Vacation Home Rentals & Your Taxes
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 […]
Reporting Gambling Winnings on Your Tax Return- Don’t Play with the IRS!
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 […]
Offer in Compromise: Tips for Choosing a Representative
In order to help people settle their tax debt for less than what they owe, the Internal Revenue Service sometimes allows what is known as an Offer in Compromise. Submitting an Offer in Compromise can be a complicated matter, and here are some tips you can use to hire the right professional to represent you. […]
Why You Should Review Your W-4
When you get a new job, your employer is required to have you complete paperwork for payroll. One such form is the W-4, which determines your federal tax withholding. What many people may not realize is this W-4 form means the difference between a refund or owing the IRS money when you file your tax […]
Five Tax Tips for New Businesses
If you start a business, one key to success is to know about your federal tax obligations. You will need to know not only about income taxes but also about payroll taxes and applicable state and local taxes. Here are five basic tax tips that can help get your business off to a good start. […]
Deducting Losses from a Disaster on Your Tax Return
Massive flooding of Texas and Oklahoma has caused widespread damage to businesses and homes. If you suffer damage to your home or personal property, you may be able to deduct casualty losses you incur on your federal income tax return. Here are 10 tips you should know about deducting losses: 1. Casualty loss. You may […]
Tax Benefits for Military Members
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. […]
Dallas CPA Tip: Protect Your Documents for Disaster
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 […]
How Long to Keep Your Tax Documents
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 […]
Tax-Related Identity Theft
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 […]
Tips for Filing an Amended Return
Have you found an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips for filing an amended tax return: 1. Tax form to amend your return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You must file a […]
What To Do If You Get an IRS Letter
The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why we might send you a notice. Here are 10 steps to take in the event that you get one. 1. Don’t panic. You often can take care of a notice simply by responding to it. 2. […]
File on Time Even if You Can’t Pay
Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. When you do not file and pay your taxes on time, you will be charged interest on any unpaid balance, and you may also be subject to penalties, such as the failure-to-file and failure-to-pay […]
Does My Child Need to File a Tax Return?
The Internal Revenue Service requires all taxpayers, regardless of age, to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents. However, unlike adult taxpayers, you may or may not have to file a child’s tax […]
Deducting Charitable Contributions for 2014
When you give a gift to charity that helps the lives of others in need, it may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting charitable contributions: Qualified Charities. You must […]
Additional Medicare Tax – What You Need to Know
On Nov. 26, 2013, the IRS issued final regulations implementing the Additional Medicare Tax as added by the Affordable Care Act (ACA). Some taxpayers may be liable for an Additional Medicare Tax (AMT) if your income exceeds certain limits. Here are some things that you should know about this tax: Tax Rate. The Additional Medicare Tax rate […]
IRA Contributions for 2014 – There’s Still Time
The Internal Revenue Service today reminded taxpayers that they still have until April 15, 2015 to make IRA contributions for 2014, and in many cases, qualify for a deduction or even a tax credit. Roth vs. Traditional IRAs Available in one form or another since the mid-1970s, individual retirement arrangements (IRAs) are designed to enable employees and self-employed people […]
Adoption Tax Benefits
Adopting a child doesn’t only provide a benefit to your family, it can help your taxes, too. If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your […]
Self-Employment and Your Taxes
Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income. […]
Is This Tax Deductible? Medical Expenses
Did you spend a lot of money on your medical care last year? If so, you may be eligible for the medical expense deduction. In total, you must spend more than 10% (7.5% if you are age 65 or older) of your Adjusted Gross Income (AGI) on medical expenses in order to possibly benefit from […]
