News & Updates

[vc_row][vc_column][vc_column_text] Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and...

Health Coverage Terms Employers Should Know Under the Affordable Care Act, certain employers - known as applicable large employers - are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021...

Choosing a Retirement Destination: Tax Considerations With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where...

Taking Early Withdrawals From Retirement Accounts While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund...

Tax Treatment of Virtual Currency Transactions Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know: Background Prior to 2014, there was no...

Wessel & Company CPAs and Advisors, headquartered in Johnstown, PA, has been recognized as one of the Top 400 CPA firms in the nation. The list is compiled by Inside Public Accounting (IPA) and published on a yearly basis. “Our team is excited to be recognized...

Preparing for a Successful Retirement As you approach retirement, it's vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be...

The Home Office Deduction With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for...

Tax Considerations When Hiring Household Help If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at...