13 Tax-Deductible Expenses Business Owners Need to Know About
As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about. ⦁ UtilitiesIf there’s a utility that you use solely for your […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Tax Tips: Choosing the Right Filing Status
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. […]
IRS Tips About Taxable and Nontaxable Income
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. […]
Business or Hobby? Tax Tips for Reporting Side Income
Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby […]
Are You Exempt from Affordable Care Act Penalties?
Are you unsure if you need to sign up for health insurance? Don’t worry, we can help you understand who is exempt from having insurance under the Affordable Care Act. The Affordable Care Act requires that all Americans have health insurance starting in 2014. Those who choose to not have insurance will have to pay […]
Myths About IRS Audits
There’s plenty of misinformation circling around out there about IRS audits. It’s time to clear the air and get the facts. A Different Kind of One Percent-er Research and hard facts tell us everything we need to know – less than 1% of the tax-paying population whose annual earned income falls between $15,000 and $100,000 […]
IRS Penalties for Filing and Paying Late
April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts […]
Tips for U.S. Taxpayers with Foreign Income
Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all sources within and outside of the U.S. The rules for filing income tax returns are generally the same whether you’re living in the U.S. or abroad. Here […]
