New Requirements for R&D Credit
The IRS recently shared it receives thousands of R&D claims for credits in the hundreds of millions of dollars from corporations, businesses, and individual taxpayers. Claims for the research credit…
Shifting Tax Regulations in the U.S. & Abroad
While there is incredible uncertainty as we move through 2022, there are a couple of major events tax teams should be tracking, as their outcomes could make a big difference…
What Is the Credit for Other Dependents?
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit…
Reminder: Social Security Benefits May Be Taxable
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on…
Tax Breaks for Taxpayers Who Itemize
Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced…
Filing a Tax Return: Avoid These Common Errors
While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed…
Wessel & Company is Pleased to Announce new Principals!
Amy J. Edmiston, CPA, CNAP, CSEP has been promoted to Principal. Amy has a Bachelor of Science Degree in Accounting from the Indiana University of Pennsylvania. Amy has been with Wessel…
Tax Breaks for Older Adults and Retirees
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you…
Working Remotely Could Affect Your Taxes
When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While…
Three Tips for Getting an Accurate Business Valuation
If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain…