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Small business owners face numerous everyday challenges, and they usually conquer them with their entrepreneurial strength. Unfortunately, keeping the books on their growing business is not a skill someone can simply persevere through and get it right. The potential consequences of messing up on the accounting functions can be serious when it comes to the success or failure of a business. Here...

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...

Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major effect on your taxes. You can bring the tax you pay closer to the amount you owe. Here are some key IRS...

Do you own a vacation home or second home? If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, your deduction may be limited if you also use the property as your home....

Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play slots, blackjack, or bet on races, your gambling winnings are taxable. The IRS requires that all gambling income is reported on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time next year: 1. Gambling income. Gambling income includes...

Did you know May is National Military Appreciation Month? The IRS wants military members and their families to know about the many tax benefits available to them. Tax benefits for service members include: Partly or fully tax-free combat pay. You can exclude certain pay from your income if you are a member of the U.S. Armed Forces who serves: in a combat zone as designated by the President in an...

This year has seen its share of natural disasters. From tornadoes to earthquakes to flash floods, it seems few regions are immune this spring. Adding to the anxiety is peak tornado season, and locally, possible evacuations for Denton county residents due to flooding. The volatile weather patterns have caused many to access their disaster preparedness plans. Though it might not be the first...

The tax deadline has come and gone – time to breathe a sigh of relief. But before you throw all of your tax documents up in the air to celebrate the occasion, we need to discuss just how long you should keep that info in a safe and secure place. That’s right, you should store your tax information and documentation, including a copy of your tax return, for safe keeping – just in case you need to...

What is tax-related identity theft? Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Generally, an identity thief will use your SSN to file a false return early in the year. You may be unaware you are a victim until you try to file your taxes and learn one already has been filed using your SSN. If you do find...