Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]
The Internal Revenue Service this week released an updated withholding calculator on IRS.gov and the 2018 version of the Form W-4. With the recent tax law changes we encourage you to update your withholding amounts to ensure they are accurate. This will protect yourself from having too little tax withheld and face an unexpected tax […]
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for […]
Does your organization have a formalized program under which it offers employees paid time off for an illness or family emergency? If not, there’s now an excellent reason to consider establishing one: The Tax Cuts and Jobs Act, passed late last year, created a tax credit for qualifying employers that begin providing paid family and […]
Wamhoff Accounting Services has once again been named one of the Best in Customer Service for 2018 by St. Louis Small Business Monthly. This is not the first time Wamhoff Accounting has received this award, as they were also on the list for 2017 and several previous years, as well as being named among the […]