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 […]
Today (2/21/18) we were updated by the Internal Revenue Service that in many cases your Home Equity LOC may continue to be a deduction. The Home Equity loan will be deductible if: Used to build an addition to the existing home Total of a 1st and 2nd (or LOC) does not exceed $750,000 If the […]
With the Standard Deduction increasing for 2018-2025 many taxpayers are contemplating paying extra toward their principal on their mortgage or completing paying off their mortgage. Pros to keep your mortgage: 3.75%-4.25% is a reasonable rate Mortgage debt is “good debt” Money not put towards mortgage debt can be put towards additional 401k funding or […]
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly […]