Wheeler Accountants

Wheeler Accounting offers right-sized accounting for professionals and small business (up to $50M) in Silicon Valley.

[Wheeler Accountants @WheelerCPAs]

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.

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[Wheeler Accountants @WheelerCPAs]

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.
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[Wheeler Accountants @WheelerCPAs]

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. https://t.co/jJEMMwBVb7

[Wheeler Accountants @WheelerCPAs]

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.

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[Wheeler Accountants @WheelerCPAs]

If you filed your 2025 return on time, you may now have valuable information that can help you fine-tune your 2026 withholding. https://t.co/kdxMgLERjD

[Wheeler Accountants @WheelerCPAs]

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. https://t.co/weiOEHks6C

[Wheeler Accountants @WheelerCPAs]

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: https://t.co/dE3NwZsFZJ

[Wheeler Accountants @WheelerCPAs]

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: https://t.co/TTFBdIzyto

[Wheeler Accountants @WheelerCPAs]

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: https://t.co/P6CBvSxDjc

[Wheeler Accountants @WheelerCPAs]

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: https://t.co/6b31BEfDak

[Wheeler Accountants @WheelerCPAs]

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. https://t.co/BuH4ooiRKc

[Wheeler Accountants @WheelerCPAs]

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).
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[Wheeler Accountants @WheelerCPAs]

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.

[Wheeler Accountants @WheelerCPAs]

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.

[Wheeler Accountants @WheelerCPAs]

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. https://t.co/8wC2cOQJrt

[Wheeler Accountants @WheelerCPAs]

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.
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[Wheeler Accountants @WheelerCPAs]

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. Here are some basics: https://t.co/HmXDotkojz

[Wheeler Accountants @WheelerCPAs]

If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS. More info: https://t.co/2zsYOFUtdi

[Wheeler Accountants @WheelerCPAs]

Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Need more details? https://t.co/cUSYMDUIQM

[Wheeler Accountants @WheelerCPAs]

Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. If you are 50 or older, read for an overview: https://t.co/PXxAkilmQi