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The Internal Revenue Service and your Dallas CPA urge you to be safe online and remind you to take important steps to help protect yourself against identity theft. Scammers, hackers and identity thieves are looking to steal your personal information – and your money. But there are simple steps you can take to help protect yourself, like keeping your computer software up-to-date and giving out...

There are payroll mistakes that benefit employees, as well as those that benefit employers. But either way, a mistake is a mistake. If you come across any type of mistake, such as overpaying or underpaying employees, it is imperative to act fast, discuss the situation with your workers, and provide a remedy that will allow both parties to put this in the past. Most established companies have a...

The National Society of Accountants is offering some year end tax tips for businesses. Consider several general strategies, such as use of traditional timing techniques for income and deductions and the role of the tax extenders, as well as strategies targeted to your particular business. As in past years, planning is uncertain because of the Affordable Care Act and the expiration of many popular...

The end of the year is a good time to evaluate your tax obligations so there are no surprises come filing time. Check out these top ten year end tax planning tips for what to keep in mind as you review your finances. Check on Congress The most important thing you can do this year for your year end tax planning is to keep an eye on Congress to see whether lawmakers manage to extend popular tax...

In simpler times, all you needed to welcome a new baby into your family was love and an empty drawer in which he or she could sleep. In 2015, babies are expensive and modern parents need a lot of gear: diapers, cribs, strollers and car seats—not to mention child care. The list can seem endless. And, it all adds up fast. The good news is, there are more ways than ever to offset the considerable...

The Internal Revenue Service wants to remind taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. “The Special Rule” Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients of...

Owning a rental property is one way to boost your income and secure your financial landscape. You may also have a golden opportunity for some serious tax breaks. Rental properties – both full time, part time, and vacation homes – can be a wealth of tax savings. Is This Tax Deductible? The key to saving money on your tax return is to take advantage of the many deductions offered to full-time...

For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments. The tax items for tax year 2016 of greatest interest to most taxpayers include the following dollar amounts: – For tax year 2016, the 39.6...

Hiring a nanny will impact your life in many ways, including your finances. In addition to the salary you pay your nanny, you are expected to pay a combination of taxes. Neglecting to do so could lead to trouble with the IRS, including large penalties. Commonly referred to as the “nanny tax,” this is nothing more than the taxes you are required to withhold from your employee, as well as the taxes...

As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it. Generally, you can write off the entire cost of leasing without a huge upfront commitment. Also, leasing isn’t forever. If the tax breaks for buying property are revived, you may be able to quickly cash in. Here’s the...