Author Archive for Wamhoff Accounting

Each month, St. Louis Small Business Monthly, publishes a list of companies in the Best in Business section which feature St. Louis area firms that “won’t settle for just good enough” in their approach to business. The companies are nominated by Small Business Monthly readers in a variety of categories, with the February issue featuring those who are best in customer service. Wamhoff Accounting is pleased to announce that the firm has been named to the list for the second year in a row.

“Since 1975, we’ve prided ourselves on providing the highest level of client service,” said Sandy Furuya, president of Wamhoff Accounting Services. “We always go the extra mile in supporting our clients, whether its full-service tax and accounting work for small businesses, or tax filings and preparation of returns for individuals. Clients know they can count on us for service they can’t get elsewhere.”

Wamhoff Accounting not only has made the Best in Customer Service list for the last two years, but for nine consecutive years now, the firm has been chosen as one of Small Business Monthly’s Best Accounting Firms in St. Louis.

“We’re honored to be included on these lists for multiple years, and are grateful to the readers and editorial staff of Small Business Monthly who have recognized our hard work and commitment to clients,” said Furuya.

Wamhoff Accounting assists clients with tax and accounting work, as well as with bookkeeping, financial statements, and establishing new businesses. Free initial consultations are available upon contact, and individual tax returns can be completed within the day.

Do you know the ABCs of HSAs, FSAs and HRAs?

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts.

HSAs

If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored Health Savings Account — or make deductible contributions to an HSA you set up yourself — up to $3,450 for self-only coverage and $6,900 for family coverage for 2018. Plus, if you’re age 55 or older, you may contribute an additional $1,000.

You own the account, which can bear interest or be invested, growing tax-deferred similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over a balance from year to year.

FSAs

Regardless of whether you have an HDHP, you can redirect pretax income to an employer-sponsored Flexible Spending Account up to an employer-determined limit — not to exceed $2,650 in 2018. The plan pays or reimburses you for qualified medical expenses.

What you don’t use by the plan year’s end, you generally lose — though your plan might allow you to roll over up to $500 to the next year. Or it might give you a grace period of two and a half months to incur expenses to use up the previous year’s contribution. If you have an HSA, your FSA is limited to funding certain “permitted” expenses.

HRAs

A Health Reimbursement Account is an employer-sponsored account that reimburses you for medical expenses. Unlike an HSA, no HDHP is required. Unlike an FSA, any unused portion typically can be carried forward to the next year.

There’s no government-set limit on HRA contributions. But only your employer can contribute to an HRA; employees aren’t allowed to contribute.

Maximize the benefit

If you have one of these health care accounts, it’s important to understand the applicable rules so you can get the maximum benefit from it. But tax-advantaged accounts aren’t the only way to save taxes in relation to health care. If you have questions about tax planning and health care expenses, please contact us.

Each year, St. Louis Small Business Monthly polls its readers to compile a list of the region’s best accounting firms. Wamhoff Accounting is honored to announce that, for the ninth year in a row, the firm has been named to the 2018 list of St. Louis’ Best Accounting Firms.

“We have always been committed to serving our clients, not only at tax time, but all year long,” said Sandy Furuya, president of Wamhoff Accounting Services. “Whether it’s an individual or a small business looking for tax or accounting support, we are here to help. We are honored to have been nominated and chosen as one of the Best Accounting Firms for nine years in a row. We are proud of the service we provide our clients, and look forward to continuing that service so they can meet their goals.”

Wamhoff Accounting not only has made the list of Best Accounting Firms for nine consecutive years now, but has also recently been chosen as one of Small Business Monthly’s Best in Customer Service. The professionals at Wamhoff Accounting have been serving business and individuals since 1975.

Services extend beyond taxes and accounting. Wamhoff Accounting also assists with bookkeeping, financial statements, and establishing new businesses. Free initial consultations are available upon contact, and individual tax returns can be completed within the day.

The Best Accounting Firms in St. Louis were announced in the May, 2018 issue of St. Louis Small Business Monthly.

 

About Wamhoff Accounting
Since 1975, the staff at Wamhoff Accounting Services has provided exceptional service to individual, business, and non-profit clients.  The firm prepares over 850 tax returns each year, and provides a wide range of services including accounting, bookkeeping, payroll, financial statements, tax filings, and tax return preparation. Wamhoff Accounting is located at 1520 South Fifth Street at Streets of St. Charles. For more information, call 636-573-1212 or visit WamhoffAccounting.com.

Wamhoff Accounting Best in Customer Service

Wamhoff Accounting Services has once again been named one of the Best in Customer Service for 2018 by St. Louis Small Business Monthly. This is not the first time Wamhoff Accounting has received this award, as they were also on the list for 2017 and several previous years, as well as being named among the Best Accounting firms for a number of years.

