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The Whalen Group Tax-Savings Tips

October 2023 IRS Issue Number: 2023-13 What the IRS is doing and what you can do to avoid Employee Retention Credit scams The IRS shared new steps the agency is taking to prevent honest taxpayers from falling victim to Employee Retention Credit (ERC) scams. The IRS continues to warn small businesses about aggressive promoters encouraging […]

TAX TIP LETTER – PRIMARY HOME SALE

Dear Client:                                                                                                            October 21, 2021 The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need not complete any special tax form to take advantage. To […]

Client Tax Tip Letter September 2021

Save Your Employee Retention Credit In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. According to the IRS: Your corporation can qualify for the ERC on the wages paid to a more than […]

Tax Savings Tips October 2019

THE WHALEN GROUP Tax-Saving Tips October 2019 WHAT IS GROSS DOMESTIC PRODUCT (GDP)? –  The GDP represents the total dollar value of all goods and services produced over a specific time period. WHAT IS THE GDP OF THE UNITED STATES OF AMERICA? – The GDP for fiscal year ending September 30, 2018  was 20.5 trillion […]

Convert Your Personal Vehicle to Business and Deduct up to 100 Percent

THE WHALEN GROUP Tax-Saving Tips August 2018 Convert Your Personal Vehicle to Business and Deduct up to 100 Percent You probably like your personal vehicle just as it is. But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately. And the Tax Cuts and Jobs Act gives you […]

Drive Time Increases Odds of Deducting Rental Property Losses

THE WHALEN GROUP Tax-Saving Tips October 2018 Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need […]

New IRS 199A Regulations Benefit Out-of-Favor Service Businesses

THE WHALEN GROUP Tax-Saving Tips September 2018 New IRS 199A Regulations Benefit Out-of-Favor Service Businesses If you operate an out-of-favor business (known in the law as a “specified service trade or business”) and your taxable income is more than $207,500 (single) or $415,000 (married, filing jointly), your Section 199A deduction is easy to compute. It’s […]