Woodlee Consulting, PLLC

12/11/2025

Works!

11/06/2025

Questions on Social Security???

03/05/2025

US TREASURY ENDS BOI ENFORCEMENT

The U.S. Treasury Department announced on March 2 that it will no longer enforce the Corporate Transparency Act or its associated BOI reporting requirements.

02/18/2025

Want to be wiser on taxes, and keeping more of your money? Read our newsletters with smart tips...all free of charge!

Woodlee Consulting, PLLC is dedicated to creating accounting solutions and tax strategies for small businesses. Find out how we can be your partner in success!

01/30/2025

MANAGING REMOTE AND HYBRID WORKERS

Whet

05/01/2024

Start Your Tax Planning NOW!

Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Here are some tips for getting a head start on tax planning for your 2024 return:

Review your paycheck withholdings. Now is a good time to check your tax withholdings to make sure you haven’t been paying too much or too little. Use this online tool below from the IRS to help calculate how much your current withholdings match what your final tax bill will be.

Action step: To change how much is withheld from your paycheck in taxes, fill out a new Form W-4 and give it to your employer.

Defer earnings. You could potentially cut your tax liability by deferring your 2024 income to a future year via contributions to a retirement account. For 2024, the 401(k) contribution limit is $23,000 ($30,500 if 50 or older); $7,000 for both traditional and Roth IRAs ($8,000 if 50 and older); or $16,000 for a SIMPLE IRA ($19,500 if 50 and older).

Action step: Consider an automatic transfer from either your paycheck or checking account to your retirement account so you won’t have to think about manually making a transfer each month.

Plan withdrawals from retirement accounts to be tax efficient. Your retirement accounts could span multiple account types, such as traditional retirement accounts, Roth accounts, and taxable accounts like brokerage or savings accounts. Because of this, consider planning your withdrawals to be as tax efficient as possible.

Action step: One way to structure withdrawals is to pull from taxable accounts first, and leave Roth account withdrawals for last. Another approach is to structure proportional withdrawals from all retirement accounts, which would lead to a more predictable tax bill each year.

Net capital gains with capital losses. If you have appreciated investments you’re thinking about selling, take a look through the rest of your portfolio to see if you have other assets that you could sell for a loss and use to offset your gains. Using the tax strategy of tax-loss harvesting, you may be able to take advantage of stocks that have underperformed.

Action step: Make an appointment with your investment advisor to look over your portfolio to see if there are any securities you may want to sell by the end of 2024.

Tax planning can potentially result in a lower bill from the IRS if you start taking action now. Please call if you have questions about your tax situation for 2024.

Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.

01/12/2024

The IRS increased the standard business mileage rates for 2024. Here are the details.

Here are the standard mileage rates for 2024

01/09/2024

Woodlee Consulting, PLLC is hiring an experienced tax preparer and bookkeeper. Prefer a licensed CPA or degree in Accounting with the following experience: Ideal candidate must have at least 3-5 years of tax preparation, bookkeeping, and Quick Books experience. Must be good communicator, pass a background check, be honest, dependable, detail- oriented, and self motivated. Work location will be from your home, with occasional face to face meetings with Owner (Arlington, Texas). Hours will vary based on season but will average 30-40/week.

Please do not reply if you live outside of Texas, and preferably closer to DFW area. This job could result in purchase of company within 5-10 years. If you want more flexibility with your hours and to work from home for a great company, contact us for more details. Pay is DOE and is negotiable.

PLEASE DO NOT APPLY IF YOU DO NOT HAVE TAX PREPARATION OR QUICKBOOKS EXPERIENCE.

Thank you.

01/05/2024

Reminder: Q4 estimated tax payment is due Tuesday, January 16, 2023.

Plan now to make your 4th quarter estimated tax payment.

01/03/2024

Great tips to make your tax filing hassle free!

A new year means filing your 2023 tax return is right around the corner! With tax documents such as W-2s and 1099s arriving soon in your inbox and mailbox, this month’s newsletter has some tips to help stay organized this tax season. This will help you file your tax return (and potentially get...

12/29/2023

Happy new year! Here are some tax ideas to get you started right.

The holiday season is over and the new year is upon us. Why not consider starting the year with some tax smart ideas.

12/22/2023

Having a new baby or know someone who is? Here are some tax saving tips everyone should know

Babies and kids bring plenty of upheaval to the lives of parents. Thankfully they also bring some breaks parents can use to reduce their tax burden, and friends and family can help! Here are some tips everyone should know.