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.

Lower FSA contribution limit may make HSAs more attractive

Previously, employers could set whatever limit they wanted on employee contributions to Flexible Spending Accounts (FSAs) for health care. But

Do you need to file a 2012 gift tax return by April 15?

Generally, you’ll need to file a gift tax return for 2012 if, during the tax year, you made gifts: That

Yes, there’s still time to make a 2012 IRA contribution!

The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is

You don’t have to be a manufacturer to take the “manufacturers’ deduction”

The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified

You Might Save More By Deducting State and Local Sales Tax

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes

2012 Return Filing on Hold for Many Taxpayers

While the many revived breaks under the American Taxpayer Relief Act of 2012 (ATRA) are good news for taxpayers, they

Can recently enhanced Sec. 179 expensing reduce your 2012 taxes?

Section 179 expensing allows businesses a 100% deduction for the cost of qualifying asset purchases. Its 2012 benefits were recently

IRS Makes Deducting From Home Office Expenses Easier

On Jan. 15, the IRS announced a new simplified home office deduction, which is available beginning with 2013 income tax

Newly Revived "Charitable IRA Rollovers": Time is Running Out for 2012 Savings

The American Taxpayer Relief Act of 2012 (ATRA) revives for 2012 and 2013 the opportunity to make tax-free IRA distributions

What 2013 Tax Law Changes Mean for Tax Withholding

The IRS has updated income-tax withholding tables for 2013 in light of the American Taxpayer Relief Act of 2012, signed

Three Tax Increases Under the Fiscal Cliff Deal

On Jan. 2, Congress passed the American Tax Relief Act to address the fiscal cliff. The act makes permanent 2012

How Late Can You Make Donations and Still Deduct Them on Your 2012 Return?

To take a 2012 charitable donation deduction, the gift must be made by Dec. 31, 2012. According to the IRS,

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