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 of years during which the IRS can audit your tax … Read More
Deducting Your Car As a Business Expense
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
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
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
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
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
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
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
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
Giving Yourself More Time
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 growing your business. Or maybe you’d simply take four weeks’ … Read More