Blogs

Posted Thursday, October 10, 2024

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WCG CPAs & Advisors Tax Blog

WCG blog contains articles and other cheeky items that are short, sweet and a bit sassy. They are designed to be quick reads about current small business tax deductions and other tax matters. As such, they might become outdated simply based on time or based on changing tax code. Just like email, the most recent post about a topic is probably the most accurate and current post (we try to alert you that a post supersedes an older post, but life on life’s terms gets in the way from time to time).

Blogs

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Is it silly to write in the first-person? Probably. According to a 2022 Harvard Business Review article, a study of

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Everyone loves loopholes, right? The Hummer loophole was recently popular again with 100% bonus depreciation. The older kid on the

WCG

Jason Watson, Terra Plamp and Beth Buchanan just returned from Ahmedabad, India to meet with our 23-person team on the

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Cost segregation or costseg as the cool kids say allows you accelerate depreciation (and therefore lower taxes and increase cash)

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Dealing with taxes can be tricky, especially when it comes to IRS underpayment penalties. In 2024, these penalties are a

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Why designate myself as a real estate professional? Aside from being something cool to tell the grand kids, let’s presume

tax experts

WCG CPAs & Advisors has more than 160 Certified Registered Nurse Anesthetists as 1099 contractors (aka business owners), and it is

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You are buying real estate for business or rental use. Usually, you can depreciate the entire purchase price, minus the

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A lot of small business owners, especially solo operators, work from their home office. This is wonderful, however people change

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We are just coming out of tax season with a stack of notes with mostly good ideas, and likely some

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WCG CPAs & Advisors is thrilled to partner with BiggerPockets. Located in Denver, Colorado, BiggerPockets is the premier online resource for

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As you consider your tax planning strategies this year, please be aware that you might live in a state that has a

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WCG CPAs & Advisors receives about 2-3 emails or phone calls (and the occasional text) per week from people saying, “I

tax experts

You’ve decided to open that retirement plan personally or through your small business – what now? Or maybe your friends

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URGENT: No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines,

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While WCG clients are wonderful, occasionally a client of another CPA firm will ask us for advice. How should I

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Yeah, you’re reading that right. Our website and various articles express ways to save on taxes, but they also had

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For those parents who either over-funded a 529 college savings account or where the funds were never needed, there is

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The IRS postponed a SECURE Act provision that would require all those 50 or older who also earn more than $145,000 to

tax experts

Healthy relationships start with managing expectations, especially communications. Generally, WCG relies on emails and text messages as our initial communication

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Summer is tax planning time and we get a lot of questions about solo 401k contributions, and whether they should

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Tax planning strategies are commonly addressed in December as small business owners and other taxpayers start to freak out about

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WCG has recently introduced a new bookkeeping function for business owners as your Fractional Controller. We will use Bench as

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“Do I really need someone to do my small business bookkeeping, or can I just do it myself? I mean

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There has been a lot of activity over the last 6 months regarding PPP loan proceeds becoming taxable income or not. We’ll

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The hot question since the passage of the Tax Cuts & Jobs Act of 2017 and Section 199A is, “Should

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As part of the CARES Act due to this COVID-19 nonsense, the SBA handed out about $600 billion in Paycheck

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The history of WCG CPAs & Advisors starts off like many CPA firms. Tina Watson obtained her CPA license in May 2003.

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We have put together a quick list of frequently asked questions involving the SBA’s Paycheck Protection Program and specifically the

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Update April 2, 2020 at 5:23PM (Treasury just released its final final guidelines)… no 1099s issued as payroll costs, and gross pay

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Here we are on March 21, 2020. Many of us are sequestered in our home trying to figure out basic

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Update March 20, 2020, Treasury Secretary has also extended the tax filing deadline from April 15 to July 15. Two

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With everyone freakin’ out about the Coronavirus (and me recovering from Deschutes Virus from their amazing IPA), perhaps it is time to

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The SECURE Act which stands for Setting Every Community Up for Retirement Enhancement of 2019 was signed December 20, 2019 as part

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Small business tax deductions are critical for reducing taxable income. The tax code and the IRS basically say, “Hey, we

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Recently we had a foot and ankle physician group in Rhode Island complete two different RCReports interviews to determine a

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WCG (formerly Watson CPA Group) just recorded its first small business podcast on business entity formations and considerations, and we

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Home is where the heart is. But as the economy shifts and embraces remote work, more and more people find

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Having your LLC elect S corporation taxation is fairly easy. But like King George in Hamilton, “What comes next?” The S

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One of the biggest headaches of electing to be taxed as an S Corp is calculating a reasonable shareholder salary.

