Wheeler Accountants LLP

If you owe federal tax, you can typically use credit and debit cards to pay directly or through certain third-party apps. However, the number of cards you can use when submitting individual tax forms is generally limited to two per year or two per month. https://lnkd.in/gHrGeXeD

If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages. https://lnkd.in/g9GHtC7m

If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. https://lnkd.in/gPYkpzw4

The Secure 2.0 Act, passed in 2022, sets a higher catch-up contribution limit for taxpayers aged 60-63, allowing for “super catch-up” contributions to most retirement plans. We broke it down for you on the blog. https://lnkd.in/gDVpBBYS

Employers are required to withhold federal tax from supplemental wages paid to employees. Make sure you understand what is included and applicable rates! https://lnkd.in/gQ9aTw4m

It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax filing and avoid hassles. https://lnkd.in/gF8nHGMy

With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider the tax implications before packing up your things. https://lnkd.in/gyZ_EtiG

Congratulations to Sydni Andrus for earning Employee of the Quarter for Q4 2024. It isn’t her first time, but first since returning to the firm this Fall. Sydni came back with bang and has hit the ground running. https://lnkd.in/gRZddNUZ

Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation. Another potential write-off is for first-year bonus depreciation. Read on for a guide to robust depreciation write-offs for your business. https://lnkd.in/g76vgeZV

Many taxpayers are unclear on the difference between deductions vs. credits. Both can be powerful tax-saving tools. Here’s a quick overview of the functions of each! https://lnkd.in/dtA37jk8