Deducting Your Car As a Business Expense

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car tax deductions

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 in 2016 and simply multiply 54 cents by the number … Read More

Tax Status for Newlyweds

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Married tax status - DFW CPA Tax Accountant - Business Tax Services | Williams & Kunkel CPA

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 your employers. A two-earner couple may end up in a … Read More

Save Your Startup From Crashing Early

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startup business planning

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 how to run a business are two entirely different things. The … Read More

The Holy Grail of Tax Deductions

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CPA Small Business Advice Flower Mound, Dallas, Fort Worth

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 traditional IRA has a maximum annual contribution limit in 2016 … Read More

Having a Home-Based Business

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Dallas Tax Advice: Who's the Right Accountant For Me?

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 Home-Based Business Right for You? Choosing a home business is … Read More

Staying Out of the Red

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Flower Mound Tax Pros: Ways To Save Your Small Business Money

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 even your home. If you’re in financial trouble, then here … Read More

The Tax-Savvy Financial Planner

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DFW CPAs Share Tips For New Businesses

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 good time to schedule a meeting, so you still have … Read More

Vote For Us As Best CPA Firm

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DFW CPA Tax Accountant - Business Tax Services | Williams & Kunkel CPA

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 how important small businesses are. We would be deeply honored … Read More