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The Section 199A deduction was derived from the Tax Cuts and Job Acts and, thanks to our Congress, is one

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We are living in the age of the “side hustle.” Talk to ten of your friends and colleagues, and chances

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Some say that the best nation is a “donation!” While that might make you laugh (and hopefully this blog post

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Being designated a specified service trade or business, or SSTB for short, for some business owners can appear like punishment.

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As mentioned elsewhere in our website and book, we encourage people to focus on building wealth and if they can

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Many business owners ask if they should be cash or accrual when selecting the accounting method within their accounting package.

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Exit strategies or succession planning usually consider employee ownership as a strong possibility. It is a difficult decision for most

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On January 18, 2019 the IRS and the Treasury Department released the Section 199A final regulations, including some related guidance such as IRS Notice

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Accountable Plans WCG (formerly Watson CPA Group) and our team of business consultants field a lot of questions about home

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When comparing business activities on a Schedule C versus an S Corp election, one of the gripes is the reduction

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Section 199A offers a 20% deduction for small business owners, but are rental properties considered a trade or business? The

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The Tax Cuts and Jobs Act of 2017 created a new tax deduction for business owners (and others) called the

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On August 8, 2018, the IRS published proposed regulations to help better explain the Section 199A Qualified Business Income Deduction including anti-abuse

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WCG (formerly Watson CPA Group) just released the 2019 Edition of our book on LLCs and S Corps. We did

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The Tax Cuts and Jobs Act of 2017 created a new tax deduction for business owners (and others) called the

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WCG (formerly Watson CPA Group) is excited to announce Stephanie Torgerson as our new Payroll Manager. Processing payroll and payroll

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Good news from the IRS. They recently released Notice 2018-76 which essentially restores the business meals tax deduction that small business owners

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WCG (formerly Watson CPA Group) primarily focuses on small business owners and complex individual tax returns. Since we prepare hundreds

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WCG (formerly Watson CPA Group) employs both Certified Public Accountants and Enrolled Agents. We get the “what is the difference

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This is reprinted from a recent USA Today Article: The United States is enjoying an era of unprecedented wealth and prosperity.

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The Section 199A qualified business income deduction is a wonderful offspring from the Tax Cuts and Jobs Act of 2017.

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We get a lot of calls and emails from business owners who ask about adding their spouse to payroll. There

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We often get the question What is my tax home? It is a tricky question… and it is one that

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Joint Committee on Taxation We have new tax law. Yay! But what does it all mean? Who knows! Oftentimes the

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Two recent tax court cases highlight the difficulty in deducting advanced degrees as qualified education expenses. The rule is quite

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The United States Supreme Court in a 5-4 decision (aren’t they all 5-4 decisions, usually along party lines?) in South Dakota

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Mortgage Interest Deduction Debt Limit is $750,000 Two big things changed with the Tax Cuts and Jobs Act of 2017

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Given the new meals and entertainment landscape (and uncertainty) from the Tax Cuts and Jobs Act (TCJA) of 2017, we

Table Of Contents

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Tax Planning Season

Tax planning season is here! Let's schedule a time to review tax reduction strategies and generate a mock tax return.

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Bookkeeping Services

Tired of maintaining your own books? Seems like a chore to offload?

Professional Consultation

Did you want to chat about this? Do you have any questions for us? Let’s chat!

The tax advisors and business consultants at WCG are not salespeople; we are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles.

We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.” Yes, it is fun to brag about how complicated your world is at cocktail parties, but let’s not unnecessarily complicate it for the bragging rights.

Let’s chat so you can be smart about it.

We typically schedule a 20-minute complimentary quick chat with one of our Partners or Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax prep, and more importantly tax strategy and planning?

Should we need to schedule an additional consultation, our fee is $250 for 40 minutes. Fun! If we decide to press forward with a Business Advisory or Tax Patrol Services engagement, we will credit the consultation fee towards those services.

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If you need to speak to someone, we’re good listeners!  Give us a call and we’ll help you out!