Blogs

Dealing with taxes can be tricky, especially when it comes to IRS underpayment penalties. In 2024, these penalties are a

Why designate myself as a real estate professional? Aside from being something cool to tell the grand kids, let’s presume

Everyone loves loopholes, right? The Hummer loophole was recently popular again with 100% bonus depreciation. The older kid on the

WCG CPAs & Advisors has more than 160 Certified Registered Nurse Anesthetists as 1099 contractors (aka business owners), and it is

You are buying real estate for business or rental use. Usually, you can depreciate the entire purchase price, minus the

A lot of small business owners, especially solo operators, work from their home office. This is wonderful, however people change

Cost segregation or costseg as the cool kids say allows you accelerate depreciation (and therefore lower taxes and increase cash)

We are just coming out of tax season with a stack of notes with mostly good ideas, and likely some

WCG CPAs & Advisors is thrilled to partner with BiggerPockets. Located in Denver, Colorado, BiggerPockets is the premier online resource for

As you consider your tax planning strategies this year, please be aware that you might live in a state that has a

WCG CPAs & Advisors receives about 2-3 emails or phone calls (and the occasional text) per week from people saying, “I

You’ve decided to open that retirement plan personally or through your small business – what now? Or maybe your friends

If you are a small business owner, you just had another chore added to your list. After years of delays,

While WCG clients are wonderful, occasionally a client of another CPA firm will ask us for advice. How should I

Yeah, you’re reading that right. Our website and various articles express ways to save on taxes, but they also had

For those parents who either over-funded a 529 college savings account or where the funds were never needed, there is

The IRS postponed a SECURE Act provision that would require all those 50 or older who also earn more than $145,000 to

Healthy relationships start with managing expectations, especially communications. Generally, WCG relies on emails and text messages as our initial communication

Summer is tax planning time and we get a lot of questions about solo 401k contributions, and whether they should

Tax planning strategies are commonly addressed in December as small business owners and other taxpayers start to freak out about

WCG has recently introduced a new bookkeeping function for business owners as your Fractional Controller. We will use Bench as

“Do I really need someone to do my small business bookkeeping, or can I just do it myself? I mean

There has been a lot of activity over the last 6 months regarding PPP loan proceeds becoming taxable income or not. We’ll

The hot question since the passage of the Tax Cuts & Jobs Act of 2017 and Section 199A is, “Should

As part of the CARES Act due to this COVID-19 nonsense, the SBA handed out about $600 billion in Paycheck

The history of WCG CPAs & Advisors starts off like many CPA firms. Tina Watson obtained her CPA license in May 2003.

We have put together a quick list of frequently asked questions involving the SBA’s Paycheck Protection Program and specifically the

Update April 2, 2020 at 5:23PM (Treasury just released its final final guidelines)… no 1099s issued as payroll costs, and gross pay

Here we are on March 21, 2020. Many of us are sequestered in our home trying to figure out basic

Update March 20, 2020, Treasury Secretary has also extended the tax filing deadline from April 15 to July 15. Two

With everyone freakin’ out about the Coronavirus (and me recovering from Deschutes Virus from their amazing IPA), perhaps it is time to

The SECURE Act which stands for Setting Every Community Up for Retirement Enhancement of 2019 was signed December 20, 2019 as part

Small business tax deductions are critical for reducing taxable income. The tax code and the IRS basically say, “Hey, we

Recently we had a foot and ankle physician group in Rhode Island complete two different RCReports interviews to determine a

WCG (formerly Watson CPA Group) just recorded its first small business podcast on business entity formations and considerations, and we

Home is where the heart is. But as the economy shifts and embraces remote work, more and more people find

Having your LLC elect S corporation taxation is fairly easy. But like King George in Hamilton, “What comes next?” The S

One of the biggest headaches of electing to be taxed as an S Corp is calculating a reasonable shareholder salary.

The Section 199A deduction was derived from the Tax Cuts and Job Acts and, thanks to our Congress, is one

We are living in the age of the “side hustle.” Talk to ten of your friends and colleagues, and chances

Some say that the best nation is a “donation!” While that might make you laugh (and hopefully this blog post

Being designated a specified service trade or business, or SSTB for short, for some business owners can appear like punishment.

As mentioned elsewhere in our website and book, we encourage people to focus on building wealth and if they can

Many business owners ask if they should be cash or accrual when selecting the accounting method within their accounting package.

Exit strategies or succession planning usually consider employee ownership as a strong possibility. It is a difficult decision for most

On January 18, 2019 the IRS and the Treasury Department released the Section 199A final regulations, including some related guidance such as IRS Notice

Accountable Plans WCG (formerly Watson CPA Group) and our team of business consultants field a lot of questions about home

When comparing business activities on a Schedule C versus an S Corp election, one of the gripes is the reduction

Section 199A offers a 20% deduction for small business owners, but are rental properties considered a trade or business? The

The Tax Cuts and Jobs Act of 2017 created a new tax deduction for business owners (and others) called the

On August 8, 2018, the IRS published proposed regulations to help better explain the Section 199A Qualified Business Income Deduction including anti-abuse

WCG (formerly Watson CPA Group) just released the 2019 Edition of our book on LLCs and S Corps. We did

The Tax Cuts and Jobs Act of 2017 created a new tax deduction for business owners (and others) called the

WCG (formerly Watson CPA Group) is excited to announce Stephanie Torgerson as our new Payroll Manager. Processing payroll and payroll

Good news from the IRS. They recently released Notice 2018-76 which essentially restores the business meals tax deduction that small business owners

WCG (formerly Watson CPA Group) primarily focuses on small business owners and complex individual tax returns. Since we prepare hundreds

WCG (formerly Watson CPA Group) employs both Certified Public Accountants and Enrolled Agents. We get the “what is the difference

This is reprinted from a recent USA Today Article: The United States is enjoying an era of unprecedented wealth and prosperity.

The Section 199A qualified business income deduction is a wonderful offspring from the Tax Cuts and Jobs Act of 2017.

We get a lot of calls and emails from business owners who ask about adding their spouse to payroll. There

We often get the question What is my tax home? It is a tricky question… and it is one that

Two recent tax court cases highlight the difficulty in deducting advanced degrees as qualified education expenses. The rule is quite

Joint Committee on Taxation We have new tax law. Yay! But what does it all mean? Who knows! Oftentimes the

The United States Supreme Court in a 5-4 decision (aren’t they all 5-4 decisions, usually along party lines?) in South Dakota

Mortgage Interest Deduction Debt Limit is $750,000 Two big things changed with the Tax Cuts and Jobs Act of 2017

Given the new meals and entertainment landscape (and uncertainty) from the Tax Cuts and Jobs Act (TCJA) of 2017, we