Wheeler employees showed their holiday spirit with a cubicle/office decorating contest. Everyone did a wonderful job and had the office looking very festive but our Santa hats go off to Rhoda and Janice at the front desk who won the competition this year!
Great job ladies!
This year, in keeping with tradition, Wheeler matched charitable donations made by members of the firm in lieu of holiday cards to clients and partners. This year Wheeler Accountants LLP donated to the following charitable organizations:
• Jake’s Wish Dog Rescue
• DAM Cancer (The Dave Andrew “Pooh” Maddan Foundation)
• St. Jude’s Hospital
• Unity Care
• Alma Bonita Animal Rescue
• DAV-Veterans
• Ecumenical Hunger Program
• SPCA Santa Cruz
• Heart of the Nation-Catholic Mass
• Second Harvest Food Bank
• Shriner’s Hospital for Children
We are thankful that with the help of our generous staff we can continue this proud tradition.
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019.
Personal Exemptions
Personal exemptions are eliminated for tax years 2018 through 2025.
Standard Deductions
The standard deduction for married couples filing a joint return in 2019 is $24,400. For singles and married individuals filing separately, it is $12,200, and for heads of household, the deduction is $18,350.Continue reading
Here’s what business owners need to know about tax changes for 2019.
Standard Mileage Rates
The standard mileage rate in 2019 is 58 cents per business mile driven.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $50,000 (adjusted annually for inflation). In 2019 this amount is $54,200.Continue reading
While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.
What is a Health Savings Account?Continue reading
Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting from the Tax Cuts and Jobs Act (TCJA).Continue reading
Taxpayers born before July 1, 1949, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31.
Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year. The required distribution rules apply to owners of traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plans for Employees (SIMPLE) IRAs but not Roth IRAs while the original owner is alive. They also apply to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans.Continue reading
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2020 are as follows:
401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increase from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over increases from $6,000 to $6,500.
SIMPLE retirement accounts. Contribution limits for SIMPLE retirement accounts for self-employed persons increase in 2020 as well – from $13,000 to $13,500.
Traditional IRAs. The limit on annual contributions to an IRA remains at $6,000. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions; however, if during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If a retirement plan at work covers neither the taxpayer nor their spouse, the phase-out amounts of the deduction do not apply.Continue reading
As a holiday present to America, Congress has finally come together to pass the SECURE Act, which includes some of the biggest changes to retirement law seen in decades. We are still processing this law, but here are some points to familiarize yourself with. If you believe any of these changes will impact you and you have questions, please contact your trusted tax advisor to discuss the consequences this law may have on your situation.Continue reading
Wheeler Accountants, LLP, headquartered in San Jose, CA., has joined CPAmerica, Inc., an accounting association of independent, certified public accounting firms that provides shared best practices, networking opportunities and access to expert resources for member firms. Wheeler Accountants, LLP, is the tenth firm to join the accounting association in 2019.
Founded in 1950, Wheeler Accountants, LLP, offers a full range of audit, accounting, taxation, consulting and compliance services to a wide variety of individuals and businesses; from high-net worth individuals running public companies to small business owners and individuals looking for financial and tax advice.
“We are thrilled to have been accepted into CPAmerica and have the chance to collaborate with the member firms,” said Matthew O. Wheeler, managing partner of Wheeler Accountants, LLP. “The alliance will offer additional national and international resources for our clients and staff. As our clients continue to grow and request additional services, CPAmerica will enable us to meet our clients’ needs, while maintaining our independence and focus here in Silicon Valley. We look forward to engaging with and becoming an active member of CPAmerica.”
As an exclusive association of independent CPA firms, CPAmerica provides opportunities for its members to continuously improve. CPAmerica is a member of Crowe Global, which has members in more than 750 offices in more than 130 countries and ranks among the top-10 global accounting networks.
“We have had an exciting year of growth and are happy to welcome Wheeler Accountants, LLP, to the CPAmerica community,” said Alan Deichler, president of CPAmerica. “They belong to a group that is determined to improve through sharing, where members support each other’s success through discussing best practices, sharing experiences and building professional relationships.”
Each firm undergoes a rigorous quality review prior to obtaining membership in CPAmerica. Only those firms with the highest standards in all practice areas are approved by the council of members.
About CPAmerica, Inc.:
An accounting association made up of independent certified public accounting firms that built on four key goals: to continuously improve; to make more money; to strengthen relationships among member firms; and to bring prestige to firms both domestically and internationally. As a member of the eighth largest global accounting network Crowe Global, CPAmerica expands to over 200 independent accounting and advisory services firms in 130 countries, and has a combined firm revenue of $4.3 billion. Learn more about CPAmerica at www.cpamerica.org.
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