News & Updates
Individual Taxpayers: The Year in Review
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction...
Wessel & Company Annual Tax Update 2022
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Eligible Families Can Claim Tax Benefits Until Nov. 17th.
Eligible Families Can Claim Tax Benefits Until Nov. 17th. Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits - but did not claim them by filing a 2021 federal...
Understanding IRAs: Terms to Know
Understanding IRAs: Terms to Know IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account,...
Year-end Tax Planning Strategies for Business Owners
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let's take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2023 by delaying end-of-year invoices so that payment...
Year-end Tax Planning Strategies for Individuals
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...
Tax Deductions for Homeowners
For many people buying a home - whether it's a fixer-upper in an up-and-coming neighborhood or that custom home you’ve always dreamed of - is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some...
Cash Management Tips for Small Businesses
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services....
Understanding Marginal vs. Effective Tax Rates
Understanding marginal and effective tax rates are important for tax planning purposes; however, many taxpayers don't fully understand the differences. Let's take a closer look: Marginal Tax Rate The United States has a progressive tax system. The more money you earn,...
What To Know About IRS Letters and Notices
When the IRS needs to ask a question about a taxpayer's tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and notices to...