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Everything you need to help you launch your new business entity from business entity selection to multiple-entity business structures.
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Everything you need to help you launch your new business entity from business entity selection to multiple-entity business structures.
Designed for rental property owners where WCG CPAs & Advisors supports you as your real estate CPA.
Everything you need from tax return preparation for your small business to your rental to your corporation is here.
WCG’s primary objective is to help you to feel comfortable about engaging with us
Posted Wednesday, December 4, 2024
Table Of Contents
A small collection of particularly entertaining articles concerning taxes, accounting, deductions and other fun topics from your pals at WCG CPAs & Advisors. A lot these posts are derived from interacting with our current clients, prospects and other tax professionals.
Enjoy!
July 4, 2025
Overview of the One Big Beautiful Bill (OBBB) Before we dive into the nitty gritty of this new bill, here
June 7, 2025
Key Takeaways The short-term rental (STR) loophole lets losses be treated as non-passive if average stays are 7 days or
March 30, 2025
Is it silly to write in the first-person? Probably. According to a 2022 Harvard Business Review article, a study of
February 26, 2025
Key Takeaways Time logs must be kept in real-time to meet IRS “contemporaneous” standards. Record all time spent on rental
February 26, 2025
Key Takeaways New federal filing for most small businesses (99% affected) — part of the Corporate Transparency Act starting Jan.
February 20, 2025
With state apportionment and tax return preparation, there are two issues at play- apportionment itself, and then state tax return
January 28, 2025
Key Takeaways WCG leaders visited their 23-person India team in Ahmedabad to train, launch tax season, and build connections. The
January 26, 2025
Key Takeaways Cost segregation (CostSeg) helps real estate investors accelerate depreciation, lower taxes, and increase cash flow. A cost segregation
July 14, 2024
Key Takeaways IRS underpayment penalties apply when you don’t pay enough taxes throughout the year. In 2024, the IRS interest
July 1, 2024
Key Takeaways Rental losses are often limited by passive activity rules, which cap deductions for non-passive income. Passive loss limits
June 13, 2024
Key Takeaways CRNAs working as 1099 contractors are business owners, making many tax deductions available that W-2 employees cannot use.
June 12, 2024
Key Takeaways Cost segregation lets you accelerate depreciation on real estate by separating property into shorter-lived asset classes. Standard depreciation
May 28, 2024
Key Takeaways Changing your business or home address involves multiple agencies and forms, including IRS, state revenue departments, and local
April 25, 2024
Key Takeaways Passive investor status can reduce self-employment taxes, allow deductions against passive income, and avoid mandatory salaries in S
April 25, 2024
Key Takeaways WCG CPAs & Advisors partners with BiggerPockets to support real estate investors with tax and financial services. BiggerPockets
February 21, 2024
Key Takeaways Pass-through entity tax (PTET) allows certain states to reduce federal taxable income for partnerships and S corporations, potentially
January 21, 2024
Key Takeaways Multiple paths to real estate investing: Buy & hold, fix & flip, fix & hold, short-term rentals (STR),
December 18, 2023
Key Takeaways Investment account types: Taxable brokerage accounts, traditional retirement accounts (IRAs, 401Ks, SEP IRAs), and Roth accounts; each has
October 3, 2023
Key Takeaways Don’t read instructions carefully: Reply without understanding, then blame your accountant when issues arise. Compare yourself to others:
September 16, 2023
Key Takeaways Focus on wealth, not just tax savings: Sometimes paying more taxes strategically can help grow your business and
September 2, 2023
Key Takeaways 529 to Roth IRA conversion starts in 2024: Allows overfunded or unused 529 plan funds to move into
August 26, 2023
Key Takeaways SECURE Act Roth 401k catch-up rule delayed: Originally would require workers 50+ earning over $145,000 to make catch-up
September 21, 2022
Key Takeaways Communication preferences: WCG primarily uses emails and texts to fit client schedules and keep a record, but phone
July 3, 2022
Key Takeaways Roth 401k vs. Traditional 401k: Roth 401k contributions are post-tax, have higher limits, and no income phaseouts, unlike
July 2, 2022
Key Takeaways Tax planning is year-round: Waiting until December creates stress; ongoing planning yields better decisions and savings. Start with
June 18, 2021
Key Takeaways WCG offers a Fractional Controller service: Acts as your single point of contact while Bench handles the back-office
November 22, 2020
Key Takeaways PPP loans are taxable in a roundabout way: While the loan itself isn’t income, expenses paid with PPP
July 8, 2020
Key Takeaways S Corp vs C Corp: Switching from S Corp to C Corp mainly for the 21% corporate tax
June 17, 2020
Key Takeaways PPP Overview: The Paycheck Protection Program (PPP) provided forgivable loans to small businesses to cover payroll, rent, utilities,
May 22, 2020
The history of WCG CPAs & Advisors starts off like many CPA firms. Tina Watson obtained her CPA license in May 2003.
