Wheeler Accountants

When business owners think about risk, they often focus on market pressures or operational challenges. An IRS audit usually isn’t top of mind — but it can be costly, disruptive and time-consuming. wheelercpa.com/reducing-irs-…

Life changes can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities. Here's a list of ideas to use as a starting point: wheelercpa.com/midyear-tax-r…

Investors often look to small, emerging companies for portfolio diversification and growth potential, but certain shares may also provide valuable tax advantages under the QSBS rules. The One Big Beautiful Bill Act (OBBBA), enhanced those benefits. More: wheelercpa.com/take-advantag…

Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines and know which records to keep. wheelercpa.com/before-you-sh…

The wages you pay your child are generally deductible as a business expense. For your child’s income tax purposes, wages received will be at least partially protected from federal income tax by his or her standard deduction. wheelercpa.com/how-hiring-yo…

Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning. wheelercpa.com/plan-carefull…

Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is an installment sale. wheelercpa.com/turn-a-real-e…

If you filed your 2025 return on time, you may now have valuable information that can help you fine-tune your 2026 withholding. wheelercpa.com/review-your-w…

The IRS has announced an expansion of its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exempt organizations; federal, state and local governments; and Indian tribal governments. wheelercpa.com/more-entities…

Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. Here's a brief summary of qualified expenses and exceptions: wheelercpa.com/are-college-s…

Notices from the IRS are more common than you may realize. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance: wheelercpa.com/what-to-know-…

Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each. Here's a breakdown: wheelercpa.com/the-irs-crite…

If you already contribute pre-tax dollars to a traditional 401(k) plan or IRA, you may also want to contribute to a Roth version. A few reasons to consider this: wheelercpa.com/why-you-may-w…

A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow... This suggests that many small businesses are struggling to achieve their expansion goals. The good news? Many growth missteps are predictable and preventable. wheelercpa.com/common-growth…

Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025). wheelercpa.com/2026-business…

Please note, the Wheeler offices are closed Thursday 4/16 and 4/17 following the tax deadline as our staff take a much needed breather! See you next week.

It's Deadline Day! April 15th is the final deadline for the following tax items: 1040 Tax Returns, Individual Extensions, 1041 and 1041-As for calendar year Estates or Trusts, 1120 returns for calendar year C Corporations, and 2025 First Quarter Estimated Tax Payments.

If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation (OBBBA) reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses. wheelercpa.com/businesses-re…

It’s not too late to boost your IRA for 2025. You have until April 15, 2026, to make contributions for the 2025 tax year. wheelercpa.com/2025-ira-cont…

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. Here are some basics: wheelercpa.com/understand-th…