Wessel & Company

Wessel & Company - Full service CPA firm: Audit/Tax/Fraud/Compilations/Emp Benefit Plans/Single Audits/HUD Compliance/

[Wessel & Company @WesselCompany]

How an Educational Assistance Program Can Strengthen Your Company's Benefits Package
If your business is like many today, you’re seeking more ways to attract and retain talent. One option is to offer tax-advantaged educational assistance...

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[Wessel & Company @WesselCompany]

Reducing IRS Audit Risk for Small Businesses
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...

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[Wessel & Company @WesselCompany]

Take Advantage of Expanded QSB Stock Tax Benefits
Investors often look to small, emerging companies for portfolio diversification and growth potential, but these investments can offer more. Certain shares may also provide valuable tax...

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[Wessel & Company @WesselCompany]

How Hiring Your Child This Summer Can Reduce Taxes
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...

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[Wessel & Company @WesselCompany]

Plan Carefully to Minimize Taxes on Your Inheritance
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. Understanding...

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[Wessel & Company @WesselCompany]

Before You Shred: Know Which Tax Records to Keep
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.
Why Good...

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[Wessel & Company @WesselCompany]

Turn a Real Estate Sale Into a Tax-Smart Strategy
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...

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[Wessel & Company @WesselCompany]

Are College Scholarships Really Tax-Free?
Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. These include tuition, mandatory fees and required books...

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[Wessel & Company @WesselCompany]

Common Growth Mistakes Small Businesses Make
A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small...

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[Wessel & Company @WesselCompany]

The IRS Criteria for Distinguishing Hobbies From Businesses
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...

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[Wessel & Company @WesselCompany]

What to Know If You Receive an IRS Notice
Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a...

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[Wessel & Company @WesselCompany]

New Postmark Rules Are Changing How Tax Deadlines Work
If you or someone you know plans to mail a tax return this season, there is an important deadline you need to meet before April 15. Effective December 24, 2025, the U.S. Postal Service...

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[Wessel & Company @WesselCompany]

IRS Expands Digital Asset Reporting with New Form 1099-DA
If you buy, sell or trade digital assets, such as cryptocurrency or certain non-fungible tokens (NFTs), new reporting requirements will likely affect how your transactions are...

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[Wessel & Company @WesselCompany]

Businesses Regain Immediate Deduction for R&E Expenses
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill...

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[Wessel & Company @WesselCompany]

What's New for Retirement Catch-Up Contributions in 2026
Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0...

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[Wessel & Company @WesselCompany]

If You're Closing Your Business, Don't Forget These Tax Steps
Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if...

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[Wessel & Company @WesselCompany]

Taking Control with Self-Directed IRAs
You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA. If you’re seeking more than the traditional mix of stocks, bonds and mutual funds, a self-directed IRA...

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[Wessel & Company @WesselCompany]

Estate Planning for 2026 and Beyond
Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through...

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[Wessel & Company @WesselCompany]

Unlock Bigger Deductions on Rental Real Estate
Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements...

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[Wessel & Company @WesselCompany]

More Taxpayers May Qualify for the Casualty Loss Deduction
Starting in 2026, personal casualty loss deductions will no longer be limited to federally declared disasters. Certain state-declared disasters will also be eligible. For a disaster...

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