Now that tax season is behind us I want to take a moment to thank all of our clients for allowing us to continue to be their tax and financial advisor. We understand that it is very important that you have an advisor that you can trust and whose primary concern is for your financial [...]
The Shaw Atlas Welcome to The Shaw Atlas, the monthly newsletter from Wych Tax, CPAs & Financial Advisors. We look forward to keeping you abreast of ever-changing tax codes, providing you with money saving accounting tips and illustrating proactive strategies to help you achieve the financial life you envision. Newsletter contents: Kevin's Korner Little Known Facts of [...]
Realities for Children is needing help to collect school supplies for 400 of the children that they are sending Back To School again this year. Supplies that are needed are 200 backpacks suitable for grades K-8, Paper, Folders, Binders, Notebooks, Pens, Pencils & Colored pencils, Highlighters, Crayons, Makers, Glue, Tape, Scissors, Rulers, Erasers, Pencils Boxes, [...]
Independent Contractor or Employee? It is important for business owners to determine whether the individuals performing services for them are employees or independent contractors. The IRS recently has been cracking down on what they consider to be improper classifications, and can hold a business owner liable for employment taxes and penalties on payments to independent [...]
Accountable Plan for Employee Reimbursements If your business reimburses employees for business expenses, then we strongly suggest that you set up an accountable plan for these reimbursements. If the IRS were to question the expense reimbursement payments your business makes to employees and determine them to be compensation rather than expense reimbursement, they could require [...]
Make Plans Now for Next Year's Tax Return / Exciting Events for the Wych Tax Staff / Client Spotlight- CopperMuse Distillery
Tax season is over! For most people this means that they are not going to think about their taxes again until the following year. While we at Wych Tax totally understand why most people think this way, it is important to understand that many tax planning opportunities can be lost if you do not sit [...]
The IRS has created a new web-based payment system called “IRS Direct Pay.” This system allows tax bills or estimated tax payments to be made directly from a taxpayers checking or savings account without incurring any processing fees. The IRS Direct Pay is available 24 hours a day, 7 days a week and also offers [...]
What about you? Are you financially literate? Do you have a spending budget? What about a savings budget? If so, do you actually meet your goals? Do you know your “number”, which is the amount you need to save per month to meet your retirement lifestyle goals? Is your debt under control? Do you have [...]
It is never too early to start teaching children about finances, and we all know by now that the American education system is not teaching children what they need to know to become fiscally responsible adults. So, that means this really is the caregivers’ (and other role models’) job. There are many ways to help [...]
