David Reape CPA Archives - HW&Co. CPAs and Advisors

Navigating Tip Taxes: What Employers Need to Know

By: David M. Reape

Businesses in industries like restaurants, hotels, and salons often employ service workers who earn tips as a significant portion of their income. Ensuring compliance with federal and state tax regulations […]

Key Tax Limit Changes for 2025

By: David M. Reape

Each year, tax-related limits affecting businesses are adjusted for inflation. While many have increased for 2025, the rate of increase has slowed due to cooling inflation. Below are some key […]

Business Deadline: File W-2s and 1099-NECs by Jan 31

By: David M. Reape

As the 2025 tax season begins, businesses must prepare for the upcoming deadline to submit certain information returns to the federal government and provide them to workers. By January 31, […]

Business Mileage Rate Increases in 2025

By: David M. Reape

In 2025, the standard business mileage rate has increased slightly, reflecting a small rise in the national gas prices. The IRS has announced that the new cents-per-mile rate for business […]

Understanding Section 1231 Tax Impacts

By: David M. Reape

Understanding the tax consequences when selling business assets is essential. One key area to focus on is Section 1231 of the Internal Revenue Code, which outlines how gains and losses […]

Navigating the Work Opportunity Tax Credit (WOTC)

By: David M. Reape

The U.S. Bureau of Labor Statistics reports that unemployment rates remain historically low, fluctuating between 4.0% and 4.3% from May to November 2024. Amid current hiring challenges, the Work Opportunity […]

Lower Business Taxes with Local Transportation Cost Deductions

By: David M. Reape

Understanding how to claim deductions for transportation costs can help lower your small business’s tax burden. Each year, you and your employees likely incur various local transportation expenses that carry […]

When Can You Deduct Business Meals and Entertainment?

By: David M. Reape

If you’re unsure about the current federal tax rules for business meals and entertainment expenses, you’re not alone. The rules have evolved in recent years. Here’s a breakdown of what’s […]

Understanding Self Employment Tax

By: David M. Reape

If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]

IRS Announces New Retirement Contribution Limits for 2025

By: David M. Reape

The IRS has set new contribution limits for retirement plans in 2025, raising the cap for 401(k) plans to $23,500, up from $23,000 in 2024. Here’s a quick overview of […]

Building Retirement with a Solo 401(k)

By: David M. Reape

If you’re self-employed and operate a small business without any employees (other than your spouse), a solo 401(k) plan is a great option for establishing a retirement plan. This plan […]

Preparing for and Responding to an IRS Audit

By: David M. Reape

The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]

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