Being a small business owner is expensive. Every penny counts when entrepreneurs are living on razor-thin margins. But owning and operating a small business is even more expensive when you pay more taxes than you owe. In a survey personal finance expert Garrett Gunderson conducted of his small business-owner clients, approximately 93 percent of them had overpaid over the past dozen years. … Read More
Flower Mound Business Coach: Invest Tax Savings Into Your Business
The Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017. It’s being put into action starting with the 2018 tax year. On the business side of things, the tax bill lowers the corporate tax rate from 35 to 21 percent. This is the lowest rate since 1939. For pass-through businesses — which many small businesses are — the … Read More
DFW Business Advisor: Who Should Prepare Your Taxes This Year?
Any new year means more than new diets, gym memberships and other fresh beginnings. It also signals another tax-filing season is knocking. The Internal Revenue Service will begin accepting 2017 tax returns on Jan. 29. The filing deadline this year is April 17 (rather than the typical April 15 due date). And don’t worry about all those tax law changes you’ve been … Read More
Tax Preparation Tricks or Scams To Avoid This Year
For the last three years or so, the IRS has given a name to the most common and dirty schemes to cheat either taxpayers or the nation’s treasury. They are called the “The Dirty Dozen.” This year, half the dozen are scams by third parties that attempt to rip off taxpayers. The other half are taxpayer attempts to rip off … Read More
Tax Errors You Can Avoid This Year
Taxes are hard and stressful enough to do without making avoidable errors. Before clients file, they should double check to make sure they don’t make the following tax errors. We often hand out this checklist to clients to avoid mistakes in advance. Not signing the return (if you file paper copies) Number transposition and spelling errors Unchecked or unanswered questions … Read More
Flower Mound CPA Advice: Is an Extension Right for You?
If you can’t pay your taxes by this year’s April 18th deadline, you can always request a 60- to 120-day extension to pay. Don’t forget about asking your local certified public accountant and tax preparation specialist about the benefits. You may still be charged penalties and interest but at a lower rate. The IRS also offers installment agreements that allow … Read More
Last Minute Tax Expert Advice To Help This Year
With the tax filing deadline soon, many people are already scrambling to gather their paperwork and get their returns in before it’s too late. Here are some last minute tax expert advice for those of you filing your taxes. This tax expert advice from a certified public accountant can reduce what you owe the IRS and put more cash in … Read More
Tax Preparation Stress Doesn’t Have to Happen Every Year
Are you stressed about your business taxes and looking for a tax consultant? You are not alone. Tax season stress doesn’t have to be an annual occurrence. Here are some of the causes of the stress and the things you can do to cure your tax preparation stress: MONEY = STRESS Money is a major source of stress in people’s … Read More
New Tax Plan Changes
The goal of any tax policy should be pretty simple: raise the required revenue to pay for whatever government actually—minimally—needs to do. And the government should do those things as fairly and neutrally as possible. What do the new tax plan changes propose to do and what kind of trends could happen as a result? The Current Tax System Is … Read More
Important Information About IRS Forms 1099
Here is important info about IRS Forms 1099 as they’re arriving in your mailboxes this year: 1. Generally, businesses must issue the forms to any payee (other than a corporation) who receives $600 or more during the year. That’s just the basic rule, but of course there are many exceptions. That’s why you probably get a Form 1099 for every … Read More