In many ways, the days of employers offering only “traditional” employee benefits are history. Now, novel perks such as on-site gyms, free snacks and pet insurance are all the rage. But it’s often the more traditional benefits that provide the most value to employees in the long run. Case in point: disability coverage. A common […]
In April of 2018 the AICPA asked the House Committee on Ways and Means for an update to tax deductions for business meals with clients and prospects. The AICPA wanted to confirm that the Tax Cuts and Job Acts disallowance of entertainment as understood by the Ways and Means Committee included the disallowance of client […]
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By […]
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 […]
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is […]
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct […]