Blog

If you’re starting a small business on a fixed budget, you’ve probably spent some time trying to figure out where you can cut costs and do more on your own in order to stretch the funds you have available. One area where you may consider doing it yourself instead of farming... Read more

What do you know about president-elect Donald Trump’s tax plan? For starters, he has proposed the largest tax cuts since Ronald Reagan. If Trump were to get everything he has proposed from a Republican-controlled Congress, a taxpayer who makes between $48,000 to $83,000 a year would save about $1,000 under... Read more

If you’re a business owner, don’t forget about the date January 31, 2017, the new due date for filing forms W-2. Under a new law, the Protecting Americans from Tax Hikes (PATH) Act, enacted last December, the new filing deadline for employers to submit forms W-2 to the Social Security Administration,... Read more

If you are a parent, you can lower your tax burden significantly. Eight different tax credits and deductions are out there that can help lower your tax burden:   Dependents In most cases, a child can be claimed as a dependent in the year they were born. Be sure as... Read more

Defining Your Purpose If you don’t know what is is, your customers won’t either. Also, you won’t be able to tell your customers why they should choose you over your competitors. Surely when you decided to start your business you were inspired. Was it to provide a service or product better,... Read more

Dream of A Designer Janet started her interior design business three years ago with a promising vision. The designer planned to work three days a week and help families achieve the home of their dreams by offering her creativity. As happens often with small business owners, the reality didn’t quite... Read more

A body requires routine checks and examinations for its health. So does a business. No matter what stage your business is in, to keep it going you must check its systems, pay attention to any ailments and prevent early death. For the newborn business, the goals and system checks are... Read more

Learning How to Turn Promise into Profit Joe is the CEO of a growing IT consultant firm that provide network management solutions as well as selling and repairing computer equipment out of a retail store. He has two silent partners in the business who lent him some money to get... Read more

When to Sell One of the questions we often ask our clients is “When do you plan to sell your business?” We get all sorts of responses, ranging from “I’ve no intention of selling it” to “We think the boys will take it over, but we’re not sure” to “I’d... Read more

As Hurricane Matthew looms off the Southeastern US coast, the IRS is offering some advice for protecting financial documents and information. In the case of a federally declared disaster, the IRS operates a toll-free number – (866) 562-5227 – staffed by IRS employees specially trained to deal with hurricane disasters.... Read more

1. Rethink date night How often do the two of you have a date night? Some couples have a weekly date night during which they go out to a fancy restaurant, order drinks and then maybe go to a movie or bowling. An evening like that can quickly add up to... Read more

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

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

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

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

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

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

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

More than 52 percent of businesses today are home-based. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs–home-based businesspeople. And, with technological advances in smartphones, tablets, and iPads as well as rising demand for “service-oriented” businesses, the opportunities seem to be endless. Is a... Read more

If you are having trouble paying your debts and staying out of the red, it is important to take action sooner rather than later. Doing nothing may lead to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and... Read more

If you’re looking for big picture advice that combines tax expertise with the know-how of a financial planner, a CPA might be the best bet outside of tax-preparing season? If you only meet annually during the spring, they may seem too busy to tackle bigger-picture issues. The fall can be a... Read more

The Best of Denton County voting period has begun. If you haven’t already, show your support for Williams & Kunkel CPAs and vote for us today!  Best of Denton County is a great way to promote and support local businesses. By voting for a business, you will show your community... Read more

If you can free up an hour a day, you’ll create a month a year for yourself. If you’re a business owner, that could be a breakthrough thought. What would you do if you were able to free up a month a year? Perhaps you’d use it to focus on... Read more

When you own a small business, everyone wants to give you advice. It can come from all kinds of sources: friends, family members, neighbors, social media connections, people you meet walking your dog. A lot of times such advice is not very helpful.    If you’re looking for worthwhile advice, there... Read more