Wilson Toellner CPA

One of the key components of the landmark tax overhaul passed in 2017, called the Tax Cuts and Jobs Act (TCJA), was a new provision that allows taxpayers to deduct 20% of “qualified” business profits from their income, subject to certain limitations. In a simplified example, if a married couple has $200,000 of taxable income and $75,000 of that is from a pet grooming business they own, they would be entitled to deduct $15,000 (20% of $75,000) from their income, reducing their taxable income to $185,000 and reducing their federal tax liability by over $3,500. In order for a business activity to qualify for the full version of this 20% “Qualified Business Income” (QBI) deduction, the activity must be a qualified “trade or business” as defined by the tax code. It also must not be what is considered a “specified service trade or business,” which is a category not explained in depth here—but one that includes businesses in the legal, accounting, financial services, medical, consultin...

When should individuals expect to receive their W-2's from their employers and other tax documents from banks, investments, etc. What should someone do if they do not receive these documents? These are questions you should be thinking about. Our Mid-MO CPA firm is here to answer these questions and more in Part 2 of this 2 Part blog series: Helpful Tax Tips. If you have any questions, please call our Central MO accounting firm today. All locations and phone numbers can be found on our website at www.WTCPA.com . Most individuals should expect to receive their Form W-2 from employers by January 31, 2020. If your employer does not mail or hand-deliver yours to you by the end of the month, check any online employee portals or contact your HR department. If you performed any freelance work during 2019 and received compensation of at least $600, you should receive a Form 1099-MISC by January 31, 2020. Investment statements are typically issued in “waves” depending on the underlyin...

What are some of the basic things individuals should be doing now in preparation to file for 2020? This Mid-MO accounting firm is here to give you a top five list and reasons why these are important in this 2-part blog series. Stay tuned next week for Part 2. If you have any questions about preparing to file for your taxes for 2020, please call our CPA firm in Central MO today. Wilson Toellner CPA can be reached at one of our 4 locations throughout Mid-MO and all contact information can be found on our website at www.WTCPA.com . Helpful Tax Tips: Part 1 1. Gather the necessary documents. Begin watching for tax forms and documents coming by mail and start a file or folder for anything you receive for tax year 2019. Staying organized and keeping all your information in one place will help ensure you have everything needed to prepare your return. If you aren’t sure if you have received all forms and documents, ask your tax preparer for a checklist of necessary documents. 2. ...

Want to start a business this year? Has the new year inspired you to finally take that leap and build the business you have been fantasizing about? If so, our Mid-MO accounting firm can help. Wilson Toellner CPA knows there is a right way and a wrong way to go about starting a business. This CPA firm in Central Missouri is here to give you actions you should NOT do this year if you would like to start a successful business. Keep reading this week's blog for those actions to avoid in 2020. For help getting your business on the right track as far as tax planning and more goes, please give us a call today. We have four locations throughout Mid-Missouri, all of which can be found on our website at www.WTCPA.com . Failing to be strategic when pricing your items. Not fully understanding your market, which can happen with new companies, can cause you to not price your products correctly. This can be a serious financial mistake because if you price them too high, you may not make ...

Tax Day 2020 will be here before you know it. The tax deadline is Wednesday, April 15th, 2020. You don't want to get caught off guard this year and realize you have waited to the last minute to get your taxes prepared. Waiting to the last minute can cause you to rush and make mistakes. If you are having a professional accountant in Mid-Missouri file your taxes for you this year, make your appointment in a timely fashion because they are likely very busy the closer to the deadline you wait. In the meantime, the Mid-MO accounting firm is here to give you a few tax prep tips for 2020 in this week's blog. Think about how much money you are donating and how it will affect your taxes. If you are just under the point of surpassing the standard deduction mark, you could consider making 2 years worth of donations this year so that you can itemize, if possible. Make sure you track your income accurately. To track your income the best, in addition to your W-2, gather your: ...