The new form takes into account a 2^nd job, children under 17 (for the possible child tax credit), and children over 17 (for the possible dependent credit).  It also takes into account if your Spouse works as well as any additional income.

The new Form W-4 is divided into 5 steps:

Step 1 is required; this is where you will enter your personal information like name, address, social security number, and filing status.

Step 2 may or may not apply.  If you hold more than one job or your spouse works you will need to use the estimator at www/irs.gov/W4App to calculate the most accurate withholdings.

Step 3 is the qualifying children under age 17 or other dependents.

Step 4 is where you report additional withholding you may need if you have investments or other sources of income (not a 2^nd job) that does not have any withholdings.

Step 5 is where you sign and submit to your employer.

Your tax professional will need you to bring in a current paystub for each job you or your spouse holds.  Additional income with no withholding as well as be able to answer questions about your children you are claiming.  The withholding estimator is a great tool provided by the IRS to ensure you are withholding the correct amount and will not be subject to a penalty.

Happy  Valentine’s Day from the staff at Wamhoff Accounting!

Every year, NAEA works with its state affiliates nationwide to have the first week in February proclaimed “Enrolled Agent Week.” For the year of 2020, we are pleased to announce that our governor has issued the state of Missouri an Enrolled Agent Proclamation. As tax season is upon us, NAEA has seen that the state of Missouri recognizes knowledge, professionalism, and integrity of enrolled agents.

At Wamhoff Accounting, we currently have two Enrolled Agents, Sandy Furuya and Susan Taylor. As Enrolled Agents, we are federally-authorized tax practitioners who have technical expertise in the field of taxation and who are empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels–examination, collection, and appeals–of the Internal Revenue Service.

Tax Changes in Missouri

We are now in the second year of the Tax Reform law changes, and Missouri has also prepared some tax changes. Starting in 2019, your Missouri tax rate has a 5.4% maximum, and in 2020 it’s going to go down to 5.1% as long as you meet certain criteria. This is good news, considering it used to be 6%. However, depending on your level of income, you may be phased out of some former deductions. President Sandy Furuya breaks this down further in her latest video.

44 years ago, my brother, Bob Wamhoff, started an accounting firm in Florissant, Missouri to help clients in the area provide a high level of service and advice. I joined him, just a few years later, while I was still in my teens, helping him to crunch numbers and prepare forms. That first day on the calculator, I was so excited to be working with my big brother. Today, with a tear in my eye, I’m a proud little sister as I look back on his career and congratulate him on his retirement.

This tax season, we’ve had the privilege to serve many clients who have been there with us since those early days of Wamhoff Accounting. As they’ve come in for their tax appointments, we’ve reminisced about years Bob spent preparing returns on their kitchen tables and washing machines, and recalled the many locations the firm has called home since 1975. Bob led us all on that journey, always making sure that each client and each member of our staff was cared for and felt supported.

In the 44 years since Bob founded the firm, he built an amazing full-service financial planning and accounting business, and team of individuals that’s become well-known across the St. Louis region. He often jokes that he can’t even go to the grocery store without someone recognizing him from television! His hard work, dedication to his craft and his clients, and willingness to give back have brought him much success, and has made an indelible mark on the community.

I am honored to have the opportunity to carry his legacy forward, leading Wamhoff Accounting into the future but always maintaining the vision Bob set forth. He taught me everything I know, and I would not be the person I am today without him. Bob is someone I will always turn to for advice, even in his retirement, and I know he’ll be there to lend a helping hand or compassionate ear to anyone who might call upon him.

From your little sister, and the entire Wamhoff Accounting team — Happy Retirement, Bob!

Each month, St. Louis Small Business Monthly, publishes a list of companies in the Best in Business section which feature St. Louis area firms that “won’t settle for just good enough” in their approach to business. The companies are nominated by Small Business Monthly readers in a variety of categories, with the February issue featuring those who are best in customer service. Wamhoff Accounting is pleased to announce that the firm has been named to the list for the second year in a row.

“Since 1975, we’ve prided ourselves on providing the highest level of client service,” said Sandy Furuya, president of Wamhoff Accounting Services. “We always go the extra mile in supporting our clients, whether its full-service tax and accounting work for small businesses, or tax filings and preparation of returns for individuals. Clients know they can count on us for service they can’t get elsewhere.”

Wamhoff Accounting not only has made the Best in Customer Service list for the last two years, but for nine consecutive years now, the firm has been chosen as one of Small Business Monthly’s Best Accounting Firms in St. Louis.

“We’re honored to be included on these lists for multiple years, and are grateful to the readers and editorial staff of Small Business Monthly who have recognized our hard work and commitment to clients,” said Furuya.

Wamhoff Accounting assists clients with tax and accounting work, as well as with bookkeeping, financial statements, and establishing new businesses. Free initial consultations are available upon contact, and individual tax returns can be completed within the day.