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

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