On Saturday, August 28, the twelfth annual JL Challenge was held at Spring Hills Golf Course. This is the annual fundraising event for the Jerry Loyola Foundation whose mission is to provide quality of life support for families battling cancer and promote junior golf within the community. The foundation honors the memory of Jerry Loyola, a great young man and talented golfer who lost his battle with cancer in 2009 at the age of 24. Wheeler Accountants’ Dennis Campbell has supported this organization by providing tax preparation services since its inception. The firm has continued this tradition since 2017 and is recognized as a major sponsor.

This year Team Wheeler consisted of Don McCombs, Daniel Aguirre and Dennis Campbell. We had a tough day on the course, finishing 30th out of the 40 teams who returned score cards. Still, it was a very enjoyable day for all participants, and we eagerly await the foundation’s “Battle for the Belt” fundraiser to be held later in the year. The event, once again, was a huge success and enabled the foundation to continue its mission. The tradition of this event and its support for this great cause will continue in our community for many years to come!

We’d like to extend a well-earned congratulations to staff accountant Alex Baron this month for completing her Regulation (REG) section, which was the final section of the CPA exam that she needed to receive her license.

Once Alex completes ethics and the license requirements, we will have another CPA at Wheeler Accountants. The firm has been very impressed with Alex’s resolve to pass each section as quickly as possible. We are very proud of Alex’s accomplishments and happy she is part of our team. Congratulations to Alex for a job well done!

According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.

If you’re like many other small business owners in the United States, you may be considering the various retirement plan options available for your company. Employer-sponsored retirement plans have become a key component of retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today’s competitive environment.

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Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know:

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An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips:

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When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments.

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Summer is wedding season – even during a pandemic – and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly married couples:

1. Name and address changes

• Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It is available on SSA.gov, by calling 800-772-1213 or at a local SSA office.
• Address. If marriage means a change of address, the IRS and U.S. Postal Service need to know. To do that, people should send the IRS Form 8822, Change of Address. Taxpayers should also notify the postal service to forward their mail by going online at USPS.com or their local post office.

2. Withholding

• After getting married, couples should consider changing their withholding. Newly married couples must give their employers a new Form W-4, Employee’s Withholding Certificate, within ten days. If both spouses work, they may move into a higher tax bracket or be affected by the additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to help complete a new Form W-4. Taxpayers should review Publication 505, Tax Withholding and Estimated Tax for more information.

3. Filing status

• After you say, “I do,” you’ll have two filing status options to choose from when filing your tax returns: married filing jointly or married filing separately.
• While married filing jointly is usually more beneficial, it’s best to figure the tax both ways to find out which works best. Remember, if a couple is married as of December 31, the law says they’re married for the whole year for tax purposes.

For more information about how life changes, such as marriage, the birth of a child, or the death of a loved one, affect your tax situation, don’t hesitate to call the office.

San Jose: (408) 252-1800

Watsonville: (831) 726-8500

This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone.

1. Review your paycheck. Make sure your employer is properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions, and other items. These payroll adjustments can make a big difference to your bottom line. Fixing an error in your paycheck now gets you back on track before it becomes a huge hassle.

2. Adjust your withholding. Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you’d prefer more money in each paycheck this year. If you owed money at tax time, perhaps you’d like next year’s tax payment to be smaller. Please call if you need assistance in adjusting your withholding.

3. Organize your recordkeeping. Establish a central location where everyone in your household can put tax-related records all year long. Anything from a shoebox to a file cabinet works. Just be consistent to avoid a scramble for misplaced mileage logs, or charity receipts come tax time.

4. Store your 2020 tax return in a safe place. Put a copy of your 2020 tax return and supporting documents somewhere secure so you’ll know exactly where to find them if you receive an IRS notice and need to refer to your return. If it is easy to find, you can also use it as a guide for next year’s return. See the article, Keeping Good Tax Records is Essential, below.

5. Consult a tax professional early. Due to the ever-increasing complexity of tax laws, it pays to use a tax and accounting professional to help you strategize, plan and make financial decisions throughout the year. Doing so ensures that you will have more time when you’re not up against a deadline or anxious for your refund.

Each household’s financial circumstances are different, so it’s important to fully consider your specific situation and goals before making any major financial decisions. Don’t hesitate to contact the office at any time with questions or concerns. A competent tax professional knowledgeable about current tax law changes can help you throughout the year – not just at tax time.

San Jose: (408) 252-1800

Watsonville: (831) 726-8500

We would like to congratulate Yesica Morales as our Q2 Employee of the Quarter for 2021.

Yesica had an outstanding quarter, and her skills as a senior accountant are not overlooked. She takes ownership of her projects to heart, and diligently follows up with the firm’s managers and partners to see her projects through to completion. This tremendous ability to deliver results to clients in a timely and efficient manner is vital to the firm’s success, and demonstrates Yesica’s organizational skills and professionalism.

Yesica continues to contribute high quality work with immense attention to detail and a diligent understanding of complex topics, despite numerous recent tax law changes. She is always willing to lend herself to a wide variety of types of work within the firm and was our clear choice for earning our Employee of the Quarter award.

Congratulations to Yesica!