Wheeler Accountants

Friends and clients,

We want to ensure your financial security and protect you from the growing threat of identity theft. One effective way to do this is by obtaining your Identity Protection Personal Identification Number (IP PIN).

The IRS is encouraging taxpayers to sign up for an IP PIN before November 23, 2024. The IP PIN system will undergo maintenance after this date and be unavailable until early January 2025. We posted a quick guide on the blog:

How to Sign Up for an IP PIN | Wheeler Accountants, LLP One effective way to ensure your financial security is by obtaining your Identity Protection Personal Identification Number (IP PIN). The IRS is encouraging taxpayers to sign up for an IP PIN before November 23, 2024.

As the saying goes, there's nothing certain in life except for death and taxes. But when it comes to selling your home, proactive tax planning can help you reduce your federal income tax bill. Read more:

Home Sale: Failure to Plan may Raise Your Tax Bill | Wheeler Accountants, LLP There’s nothing certain in life except for death and taxes. But when it comes to a home sale, proactive tax planning can help you reduce your tax bill.

If you pay Medicare premiums for health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return:

Medicare Premiums may Lead to Tax Savings | Wheeler Accountants, LLP If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return.

If you're a business owner, your company is likely your most valuable asset. You need a succession plan for a smooth transition of the business and an estate plan that addresses transferring ownership interests to the next generation. A few thoughts:

Business Succession Plan and Estate Planning Should Be Inseparable | Wheeler Accountants, LLP If you’re a business owner, your company is likely your most valuable asset. To ensure it survives after you’re gone, you first need a succession plan that will provide a smooth transition of the business to one or more of your children (assuming you want to keep it in the family).

It's a challenging time for many businesses. Any help you can get, such as tax incentives and sales tax exemptions, can make a big difference! Unfortunately, these benefits often go unclaimed. Don't miss out:

Are You Aware of the Business Credits and Other Tax Benefits Available? | Wheeler Accountants, LLP It’s a challenging time for many businesses. Therefore, any help you can get, such as tax incentives and sales tax exemptions, can make a big difference.

We are pleased to announce that Joseling Torrez has been promoted to the role of Manager, effective September 1st, 2024. Congratulations to Joseling on this well-deserved promotion!

Joseling Torrez Promoted to Manager | Wheeler Accountants, LLP We are pleased to announce that Joseling Torrez has been promoted from Supervisor to Manager, effective September 1st, 2024.

Effective accounting is the backbone of any business. While QuickBooks is a popular choice due to its comprehensive functions, there are numerous other tools that can make your accounting process more efficient and compliant! Check out our short list:

Essential Accounting Tools for Streamlined Financial Management | Wheeler Accountants, LLP Effective accounting is the backbone of any successful business. While QuickBooks by Intuit is a popular choice for many small businesses due to its comprehensive functions such as invoicing, expense tracking, and payroll management, there are numerous other tools that can make your accounting proce...

Employers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. Here are some basic reasons to consider this:

Educational Benefit: An Benefit with Magnetic Power | Wheeler Accountants, LLP Employers seeking to attract new recruits and retain talent should consider offering educational benefits to their employees.

As Summer ends, we reminisce about the good times. In August, a crew of Wheeler chefs set out to make the best pot of chili for the United Contractors Annual BBQ & Chili Cookoff... and Team Chili Chili Bang Bang took third place! Read all about it:

United Contractors Chili Cookoff; Wheeler Takes 3rd | Wheeler Accountants, LLP On August 1st, a crew of fearless Wheeler chefs set out to make the best pot of chili for the United Contractors Annual Chili Cookoff. Thanks to each person who represented us as team Chili Chili Bang Bang!

If you requested an extension to file your 2023 tax return, you probably know that the deadline to file your extended return is coming up soon, on Oct. 15. If you have the information you need, consider filing now.

Don't Wait Until the Last Minute to File Your Extended Return! | Wheeler Accountants, LLP If you requested an extension to file your 2023 tax return, you probably know that the deadline to file the extended return is coming up on Oct. 15.

Congratulations to Linh Nguyen on officially becoming a licensed CPA! Now we're cheering her on as she seeks her Master of Science in Taxation. We wrote about her journey to licensure here:

Congratulations to Linh Nguyen on Passing Her CPA Exams! | Wheeler Accountants, LLP Wheeler is thrilled to congratulate Linh Nguyen on passing her final CPA exam, closing out a daunting chapter in her path to CPA licensure. Linh has spent the last 9 months committed to this CPA journey while dealing with 3 tax seasons (9/15, 10/15, and 4/15), which took an incredible amount of time...

Leaving a job? You may want to roll over funds in your former employer's 401(k) plan to an IRA. But there's a tax trap for the unwary! read more:

Handle Your 401(k) Rollover With Care | Wheeler Accountants, LLP Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary.

As rents continue to rise, you may decide to help your family members by renting to them at a discount. But this can lead to the loss of significant tax deductions. Refresh yourself on the rules on the blog:

Renting to Family Members | Wheeler Accountants, LLP As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies when you rent to unrelated parties an...

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project. Here's a quick rundown of the qualifications:

Valuable Tax Credit Available for Energy-Efficient Homes | Wheeler Accountants, LLP Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project.

Employee or contractor? Be careful that your independent contractors are properly classified for tax purposes, because if the IRS reclassifies them as employees, it can be an expensive mistake. Read more:

Independent Contractors: Classify Carefully | Wheeler Accountants, LLP Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex.

This summer, seven of our Wheeler team members attended the CPAmerica NextGen Conference in Denver, CO. We loved hearing about their experience bonding as a team, meeting peers from across the US, and learning and growing through teaching sessions and discussions.

Health Savings Accounts are tax-advantaged savings vehicles for funding health care expenses not covered by insurance. For those in relatively good health, they also may serve as attractive retirement savings vehicles.

HSAs Can Be Powerful Retirement Saving Tools | Wheeler Accountants, LLP Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding health care expenses not covered by insurance. And for those in relatively good health, they also may serve as attractive retirement savings vehicles.

Collections can be difficult for B2B operations, which often find themselves in complex relationships with key customers. In these businesses, it's often not as simple as "pay up or hit the road." Here are 5 strategies for improving your collections:

5 Strategies for Improving Collections | Wheeler Accountants, LLP Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. For other types of companies, it’s not so easy.