Welenken CPAs

It's Tax Tip Tuesday: Here are 3 important tips to remember year-round that will help you be better prepared when you need to file your tax return.

It's the early 1980's and team Welenken is hard at work. While the people and the styles may have changed, one thing has not, the commitment to our clients. At Welenken CPAs, we are committed to providing the best possible accounting resources and services to our clients.

A good team needs three things: the right people, the right spirit, and a couple inside jokes!

Summer outing of 2024 was a success! Thank you to all our colleagues for helping make Welenken CPAs a great place to work! We couldn’t do it without you!

To celebrate National Intern Day, we would like to take the time to recognize our intern, Gregory Welenken! Internships serve as a mutually advantageous engagement where Gregory can learn and grow in conjunction with providing valuable support to our staff. His initiative and positive attitude is a pleasant addition to our work environment, and we take pride in having him on our team!

" I am happy to be part of Welenken CPAs. Every day, I learn something new. I have seen firsthand the importance of accounting. While I may not be an accounting master, I have witnessed how meticulous each and every accountant is at the firm. They've shown me the importance of being part of a team that cares about one another in order to get the job done right the first time." - Gregory Welenken

Business automobiles: How the tax depreciation rules work: Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. […]

Business automobiles: How the tax depreciation rules work Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles…

The tax implications of renting out a vacation home: Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many […]

The tax implications of renting out a vacation home Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the y…

Plan now for year-end gifts with the gift tax annual exclusion: Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any […]

Plan now for year-end gifts with the gift tax annual exclusion Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to fam…

Selling your home for a big profit? Here are the tax rules: Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast, […]

Selling your home for a big profit? Here are the tax rules Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 r…

The advantages of using an LLC for your small business: If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you're launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might […]

The advantages of using an LLC for your small business If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business an…

Pocket a tax break for making energy-efficient home improvements: An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there's a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to […]

Pocket a tax break for making energy-efficient home improvements An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy ef…

Retirement account catch-up contributions can add up: If you're age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you'll […]

Retirement account catch-up contributions can add up If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.The deal with…

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