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Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you pay in taxes. It may even affect whether you must file a tax return. When choosing a filing status, keep in mind that your marital status on Dec. 31 is your status for the whole year. If more than one filing status applies to you, choose the one that...

Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. For example, both parties in a barter exchange must include the fair market value of...

Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time. The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at...

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...