News & Updates
Businesses: Act Soon to Take Advantage of Clean Energy Tax Incentives
While legislation signed into law in 2025 extends or enhances many tax breaks for businesses, it ends some clean energy tax incentives. Fortunately, your business may still benefit from certain clean energy breaks if it acts in the first half of 2026. Make Building...
2026 Tax Law Changes for Individuals
Here’s a sampling of some significant tax law changes going into effect this year: New charitable contribution deduction for non-itemizers for cash contributions up to $1,000 ($2,000 for married couples filing jointly) New 0.5% of adjusted gross income floor on...
More Taxpayers May Qualify for the Casualty Loss Deduction
Starting in 2026, personal casualty loss deductions will no longer be limited to federally declared disasters. Certain state-declared disasters will also be eligible. For a disaster to qualify, the governor (or D.C. mayor) and the U.S. Treasury Secretary must agree...
Wessel & Company Ranked #13 Best Place to Work in PA
Wessel & Company, with offices in six Pennsylvania locations including Johnstown and Cranberry Township, has once again been named one of the Best Places to Work in PA for 2025. This recognition marks their eighteenth consecutive year on the list and reflects...
How Does the New Tax Deduction for Car Loan Interest Work?
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might...
NOL Deductions Can Ease the Pain of Business Losses
For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year...
The Tax Implications of Remote Work
Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences. State Tax Issues for Employees Remote work allows employees to live in one state and work for an employer in another, which can...
Last-Minute Tax Strategy: Accelerating Deductions
Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for 2025. The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction and itemizing to make sense. In...
2025 Year-End Tax Planning Guide for Private Companies
Private companies find themselves navigating a tax landscape marked by rapid change and increasing complexity. The wave of legislative, economic, and technological developments over the past year has created novel challenges. It’s not enough to merely survive. This...
2025 Year-End Tax Planning Guide for Individuals
With the passing of the One Big Beautiful Bill Act (OBBBA), the Federal Reserve cutting interest rates, and inflation showing signs of moderating, tax planning remains as important as ever for taxpayers seeking to manage cash flows and reduce their tax liabilities...