News & Updates
Sending the Kids to Day Camp May Bring a Tax Break
Among the many challenges of parenthood is childcare for kids when school lets out. Babysitters are one option, or you might consider sending them to a day camp. There’s no one-size-fits-all answer, but if you do choose a day camp, you could be eligible for a tax...
What Expenses Can’t Be Written Off by Your Business?
If you check the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed there. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are...
Help Prevent Financial Scams Aimed at Older People
Scam artists seek new ways to steal financial data and money from vulnerable people in any season. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you...
Aliquippa Office Consolidation
Wessel & Company would like to announce that our Aliquippa office will close on May 17th. Professionals currently at the Aliquippa office will now work out of our Cranberry office, located at 1667 Route 228, Suite 301, Cranberry Township, PA 16066. Our spacious...
The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees
If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as the “nanny tax.” In 2024, when a household employee’s cash wages reach at least $2,700,...
3 Ways Your Business Can Uncover Cost Cuts
Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and...
To Get an “Early” Refund, Adjust Your Withholding
If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you...
The Advantages of Hiring Your Minor Children for Summer Jobs
If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some...
Section 174 – Tax Relief for American Families and Workers Act of 2024
The Tax Relief for American Families and Workers Act of 2024 aims to restore the pre-Tax Cuts and Jobs Act R&D provisions. This adjustment will affect Section 41 Research & Development credit, as well as the timeline of receiving those expenses. Section 174...
Payable-on-Death Accounts: Beneficial Tools if Used Correctly.
Payable-on-death (POD) accounts can be a quick, simple, and inexpensive way to transfer assets outside of probate. They can be used for bank or credit union accounts, certificates of deposit, and even brokerage accounts. Setting up such an account is as easy as...