Tax Deadline is coming soon…Are you ready?
ARE YOU READY? With the filing deadline for individuals just over a month away (April 15th), there are some BIG changes that will affect your tax bill this year. The new Tax law for 2018 include changes to Standard Deductions, Personal Exemptions, Income Tax Rates, Estate Tax, Child Tax Credits, Mortgage Interest deductions and Contributions […]
Can’t pay your tax bill? You should still file anyway.
4 Reasons why you should file your tax return, EVEN IF YOU CAN’T PAY! 1. You can be assessed a failure to file penalty. The IRS may assess a failure to file penalty that can add up to 25%+ to your tax bill. On top of that, the IRS charges interest on the taxes and […]
Tax Refunds in 2019
Here are the most recent statistics from JP Morgan. 78% of households will receive a tax refund in 2019. For 29% of Americans, it’s their biggest payday all year! The average refund is equal to 6 weeks salary. If you want to stop giving the US government an interest free loan then you should work with […]
Tax Deductions and Rental Properties
If you are in real estate or manage your rental properties full time, then it is considered a business activity and not just an investment. You may receive additional tax deductions. Here are several of the benefits: You can deduct home office expenses. If you have losses you may be able to offset ordinary income (W2 […]
Driving from your home to your business office and back is not deductible as a mileage expense, however, there is good news! If you make a stop at a temporary work location the trip is deductible in many cases. Also, if you establish a home office as a principal office, ALL trips are all deductible. Don’t lose […]
Hobby vs Business
Do you have hobby income or losses? The IRS expects you to report hobby income but if you currently have expenses for a hobby these are not deductible on your tax return. The good news is that If you turned that hobby into a business activity, you may be able to reduce your taxable income with those losses! Note: There are 9 […]
Business meal deductions
If you just take a client or a prospect out to lunch, you can forget about writing off the costs. But wait…there is good news! Tax Reform does allow deductions for Business-Meal Presentation Expenses. So, if you make business presentations, related expenses can be deducted. #TaxDeductions #TaxPreparation #Taxes #CPA #AustinCPA #GeorgetownCPA #RoundRockCPA #CedarParkCPA #LeanderCPA #IRSIssues #IRSsettlement #Taxproblems
March 15 deadline…
The clock is ticking….Tax Returns for S Corps, Corporations and Partnerships are due in 11 days, March 15, 2019! #TaxDeductions #TaxPreparation #Taxes #CPA #AustinCPA #GeorgetownCPA #RoundRockCPA #CedarParkCPA #LeanderCPA #IRSIssues #IRSsettlement #Taxproblems
Do you own an S Corp?
Do you own an S Corp? Are you paying yourself Officer compensation? 70% of S Corps are owned by one person and many S Corps are not paying officer compensation. As a result, the IRS has stepped up enforcement and has AUDITED thousands of S Corps that paid their owners little or no salary. If you’re […]