GW Tax & Accounting

GW Tax & Accounting GW Tax and Accounting LLC is one of the leading tax and accounting firms in the Northeast.

Our dedication to high standards, hiring of seasoned tax and accounting professionals, and work ethic is the reason our client base returns year after year.

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax ben...
11/17/2025

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits. Unfortunately, the IRS limits most business gift deductions to $25 per person per year, a cap that hasn’t changed since 1962. But there are exceptions. Here are three: 1) gifts to a company for use in the business, 2) incidental costs of making a gift, such as engraving or shipping, and 3) gifts to employees (though other limits apply and they may be treated as taxable compensation). Be sure to properly document gifts. Record each gift’s description, cost, date and business purpose, and the relationship of the recipient to your business. Contact us with questions. https://bit.ly/3XqigEK

The 2026 Social Security wage base has been released: $184,500 (up from $176,100 for 2025). Wages and self-employment in...
11/17/2025

The 2026 Social Security wage base has been released: $184,500 (up from $176,100 for 2025). Wages and self-employment income in excess of this wage base won’t be subject to Social Security tax. What if you have two jobs? Social Security tax will be withheld by both employers. Can you ask your employers to stop withholding Social Security tax once, on a combined basis, you’ve reached the wage base threshold? No, each employer must continue to withhold Social Security tax until your wages with that employer exceed the wage base. Fortunately, when you file your income tax return, you’ll get a credit for any excess withheld. Have questions? Contact us. https://bit.ly/3XqigEK

Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your ta...
11/03/2025

Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. Unfortunately, controlling such timing can be more challenging for accrual-basis taxpayers than for cash-basis ones. But accrual-basis taxpayers also have some unique opportunities. For example, if they properly record and recognize expenses incurred in 2025 but that won’t be paid until 2026, those expenses can be deducted on the 2025 income tax return, reducing 2025 tax. Common examples include commissions, wages, payroll taxes, advertising, interest, utilities, insurance and property tax. Contact us to discuss more year-end tax planning strategies. https://bit.ly/3XqigEK

Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can be a financially smart option, part...
11/03/2025

Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can be a financially smart option, particularly for healthy individuals. Insurance premiums will be lower because of the high deductible. And the HSA provides a tax-advantaged way to fund the deductible and other medical expenses. It can even help fund retirement. Among the tax benefits: 1) Contributions are pretax or deductible. 2) Contributions your employer makes aren’t included in your taxable income. 3) Earnings in the HSA aren’t taxed. 4) Distributions to pay qualified expenses are tax-free. 5) Distributions after age 65 are penalty-free even if not used for medical expenses (but income taxes do apply).

Have you made improvements to business real estate? You may be eligible for tax breaks for qualified improvement propert...
10/22/2025

Have you made improvements to business real estate? You may be eligible for tax breaks for qualified improvement property (QIP). QIP includes any improvement to an interior portion of a nonresidential building that’s placed in service after the date the building was placed in service. QIP can be depreciated over 15 years (rather than 39). It’s also eligible for bonus depreciation and Sec. 179 expensing, which have been enhanced for 2025 and beyond. While maximizing first-year depreciation can be beneficial, sometimes spreading out depreciation deductions over multiple years can be better, such as if you’re in a higher tax bracket in the future. We can help you determine what’s best for you. https://bit.ly/3XqigEK

Are you charitably inclined and looking for a powerful year-end tax-saving strategy? Consider donating appreciated publi...
10/22/2025

Are you charitably inclined and looking for a powerful year-end tax-saving strategy? Consider donating appreciated publicly traded stock you’ve held more than one year to a qualified charity. You may be able to enjoy two tax benefits: First, if you itemize deductions, you can claim a charitable deduction equal to the stock’s fair market value. Second, you won’t be subject to the capital gains tax you’d owe if you sold the stock. Donating appreciated stock can be especially beneficial if you’re facing the 3.8% net investment income tax or the top 20% long-term capital gains rate this year. To learn more about minimizing capital gains tax or maximizing charitable deductions, contact us today. https://bit.ly/3XqigEK

The One Big Beautiful Bill Act eliminates many business-related clean energy tax incentives. For example, the Qualified ...
10/15/2025

The One Big Beautiful Bill Act eliminates many business-related clean energy tax incentives. For example, the Qualified Commercial Clean Vehicle Credit is available only for vehicles that were acquired on or before Sept. 30, 2025. But businesses can still take advantage of other clean energy breaks if they act soon. The Alternative Fuel Vehicle Refueling Property Credit is available for property that stores or dispenses clean-burning fuel or recharges electric vehicles if placed in service by June 30, 2026. Similarly, the deduction for energy-efficient improvements to commercial buildings is available for eligible property beginning construction by June 30, 2026. Contact us to learn more. https://bit.ly/3XqigEK

Beginning in 2025, individuals age 65 or older generally can claim a new “senior” deduction of $6,000 under the One Big ...
10/15/2025

Beginning in 2025, individuals age 65 or older generally can claim a new “senior” deduction of $6,000 under the One Big Beautiful Bill Act (OBBBA). But if your 2025 modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 if you’re a married joint filer), a MAGI-based phaseout will reduce (or may even eliminate) the deduction. If you’re at risk of the senior deduction phaseout, you can take steps before year end to reduce your MAGI and maximize your deduction. For example, harvest capital losses in taxable brokerage accounts to offset capital gains that would otherwise increase your MAGI. Contact us to discuss additional MAGI-reduction tips and other year-end tax planning strategies. https://bit.ly/3XqigEK

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740 Springdale Drive, S125
Exton, PA
19341

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+14843273200

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