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Wolff & Taylor, P.C.

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St. Louis, MO
Wolff & Taylor, P.C.

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Full-service CPA firm specializing in business consulting, accounting services, and tax preparation Wolff & Taylor, P.C. and a number of foreign countries.

is a full-service CPA firm dedicated to servicing and simplifying the needs of our clients, ensuring they achieve their financial goals with peace of mind. As we celebrate our 50th year as a company, our goal is to continue to provide exceptional accounting, tax, and financial advice to all of our clients. We serve over 700 companies and 1500 individuals across the U.S.

10/29/2026

Did a lender forgive or discharge some of your debt?

You could face an unexpected 😮federal income tax bill.

Canceled ❌debt is generally treated as taxable income, even though you never received any cash. But exceptions and exclusions may apply. For example, debt discharged in bankruptcy or canceled while you’re insolvent may be partially or fully excluded from income. Insolvency generally means your total liabilities exceed the fair market value of your assets. Other exclusions may apply to specific types of debt, such as certain business-related real estate debt. If you receive a Form 1099-C, “Cancellation of Debt,” let us know. We can help determine how the canceled debt affects your taxes.

10/24/2026

Year-end tax planning is especially important for business owners expecting substantial losses in 2026. The “excess” business loss limitation restricts the amount of business losses noncorporate taxpayers can use to offset other income.

📉Losses from these entities flow through to the owners and generally can offset income from other sources (such as salary, interest, dividends and capital gains) only up to the applicable excess business loss limit.

For 2026, the limit drops ⬇️to $256,000, or $512,000 for joint filers, down from $313,000 and $626,000, respectively, for 2025. Losses exceeding these limits generally become net operating loss carryforwards. 📲Contact us for guidance.

10/22/2026

The Social Security Administration has announced that Social Security benefits for 2027, including Old-Age, Survivors and Disability Insurance (OASDI) and Supplemental Security Income (SSI) payments, will increase 3.6%.

⬆️This is the largest annual cost-of-living increase since 2023, driven primarily by high inflation.

⬆️Social Security retirement benefits will increase by about $75 per month on average starting in January.

⬆️Increased payments to SSI recipients will begin on Dec. 31, 2026. (Note: Some people receive both Social Security benefits and SSI.)

⬆️The maximum earnings subject to Social Security tax (the so-called “wage base”) will increase $7,800, from $184,500 to $192,300.

10/20/2026

✈️The IRS has released Standard Industry Fare Level (SIFL) rates for valuing noncommercial flights on employer-provided aircraft from July 1, 2026, through Dec. 31, 2026.

🛫The rates, combined with an adjustment based on the aircraft’s weight and employee’s status, are used to calculate the taxable value of certain personal flights provided as employee fringe benefits.

🛫The rates are $0.3225 per mile for the first 500 miles, $0.2459 per mile for 501 through 1,500 miles, and $0.2364 per mile for miles exceeding 1,500. A $58.95 terminal charge also applies. The Dept. of Transportation calculates the SIFL rates and terminal charge. They’re reviewed semiannually.

10/19/2026

October is Cybersecurity Awareness Month, and the IRS is urging Americans to protect their personal data from hackers and other fraud perpetrators.

🔒Always use strong passwords, updated security software and multifactor authentication.

🗝️Many security experts also advocate using “passkeys” when possible.

👤The IRS says that tax identity theft remains a real threat. So individual and business taxpayers should employ IRS tools, such as the Identity Protection PIN, Online Account for Individuals and Business Tax Account.

📲Also ignore any unexpected phone, email or text messages that claim to be from the IRS. If you receive a suspicious message, report it to bit.ly/4hUaI8h

10/15/2026

Today is the tax deadline for taxpayers who filed for a six-month extension to file their 2025 individual federal income tax return.

Please note, our office will be closed on Friday, October 16th.

10/09/2026

Watch out 👀for the growing reach of the 3.8% net investment income tax (NIIT).

The income thresholds haven’t changed since the tax took effect in 2013, so it’s hitting more taxpayers. If you have net investment income (NII) and your 2026 modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 if you’re married and file jointly, half that if you file separately), you’ll be subject to the NIIT on the lesser of your NII or the amount by which your MAGI exceeds the applicable threshold. Some NII examples are taxable interest, dividends, and gains from stocks, bonds and mutual funds. Year-end planning may help reduce your MAGI or NII — and the NIIT’s impact.

📲Contact us to learn more.

10/07/2026

Thinking about selling a valuable coin, antique or piece of art? 🪙🪑🖼️

The tax bill may surprise you. Collectibles are subject to special rules. If you’ve held a collectible for more than one year, your gain may be taxed at 28%. But if your ordinary-income tax rate is lower (10%, 12%, 22% or 24%), that lower rate applies. By comparison, most long-term stock and mutual fund gains are taxed at 0%, 15% or 20%, depending on taxable income. If you’ve held the collectible for one year or less, any gain is short-term and taxed at your ordinary-income rate (maximum of 37%). The 3.8% net investment income tax may also apply.

10/04/2026

Professional — and now college — athletes could face unexpected tax bills💲if they don’t plan carefully.

🏈Multistate taxation used to be an issue only for pros. Now that college players earn revenue from profit-sharing and endorsement deals, they may need to worry about the “jock tax,” which many states and cities impose on income earned by athletes playing road games.

🏈Also, athletes need to consider their state of domicile before they receive signing bonuses or other large payments. For example, those moving from low-tax to high-tax states may want to negotiate to receive payments before they move.

For these (and other) reasons, all paid athletes should get professional tax advice.

10/02/2026

As year-end approaches, your business might want to review opportunities to deduct expenses in light of recent tax law.

🍔Most entertainment expenses, for example, remain nondeductible. But you may be able to deduct 50% of qualified business meals.

✈️And though qualified business travel costs are still 100% deductible, many commuting-related fringe benefits, such as mass transit passes, aren’t.

🗂️In addition, employees can’t claim deductions for unreimbursed business expenses.

This may make establishing an accountable reimbursement plan valuable for both your business and its employees. Spend a little time now to identify expenses that could yield significant deductions later.

Address

222 S. Central Avenue, Suite 402
St. Louis, MO
63105

Opening Hours

Monday	8am - 6pm
Tuesday	8am - 6pm
Wednesday	8am - 6pm
Thursday	8am - 6pm
Friday	8am - 6pm
Saturday	9am - 2pm

Telephone

+13147273700

Website

http://www.wolffandtaylor.com/

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