News & Updates
Succession Stories With Laurie Barkman
When selling your business, it’s the net number that counts. Succession Stories host Laurie Barkman focuses on tax strategies to consider when selling a business and speaks with two colleagues from Wessel & Company, a regional tax and accounting firm in...
Is Your College Student’s Scholarship Taxable?
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child's scholarships are taxable, here is what you should know. What Is a "Scholarship?"...
Tips for Taxpayers With Hobby Income
Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can't deduct their hobby expenses. A...
Small Business Financing: Securing a Loan
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for...
What To Know About Reverse Mortgages
Home equity represents a significant portion of the average retiree's wealth. If you're 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash - without having to sell your home. You can use...
Avoiding a Tax Surprise When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications -- because not all retirement country destinations are...
What Teen Entrepreneurs Should Know About Taxes
Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...
What To Do if You Receive an IRS CP2000 Notice
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...
Tax Withholding for Seasonal and Part-Time Employees
Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...
What Are Estimated Tax Payments?
Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income...