Why we put off filing our taxes and how to stop it.
The 2017 tax filing season has been officially underway for just more than a week. Lots of folks have already filed their returns. And, according to ecstatic posts on social media, some have received their refunds. Other taxpayers, however, are waiting to file. Form-ulaic delay: Why the delay. In a lot of cases, folks haven’t yet […]
The IRS Taxpayer Bill of Rights and You
Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what […]
How Does Volunteering for a Charity Affect My Taxes?
This time of year our thoughts turn to giving– to friends, family, and to charity. And it is also the time of year that we begin to think about – taxes. If you volunteer, you may be wondering “how does volunteering for a charity affect my taxes?”. Though the time you give to a charity […]
Tax Benefits to Increase Slightly in 2017
The Internal Revenue Service announced that annual inflation adjustments will affect more than 50 tax provisions, including the tax rate schedules, and will result in tax benefits to increase slightly in 2017. Here are some highlights of the changes: The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 […]
Deadline Extended to Provide Health Coverage Statements to Employees
The IRS extended the 2017 due date for employers and coverage providers to furnish health coverage statements to individuals. The due dates to file those returns with the IRS are not extended. This chart can help you understand the upcoming deadlines. (This chart applies only for reporting in 2017 for coverage in 2016) Action 2017 […]
10 Easy End of Year Tax Tips to Increase Your Tax Refund
It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon! Now is a great time to make some end of season tax moves to help lower your tax bill and increase your tax refund come tax time. Once the year ends, so do most […]
Year End Small Business Tax Tips
When the year begins to wind down, many small businesses wonder if there are any last-minute tax tips that can save some money when they pay taxes. After all, once the year is up you may lose the ability to claim certain deductions or benefits, so it makes sense to ensure you’re taking advantage of […]
Guide to Marketplace Open Enrollment
Marketplace Open Enrollment for 2017 health insurance is just around the corner, and whether you sign up for health insurance on healthcare.gov or through your state Marketplace, your local Dallas CPA is here to help guide you through the process. Whether you have had a change in life circumstance, are self-employed and need access to […]
Celebrate Fall with Ways to Save
What better way to celebrate Fall than by saving some money? With the temperature beginning to drop, it’s time to start looking around the house for ways to save on energy costs. Take advantage of some great tax credits and deductions for energy-efficient purchases. The Residential Energy Efficient Property Tax Credit offers you some major tax […]
7 Mistakes To Avoid When Reclassifying Employees
Organizations across the country are responding to the U.S. Department of Labor’s new overtime salary threshold by reclassifying some of their exempt employees into overtime-eligible nonexempts. Starting Dec. 1, the new DOL rules take effect that nearly double the salary threshold at which most salaried workers become exempt from having to be paid overtime. The […]
New IRS Private Debt Collection Program
The Internal Revenue Service has announced it’s new debt collection program and that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to […]
IRS Warns of Email Tax Scam
The Internal Revenue Service and its Security Summit partners have issued an alert to taxpayers to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax […]
2016 Tax Brackets
Did you know that not everyone or every dollar earned is taxed the exact same amount? This is because the United States tax system aims to be progressive. A progressive tax system tries to collect more tax from those who earn more. In essence, a million dollar earner pays more total tax as well as a […]
IRS Warns Of 2017 Tax Refund Delays
The Internal Revenue Service today issued a warning of 2017 tax refund delays for certain taxpayers, urging folks to adjust their tax withholding now. We’re talking about your 2016 taxes that are due April 15, 2017. There’s good reason to pay attention—at least there’s something you can do about it. A couple things are to […]
5 Reasons Your Business Needs a CPA
As a business owner, you probably thrive in a DIY environment; but the more hats you wear, the less you’ll accomplish successfully. Accounting is one of the most important areas for keeping your company profitable. As you start out and your company grows, software can only take you so far. A CPA can help your […]
Summer Job Hunting? Tips on How to Deduct Job Hunting Expenses
Whether you’re currently out of work, or gainfully employed but want to seek other employment opportunities, if you decide to start looking for a new job this summer, the tax code can help. Here are five quick facts about to deduct job hunting expenses. You Must Look for Work in the Same Field. Your job […]
What You Need to Know About 529 Plans
You’ve been saving money for college since junior was a baby, and now he’s going off to college. That’s wonderful, but before you withdraw funds from your 529 plan to pay college expenses, there are a few things you should know. The 529 plan doesn’t rule out financial aid. Those funds are treated as the […]
How Does Your Vacation Home Affect Your Taxes?
No matter your goals for a second home, understanding the tax breaks for your vacation residence can help you relax in style. What is a Vacation Home? First, you’re going to have to unlearn your definition of a vacation home. According to the IRS, a vacation home can be any residence that has sleeping space, […]
What to Do if You Get a Letter from the IRS
It’s summertime, which means the IRS is busy sending out letters to taxpayers if there were issues processing the returns filed this spring. Receiving any correspondence from the IRS can be intimidating, but it doesn’t have to be. Check out these tips for what to do if you receive a letter from the IRS. Don’t […]
Does Hiring a Babysitter & Other Household Employees Affect Your Taxes?
Have you been using some help around the house? Hiring a babysitter or other house staff could be a luxury or a necessity. Regardless, this activity, under the right circumstances, could affect your taxes. If you hire a babysitter or other house staff, you may need to: Report the amount you paid to this employee to […]
