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The Holy Grail of Tax Deductions

Williams Kunkel
 / 
September 7, 2016
 / 
Tax Planning and Preparation
Uncategorized
Here are three deductions which could be considered “the holy grail” of deductions. That is, they can greatly reduce your adjusted gross income. 1. Contributing to a traditional IRA One of the best ways to reward yourself now — and later — is by contributing to a traditional IRA. A... Read more
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Save Your Startup From Crashing Early

Williams Kunkel
 / 
September 9, 2016
 / 
Business Advisor Services
Uncategorized
The failure rate of startup businesses is a common story. And many of these startups were founded on great business ideas. You might ask yourself why businesses built on brilliant ideas still fail. The answer is usually fairly simple. Having an idea for a business and having an idea about... Read more
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Tax Status for Newlyweds

Williams Kunkel
 / 
September 14, 2016
 / 
Tax Planning and Preparation
Uncategorized
Getting married changes your tax status. Being aware of a few key things can help you avoid trouble come tax time. If you and your partner were married anytime in 2016, the IRS considers you to be married for the full year, so you both should adjust your tax withholding with... Read more
Featured image for Deducting Your Car As a Business Expense

Deducting Your Car As a Business Expense

Williams Kunkel
 / 
September 15, 2016
 / 
Tax Planning and Preparation
Uncategorized
Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage deduction... Read more
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Tax Records: What to Throw, What to Keep

Williams Kunkel
 / 
September 20, 2016
 / 
Tax Planning and Preparation
Uncategorized
Now is a great time to clean out that growing mountain of financial papers and tax documents that clutter your home and office. Here’s what you need to keep and what you can throw out. Let’s start with your “safety zone,” the IRS statute of limitations. This limits the number... Read more
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Best of Denton County Runners Up

Williams Kunkel
 / 
September 23, 2016
 / 
Uncategorized
The Best of Denton County results are in! Williams & Kunkel CPAs were runners up in the Best CPA firm in Denton County for the second year in a row! Best of Denton County is a great way to promote and support local businesses. By voting for a business, you show... Read more
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A New Tax Notice Scam

Williams Kunkel
 / 
September 27, 2016
 / 
Tax Planning and Preparation
Uncategorized
The Internal Revenue Service is letting tax professionals and taxpayers know about a new scam involving fake CP2000 notices that are being sent to unsuspecting taxpayers, billing them for unpaid taxes related to the Affordable Care Act. The IRS is issuing the alert in conjunction with its partners in the... Read more