St. Louis Small Business Monthly chooses the best companies across multiple industries by polling CEOs, entrepreneurs, and business leaders, to identify the best in each field.  Wamhoff Accounting was part of a select group chosen from the numerous nominations.

“We are honored to be named one of the Best in Customer Service again,” says Sandy Furuya, president of Wamhoff Accounting Services. “We are passionate about helping clients, and we recognize our services go far beyond paperwork. When we help them with accounting, or with starting a business, or any of our services, we are helping them prepare for their future and achieve their dreams.”

To put clients first, Wamhoff Accounting Services offers free initial consultations, and completes individual tax returns within the day. Beyond taxes, Wamhoff Accounting also assists with bookkeeping, and financial statements and establishing new businesses.

 

About Wamhoff Accounting
Since 1975, the staff at Wamhoff Accounting Services has provided exceptional service to individual, business, and non-profit clients.  The firm prepares nearly 900 tax returns each year, and provides a wide range of services including accounting, bookkeeping, payroll, financial statements, tax filings, and tax return preparation. Wamhoff Accounting is located at 1520 South Fifth Street at Streets of St. Charles. For more information, call 636-573-1212 or visit WamhoffAccounting.com.

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 level is for contributions to defined contribution plans, which has gone up by $1,000.

Type of limit
2018 limit
Elective deferrals to 401(k), 403(b), 457(b)(2)
and 457(c)(1) plans
$18,500
Contributions to defined contribution plans $55,000
Contributions to SIMPLEs $12,500
Contributions to IRAs $5,500
Catch-up contributions to 401(k), 403(b), 457(b)(2)
and 457(c)(1) plans
$6,000
Catch-up contributions to SIMPLEs $3,000
Catch-up contributions to IRAs $1,000

If you’re not already maxing out your contributions to other plans, you still have an opportunity to save more in 2018. And if you turn age 50 in 2018, you can begin to take advantage of catch-up contributions.

Higher-income taxpayers should also be pleased that some limits on their retirement plan contributions that had been discussed as part of tax reform didn’t make it into the final legislation.

However, keep in mind that there are still additional factors that may affect how much you’re allowed to contribute (or how much your employer can contribute on your behalf). For example, income-based limits may reduce or eliminate your ability to make Roth IRA contributions or to make deductible traditional IRA contributions.

If you have questions about how much you can contribute to tax-advantaged retirement plans in 2018, check with us.

Tax Scams

You would think that with tax season being “technically” over that you wouldn’t hear anymore about tax scams. Contrary to popular belief, tax scams are still going on as these scammers appear to work year round. The IRS is urgin people to stay vigilant against calls from these scammers that are impersonation as IRS officials.

Here are some tips from the IRS to help you avoid being a victim:

  • Scammers use scare tactics. These aggressive and sophisticated scammers try to scare people into making an immediate payment. They will try to threaten you with arrest, deportation, and even state that they will have your professional license and/or your driver’s licence taken away if you don’t agree to pay. They are also known for robo-calls. Robo-calls are basically just a recording that states that it is urgent that you call back the number that it provides. DON’T CALL THE NUMBER BACK!
  • Scammers spoof your caller ID. This merely means that when you receive a call the scammer can make it look like the IRS or another agency is calling you. The callers use IRS titles and take badge numbers to make themselves appear legit. More often than not they use online resources to get your name, address, and other details about your like to make the call sound official.
  • Scammers also use phishing email and regular mail. Scammers are known to copy official IRS Letterhead to use in email or regular mail that the send to victims. A new trend for these scammers is they will actually provide an actual IRS address where they will tell you to mail the receipt for the payment that you made. This makes the scam look official.
  • Remember that the IRS will not call you about your tax bills without first sending you a bill in the mail. They will not demand that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card or any specific form of payment. They will not ask you for a debit or credit card number over the phone. In addition, the IRS will not threaten to bring police or other agencies to arrest you for not paying. Nor will they threaten you with a lawsuit.
  • Remember if you don’t owe taxes or have no reason to think that you do contact the Treasury Inspector General for Tax Administration (TIGTA), Us TIGTA’s “IRS Impersonation Scam Reporting” to report the incident. You should also report it to the Federal Trade Commission, us the “FTC Complaint Assistant” on the FTC. gov website. Please add IRS Telephone Scam in the notes.
  • Remember that if you do receive a call do not provide any information to the caller. Hang up immediately. If you know you owe or think you may owe call the IRS at (800) 829-1040 and an employee can help you.