If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund […]
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and […]
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned […]
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes. What’s “joint and several” liability? When a married couple files a joint tax […]
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
St. Louis Small Business Monthly, a regional publication serving the entrepreneurial and small business community, has recently named Wamhoff Accounting President Sandy Furuya to its 2020 list of St. Louis’ Best Accountants. The list appears in the publication’s October, 2020 issue, and is compiled based on reader nominations. Furuya holds more than 30 years of […]