Using the Simplified Home Office Deduction
The Internal Revenue Service today reminded people with home-based businesses completing their 2015 federal income tax returns that they can use the simplified home office deduction when claiming a deduction for business use of a home. In tax year 2013, the most recent year for which figures are available, more than 3.4 million taxpayers claimed […]
The 5 Biggest Tax Mistakes Small Business Owners Make
Owning your own business can be rewarding, but as most entrepreneurs know, it also means a lot of work, much more than a traditional salary-based job working for someone else. With all the responsibilities, a well-meaning business owner is still at risk of making a regrettable tax mistake. Whether a business is incorporated and files […]
PATH Act Increases and Makes the Child Tax Credit Permanent
The new “extenders law” enacted late in 2015 retains several key tax provisions and makes them permanent with certain modifications. One of the most important ones to middle class families is the child tax credit. It can costs hundreds of thousands of dollars to raise a child these days, but at least the tax law […]
The Top 5 Accounting Mistakes By Small Business Owners
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 […]
Filing Taxes Early Can Help Prevent Tax Return Identity Theft
Tax return identity theft is becoming increasing more common—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns in 2013. The IRS does have security measures in place to verify the accuracy of tax returns and the validity of Social Security numbers submitted, but that hasn’t stopped […]
Claim the Premium Tax Credit & Reconcile Advance Credit Payments on Your 2015 Income Tax Return
Filing your taxes according to the Affordable Care Act (ACA) includes extra steps that didn’t exist prior to 2014 tax returns. Many people who had health insurance either through the Marketplace or their employer may have made small mistakes on 2014 taxes, causing the need to file an amended return. Below, we explain the premium […]
2016 Standard Mileage Rates for Business, Medical and Moving
The Internal Revenue Service has issued the 2016 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile […]
Avoid Identity Theft: Tips to Protect Yourself Online
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 […]
The 5 Most Common Payroll Mistakes by New Businesses
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 […]
Year End Tax Tips for Businesses
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 […]
Top Ten Year End Tax Planning Tips
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 […]
When to Lease Business Equipment Instead of Buying
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 […]
Tax Deductible Donations Go Further on North Texas Giving Day
As we get closer to the end of the year, charitable organizations and nonprofits start gearing up for year end fundraising, since many people wait until the end of the year to make their tax deductible donations. The holiday season tends to bring out more charitable attitudes of the general public. However, North Texas has […]
Why File Married Filing Separate?
One of the first questions asked when preparing a tax return is how to file: married filing jointly, or married filing separately? The way the tax code is written, married filing jointly usually results in a lower tax bill than if filed married filing separate. For this reason, the IRS generally advises spouses to file […]
Filing Taxes After Divorcing or Separating
Income tax may be the last thing on your mind before, during, or after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and changing your name are just a few items you may need to consider. Filing taxes after divorcing or separating can be confusing. Here are […]
If You Get an IRS Notice, Here’s What to Do
Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do: Don’t Ignore It. You can respond to most IRS notices quickly and easily. It is important that you reply right away. Focus on the Issue. IRS notices usually deal […]
Ten Things to Know About Identity Theft & Your Taxes
Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many times, you may not be […]
Life Changes Cause Tax Changes: Mid-Year Review
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 […]
Tax Tips for Reporting Hobby Income
Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the hobby income is different than how you report […]
How to Pay Your Tax Bill
While many people get a refund from the IRS when they file their taxes, some do not. If you owe federal taxes, the IRS has several ways for you to pay. Here are some quick tips for people who owe taxes: Pay your tax bill. If you get a bill from the IRS, you’ll save […]
