Bookkeeping and income tax preparation

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NO you do not have to pay income tax on everything! Here are some employee tax-free benefits.
10/22/2021

NO you do not have to pay income tax on everything! Here are some employee tax-free benefits.

Not all employee income makes its way onto your 1040 tax return. Here are some of the more common employee benefits that are not taxed.

Here are three factors to consider when determining how much to pay yourself as a business owner. Also read about how an...
10/20/2021

Here are three factors to consider when determining how much to pay yourself as a business owner. Also read about how an accountable plan is a win-win tax move for you and your employees.

As a small business owner, you grapple with many urgent and important questions on a daily basis. One of the questions you may ask yourself every so often is how much you should pay yourself as a small business owner. In this month’s newsletter, read about three factors to consider when determ...

$4,200 more of your income is subject to Social Security taxes in 2022. Here are the details.
10/15/2021

$4,200 more of your income is subject to Social Security taxes in 2022. Here are the details.

2022 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.

Actively managing your investments throughout the year can lower your taxes, especially if you can offset losses with ga...
10/08/2021

Actively managing your investments throughout the year can lower your taxes, especially if you can offset losses with gains.

Using the tax strategy of tax-loss harvesting, you may be able to turn the lemons in your investment portfolio into lemonade.

The IRS has hints to determine if your identity is stolen, everyone should know this bank secret, and NFTs are a must kn...
10/06/2021

The IRS has hints to determine if your identity is stolen, everyone should know this bank secret, and NFTs are a must know phenomena.

With the 2021 tax filing season just a few months away from starting, the IRS is warning taxpayers to be on the lookout for signs that your identity has been stolen. This month’s newsletter alerts you to some of the common signs of identity theft and what you can do if you discover that you&rs...

Time to file your tax return for 2020 if you have not already done so. There is no reason to leave a possible refund on ...
10/01/2021

Time to file your tax return for 2020 if you have not already done so. There is no reason to leave a possible refund on the table, and the IRS is not going to beg to send you back your money.

The Form 1040 extended filing deadline is fast approaching. If you have not already done so, please consider filing your 2020 tax return in the next few weeks.

Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible.
09/24/2021

Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible.

With a $10,000 limit on deducting property and state income taxes on your federal tax return, what can you do to lower your tax bite? Look at reducing your property taxes!

Know when to keep or throw out your tax records. Here is what you need to know.
09/17/2021

Know when to keep or throw out your tax records. Here is what you need to know.

Know when to hold them. Know when to toss them. Tax record retention basics can be found here.

Be careful when borrowing money from your business, or the IRS could instead treat the loan as taxable income. Also read...
09/15/2021

Be careful when borrowing money from your business, or the IRS could instead treat the loan as taxable income. Also read about how to deal with seasonality problems your business may encounter.

If you borrow money from your business, the IRS may scrutinize the loan to see whether the loan is actually wages, a dividend or other taxable income. In this month's newsletter, read about how to prevent a possible dispute with the IRS if you take a loan from your business. Also in this month&rsquo...

Reminder: 3Q estimated taxes due Wednesday, September 15.
09/10/2021

Reminder: 3Q estimated taxes due Wednesday, September 15.

If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Wednesday, September 15th.

The IRS assumes you'll charge interest if you make personal loans, even to friends and family. Even if you don't charge ...
09/03/2021

The IRS assumes you'll charge interest if you make personal loans, even to friends and family. Even if you don't charge interest, you'll owe tax on an assumed rate of interest.

Lending to friends and relatives can be tricky, and not only because of the stress it can place on your relationships. There are tax issues involved as well. Here's what you need to know.

Now is the time to lower this year's tax bill! Here are ideas to do that PLUS save valuables from thieves.
09/01/2021

Now is the time to lower this year's tax bill! Here are ideas to do that PLUS save valuables from thieves.

With a little over four months remaining until you can begin filing your 2021 tax return, now’s the time to kick your tax planning into high gear. Also read about several tips to protect your property BEFORE thieves arrive, how to give your business a financial check-up, and becoming aware tha...

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2420 E Highway 190
Copperas Cove, TX
76522

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+12545470773

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