May 6, 2020
Key Takeaways This post focuses on frequently asked questions about PPP loan forgiveness, not on calculating the loan amount. Maintain
March 28, 2020
Key Takeaways The Paycheck Protection Program (PPP) is a $350 billion SBA loan program created under the CARES Act to
March 21, 2020
Key Takeaways More family time as people stay home, reconnect, and enjoy simple activities together. Schools are shifting to online
March 17, 2020
Key Takeaways Federal tax filing and payment deadline for 2019 extended from April 15 to July 15, 2020. Interest and
March 15, 2020
Key Takeaways Online tax accounting makes filing simple, secure, and contactless. WCG has been offering remote tax preparation since 2007
January 3, 2020
Key Takeaways SECURE Act 2019 boosts retirement flexibility and small business benefits. Start-up 401k plans can get higher tax credits—up
October 21, 2019
Key Takeaways Small business tax deductions save money but must be reasonable and well-documented. Unreasonable deductions trigger IRS suspicion and
October 13, 2019
Key Takeaways Reasonable salary for S Corp shareholders can vary widely depending on methodology and inputs—$193K vs. $113K in one
September 30, 2019
Key Takeaways WCG launched its first small business podcast and video series to discuss entity formations and considerations. The content
September 8, 2019
Key Takeaways Working from home is increasingly common, but it raises tax questions about home office deductions. Two methods exist
September 7, 2019
Key Takeaways Electing S corporation taxation for your LLC can reduce self-employment taxes, but the transition comes with challenges. Past
September 3, 2019
Key Takeaways Electing S Corp status requires all shareholders to pay themselves a reasonable salary to comply with IRS rules.
August 21, 2019
Key Takeaways The Section 199A deduction allows certain small business owners to deduct up to 20% of qualified business income
August 11, 2019
Key Takeaways Side hustles can be exciting, but without a documented profit motive, the IRS may classify them as a
August 11, 2019
Key Takeaways Charitable donations can support causes you care about and may provide tax deductions. To be deductible, donations generally
May 28, 2019
Key Takeaways SSTB Overview: Certain professions like accountants, physicians, attorneys, consultants, and financial advisors are classified as Specified Service Trade
May 26, 2019
Key Takeaways Focus on Wealth, Not Just Taxes: Prioritize building business value first; tax savings are secondary. Lending Considerations: Excessive
May 26, 2019
Key Takeaways Cash vs. Accrual Accounting: Cash-basis records revenue when received and expenses when paid; accrual-basis records revenue when earned
May 26, 2019
Key Takeaways Employee Ownership as an Exit Strategy: Selling or transferring a business to employees can support succession planning and
April 29, 2019
Key Takeaways Section 199A Overview: Created by the Tax Cuts and Jobs Act of 2017, it offers a 20% deduction
February 22, 2019
Key Takeaways Accountable Plans: Employee reimbursements aren’t taxable if expenses are properly documented and excess reimbursements are returned. Ordinary &
February 10, 2019
Key Takeaways Section 199A Basics: Pass-through deduction equals 20% of qualified business income (QBI), but deductions like self-employment tax, health
January 20, 2019
Key Takeaways Section 199A gives small business owners a 20% deduction on qualified business income (QBI). S Corporations reduce self-employment
January 19, 2019
Key Takeaways Section 199A offers a 20% deduction for small business income, including certain rental income. Rental properties can qualify
January 19, 2019
Key Takeaways Tax Cuts and Jobs Act of 2017 created the Section 199A Qualified Business Income (QBI) Deduction for business
January 18, 2019
Key Takeaways Section 199A Qualified Business Income Deduction (QBID) gives individuals a 20% deduction on qualified business income from eligible
November 11, 2018
Key Takeaways WCG’s 2019 Edition book covers LLCs, S Corps, Section 199A deductions, meals and entertainment rules, and other small
October 13, 2018
Key Takeaways The Section 199A deduction from the 2017 Tax Cuts and Jobs Act provides a tax break for business
October 3, 2018
Key Takeaways IRS Notice 2018-76 restores business meals deductions that were unclear after the 2017 Tax Cuts and Jobs Act.
October 2, 2018
Key Takeaways Section 179 makes buying business vehicles tax-friendly with deductions for equipment and vehicles, including 100% Bonus Depreciation. Certain
September 22, 2018
WCG (formerly Watson CPA Group) employs both Certified Public Accountants and Enrolled Agents. We get the “what is the difference
September 15, 2018
Key Takeaways The U.S. is experiencing record wealth and low unemployment, but income growth is heavily skewed toward the top
September 8, 2018
Key Takeaways Section 199A deduction, introduced by the 2017 Tax Cuts and Jobs Act, can be complex to calculate and
August 29, 2018
Key Takeaways Adding a spouse to payroll can make sense, but it comes with additional payroll taxes and other considerations.
July 27, 2018
Key Takeaways Your tax home is generally where you work most and where your main business or job is located;
July 16, 2018
Key Takeaways The Joint Committee on Taxation (JCT) combines input from the House Ways and Means Committee and the Senate
July 16, 2018
Key Takeaways Qualified education expenses are deductible only if the education improves your current job skills or is required by
July 4, 2018
Key Takeaways Wayfair decision changed sales tax rules: Online retailers can now be required to collect sales tax even without
June 4, 2018
Key Takeaways Mortgage interest deduction limit: Acquisition debt for homes purchased after Dec. 15, 2017, is limited to $750,000 (previously
May 23, 2018
Key Takeaways Business meal deductions largely gone: Under the Tax Cuts and Jobs Act of 2017, meals with clients or
Table Of Contents
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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The tax advisors, business consultants and rental property experts at WCG CPAs & Advisors 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.”
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 our amazing 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 strategy and planning? Rental property support?
Everything you need to help you launch your new business entity from business entity selection to multiple-entity business structures.
Designed for rental property owners where WCG CPAs & Advisors supports you as your real estate CPA.
Everything you need from tax return preparation for your small business to your rental to your corporation is here.
WCG’s primary objective is to help you to feel comfortable about engaging with us