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Payroll giant ADP has provided a set of year-end tax and payroll tips and reminders to small business owners, their accountants and other advisors, to help streamline the tax-filing process. Verify tax IDs: Work with your accountant or payroll service provider to confirm that all tax ID numbers on payroll reports are up to date and correct. Be sure to correct all discrepancies before the...

The Internal Revenue Service announced yesterday the 2015 optional standard mileage rates used to calculate the deductible costs of ordinary and necessary business expenses of local transportation or travel away from home for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are: 57.5 cents per...

Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs: 1. Know the limits. You can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. If you file a joint return, you and your spouse can...

Recently we’ve had an uptick in clients calling worried about calls threatening arrest for unpaid taxes, and they aren’t alone. The IRS has seen a recent increase in local phone scams across the country, with callers pretending to be from the IRS in hopes of stealing money or identities from victims. These phone scams include many variations, ranging from instances from where callers say the...

Tax extenders, temporary tax provisions that are reinstated by Congress on a regular basis, have been a recurring part of the tax arena for years. Most of the current group up for debate have expired at the end of 2013, and their eventual extension will be retroactive, but not all will be extended. Here’s what you need to know… What’s Expired? Section 179 Expensing: For tax years beginning in...

Starting a business is one of the most rewarding experiences you will ever have. However, the process is wrought with pitfalls for inexperienced entrepreneurs. Seeking advice from your Dallas accountant regarding entity selection and structure enhances your chances for long term success. Your accountant can act as a sounding board for your ideas and suggest courses of action. Entity Selection...

The Affordable Care Act open enrollment period is about to begin. If you’re currently uninsured or buy coverage on your own, here are some things to keep in mind as you weigh your options. The open enrollment period has changed. Open enrollment runs between November 15, 2014 and February 15, 2015, but if you want a plan in place by the first of the year, you’ll have to make your selection by...

If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. Here are ten of those benefits: 1. Deadline Extensions. Qualifying military members,...

The holiday season is upon us. In addition to the personal satisfaction that comes from giving, many individuals and business owners ensure their gifts are qualified tax deductible charitable donations. Charitable giving benefits worthy organizations, but it can benefit you too by saving money on your taxes. However, not every donation qualifies. Consider the following five tips for making...

For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. It’s worth noting that these are the numbers effective beginning January 1, 2015 — not for 2014 tax returns filed in 2015. Tax Brackets: This...