WealthPath CPA Insights

By: Andrew J. Redden, CPA For families planning for future education costs, a Section 529 plan can be one of the most effective savings tools available. Whether the goal is college, trade school, or certain K–12 education expenses, 529 plans allow families to set money aside in a tax-advantaged account designed specifically for education. At WealthPath CPAs & Advisors, we build tax strategies to support your long-term financial goals, and Section 529 plans are one of our favo

By: Andrew J. Redden, CPA One of the most common questions new business owners ask is whether they should form an LLC or become an S corporation. While entity structure is an important early decision for a business, this question is often misunderstood because an LLC and an S corporation are not the same type of classification. An LLC is a legal entity created under state law, while an S corporation is a federal tax election made with the IRS. In many cases, a business can be

By: Andrew J. Redden, CPA For many taxpayers, one of the most frustrating parts of tax season is finding out they owe more than expected. This is especially common when income is earned without enough tax being withheld throughout the year. Estimated tax payments are designed to help address that issue by paying tax as income is earned, rather than waiting until the return is filed. At WealthPath CPAs & Advisors, we view estimated tax planning as more than a compliance requir

By: Andrew J. Redden, CPA For many retirees and individuals approaching retirement, one of the biggest tax planning questions is whether it makes sense to convert money from a traditional IRA or pre-tax retirement account into a Roth IRA. A Roth conversion can be a powerful strategy, but it is not automatically the right move for everyone. The key is understanding when the tax cost today may create greater flexibility, lower taxes, and stronger long-term outcomes in the futur

Unlike business owners and independent contractors, W-2 employees and their CPAs have far fewer tools available when it comes to creative strategies to offset income and reduce overall tax liability. In fact, since the passage of the Tax Cuts and Jobs Act (TCJA), employees are no longer permitted to deduct unreimbursed employee business expenses at the federal level. While some states continue to allow a deduction for these expenses, this benefit has become increasingly limit

Every year around tax time, taxpayers are faced with the same familiar question: Am I maximizing my tax deductions? For individuals with relatively simple tax situations, this often means double-checking whether itemizing deductions makes sense, confirming all eligible dependents are being claimed, or ensuring withholding on your tax return matches Form W-2. However, in more complex situations, particularly for business and rental property owners, maximizing deductions isn’t

As we enter a new year, many of us take time to reflect on the past and set intentions for what’s ahead. New Year’s resolutions often focus on health, family, or career goals, but this is also one of the most important moments of the year for tax planning. While April 15 may feel like the focal point of the tax calendar, the reality is that the most impactful tax decisions are made long before a return is ever filed. Today matters far more for your future tax outcome than any