtime
Payroll tax implications of new tax breaks on tips and overtime
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax
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Evaluating business decisions using breakeven analysis
You shouldn’t rely on gut instinct when making major business decisions, such as launching a new product line, investing in
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FAQs about the going concern assessment
The going concern assumption underlies financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) unless management has plans to liquidate.
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The QBI deduction and what’s new in the One Big Beautiful Bill Act
The QBI deduction and what’s new in the One Big Beautiful Bill Act
The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners.
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The next estimated tax payment deadline is coming up soon
The next estimated tax payment deadline is coming up soon
If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill
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No tax on car loan interest under the new law? Not exactly
No tax on car loan interest under the new law? Not exactly
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence
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How do businesses report cloud computing implementation costs?
How do businesses report cloud computing implementation costs?
Today, many organizations rely on cloud-based tools to store and manage data. However, the costs to set up cloud computing
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Act soon: The OBBBA ends clean energy tax breaks
Act soon: The OBBBA ends clean energy tax breaks
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to
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What the new tax law could mean for you
The new law includes favorable changes for depreciating business assets
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps
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Budgeting basics for entrepreneurs
Budgeting basics for entrepreneurs
Starting a business can be rewarding, but the financial learning curve is often steep. The U.S. Bureau of Labor Statistics
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What the new tax law could mean for you
What the new tax law could mean for you
As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire
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