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

Wolff & Taylor, P.C.

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

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.

09/03/2026

Our office will be closed on Monday, September 7th in observance of Labor Day.

08/12/2026

The IRS recently announced new and expanded features for its Business Tax Account (BTA) platform. 📣

The BTA is a self-service platform available to sole proprietors; S corporations; C corporations; certain partners and shareholders; tax-exempt organizations; and federal, state and local governments.

It allows users to securely access and manage their federal tax records and information. Among other things, users now have access to an expanding library of digital IRS notices, can download an employer identification number verification notice, and can view an existing payment plan’s balance and other details and make a payment toward that plan. For more details: https://bit.ly/4wgfIJA

08/08/2026

⚠️Cryptocurrency holders: Be alert for a new IRS impersonation scam.

⚠️Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like https://bit.ly/2qDnQsI The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets.

⚠️If you receive one of these letters, don’t respond.

➡️Report any suspicious communication to the IRS immediately (https://bit.ly/4h71IOi).

08/06/2026

Do you own rental property? You may be able to avoid having your rental real estate 🏠 treated as a passive activity — and the negative tax consequences that can come with that treatment — by qualifying as a real estate professional for tax purposes.

To qualify, you generally must spend more than 750 hours during the tax year in qualifying real property trades or businesses, and more than half of your total working time must be in those activities. If you qualify and you “materially participate” in a rental activity, losses from that activity are generally treated as nonpassive and may be deductible in the current year against nonpassive income.

07/31/2026

Have you made contributions to charity this year? Are you considering making more? If so, it’s important to be familiar with the tax rules so you can maximize your tax benefit — or at least avoid finding out at tax filing time that your charitable deductions are smaller than you expected.

What you donate 💸affects how much you can deduct and the limits that apply. For example, cash donations are generally deductible up to 60% of adjusted gross income (AGI) while property donation deductions are typically limited to 30% or 50% of AGI. And nonitemizers can deduct only cash gifts, subject to a $1,000 limit ($2,000 if married filing jointly).

Many additional rules apply. 📲Contact us with questions.

07/30/2026

Has your business’s bookkeeping fallen behind? 😒

Getting back on track is often easier than you think. With a disciplined approach and the right support, you can regain control. 💪

➡️Start by organizing key records
➡️Identifying incomplete bookkeeping tasks
➡️Addressing outstanding tax issues

Accounting platforms, such as QuickBooks, can help streamline the process. Once your books are current, you’ll be ready to monitor profitability, manage cash flow and plan for growth.

07/24/2026

Summer ☀️is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes.

For example, if you expect this year’s income to be near the threshold for a ⬆️ higher bracket, consider strategies for reducing your taxable income 💰to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains 📈 this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

07/22/2026

If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools available is the 🎁gift tax annual exclusion.

For 2026, the exclusion is $19,000 per recipient. If you’re married and your spouse consents to a joint gift, also called a “split gift,” the exclusion is effectively doubled to $38,000 per recipient. If you make gifts in excess of the annual exclusion (or gifts ineligible for the exclusion), you can tap your lifetime gift and estate tax exemption ($15 million for 2026).

Gifts must be of a “present interest” to be eligible for the annual exclusion and, to be covered by your 2026 exclusion, be made by Dec. 31.

07/21/2026

The IRS has increased ⬆️the 2026 cents-per-mile rates 🚗 for calculating tax-deductible vehicle operating costs due to rising fuel costs.

Effective July 1, 2026, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half of the year.

The revised rate for medical and eligible moving purposes is 23.5 cents per mile, up from 20.5 cents per mile.

For charitable driving, the 14 cents per mile rate remains unchanged. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. To protect your deduction, keep detailed mileage records.

07/20/2026

If you’ve recently received a legal settlement or award, it’s critical to understand the tax implications. 👇

🔸Generally, compensation for physical injuries or sickness is tax-free. But awards for lost wages, emotional distress and punitive damages typically are taxable.

🔸Attorneys’ fees are another area that can trip up recipients. Even if your lawyer is paid directly out of your settlement, you’re generally taxed on the full amount before fees are deducted. This means you may owe tax on money you never actually receive.

🔸The bottom line is that the way a settlement is structured can significantly affect your tax liability, making professional guidance essential.

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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