News & Updates
Reminder: Rules for Depreciation and Expensing
Reminder: Rules for Depreciation and Expensing As part of the final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27,...
New Requirements for R&D Credit
[vc_row][vc_column][vc_column_text]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 under Section 41 of the Tax...
Shifting Tax Regulations in the U.S. & Abroad
[vc_row][vc_column][vc_column_text]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 for the 2022 tax landscape and well beyond. Businesses will...
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 amount is $500 for each dependent who meets certain conditions. These include: Dependents...
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 your Social Security benefits only if you have...
Tax Breaks for Taxpayers Who Itemize
[vc_row][vc_column][vc_column_text]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 your current home, or had extensive gambling...
Filing a Tax Return: Avoid These Common Errors
[vc_row][vc_column][vc_column_text]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 below to ensure a timely refund. Not Using Electronic...
How to Create a Profitable Transition of a Business
[vc_row][vc_column][vc_video link="https://vimeo.com/678267274/7a2eee27bd"][vc_column_text]This was a virtual panel-driven session is designed to help any business owner who is thinking about exiting or transitioning a business. Whether you are the owner or an advisor...
Wessel & Company is Pleased to Announce new Principals!
[vc_row][vc_column width="1/4"][vc_single_image image="98"][/vc_column][vc_column width="3/4"][vc_column_text]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...
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 do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or older and you do...