Tax Time and Financial Services

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Irving, TX
Tax Time and Financial Services

Welcome! We are truly thankful that you have chosen Tax Time Financial Services for your individual and business taxes and financial needs.

We provide tax preparation, business planning, account auditing, and financial consultation for our clients while remaining in IRS guidelines.

10/16/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

10/14/2026

How much should you budget for retirement expenses? One common guideline says 60% to 70% of your current income. Some expenses might decrease or disappear (commuting costs, mortgage payments), while others are likely to increase (health care, property taxes). Specificity, not to mention incorporating inflation into your calculation, is important. We can help — call us at (214) 404-6838.

10/13/2026

If you ever wonder how your business’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at (214) 404-6838 to get started. We’ll help you compare key financial metrics, highlight what you’re doing well and uncover areas that need attention. From there, we’ll help build a strategy to strengthen your financial footing and minimize risks in an ever-changing market. Let’s turn your financial statements into action plans!

10/12/2026

If your business offers employees a 401(k) plan, be sure to comply with all applicable regulations. Misunderstanding or inadvertently ignoring eligibility rules — for example, when workers must be allowed to start participating — can result in IRS penalties. It can also harm employees who are mistakenly excluded. Contact us at (214) 404-6838 with questions.

10/09/2026

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like IRS.gov. The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets. If you receive one of these letters, don’t respond. Report any suspicious communication to the IRS immediately. If you have questions about an IRS notice or digital asset reporting, we’re here to help. Contact us at (214) 404-6838.

10/07/2026

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employees use personal vehicles for business, establish a system for logging trips as they occur. QuickBooks users can take advantage of mobile tools that automatically track trips and classify business vs. personal mileage. Other mileage apps or a well-maintained manual log can also work. As year end approaches, make sure your records include key details, such as mileage and business purpose. Timely, accurate documentation is essential for bookkeeping, employee reimbursements and tax reporting. Call us at (214) 404-6838 for help improving your mileage tracking process.

10/06/2026

Navigating tax law isn’t easy. But you don’t have to go it alone. Whether you’re an individual taxpayer or running a business, we can help you find your way through the forest of tax complexities. Call us at (214) 404-6838 to get started.

10/05/2026

Last year the cap on state and local tax (SALT) deductions increased from $10,000 to $40,000. The 2026 cap is $40,400. If your 2027 property taxes have already been assessed, prepaying them in 2026 could help you maximize your 2026 deduction. But keep in mind that the 2026 cap is reduced for taxpayers with modified adjusted gross income over $505,000. (All amounts are half as large for separate filers.) Let us help you determine how to incorporate the increased SALT deduction limit into your tax planning. Contact us at (214) 404-6838.

10/02/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us at (214) 404-6838 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

09/30/2026

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor. But a smooth transition may also require support from managers and other key employees. Communicating thoughtfully about your intentions and progress can help build confidence, reduce uncertainty and keep the business moving forward. Contact us at (214) 404-6838 for help addressing the tax, financial and strategic aspects of your plan.

Address

222 Las Colinas Boulevard W Fl 16
Irving, TX
75039

Website

https://www.taxtimefs.com/

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