Even in retirement you’ll likely owe your fair share of taxes. If your retirement savings are kept in a 401(k) or traditional IRA, you’ll generally have to pay income taxes on your withdrawals each year. You’ll also typically be responsible for federal taxes on your Social Security benefits. Depending on what state you live in, you could pay state taxes on … 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
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
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
Four Small Business Mistakes
It is only to be expected that business owners make financial mistakes which can jeopardize their dreams. Here are four of the most common small business mistakes and how business owners can avoid them. Failing to plan Few small businesses have a working budget and cash flow forecast which is rolled over on (at least) a quarterly basis. As a … Read More
Post-Tax Season Money Tips
After tax craziness subsides, spring is an ideal time to take a look at your money management. Here are some post-tax season money tips to help you get your finances in check before summer: 1. Run Your Credit Report Your credit score can impact everything from your mortgage rate to your credit card approvals. In some cases it can even affect … Read More
Five Tips to Improve Financial Health
If you are having trouble paying your bills, it is important to take action sooner rather than later to improve your financial health. Doing nothing leads to 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 money trouble, then here are some steps to … Read More
Unfiled Returns and Back Taxes? Read This.
We all know the annual ritual: once January rolls around, you gather your tax documents to file your tax returns by the deadline to avoid back taxes and unfiled returns. Sometimes (or maybe the whole time!) you need an extension. And maybe you don’t meet the extended deadline, and now your return is late and unfiled. The next tax season … Read More
2015 Tax Provisions for Individuals
From tax credits and educational expenses to the AMT, many of the tax provisions affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2012… …tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families need to know about tax provisions for 2015. Personal Exemptions … Read More
How to Take a Holiday Break as a Small Business Owner
Everyone deserves a break, especially those who work hard trying to a get a business off the ground. A recent survey found that three quarters (76%) of small business owners and entrepreneurs skip their holidays in order to keep their business running smoothly. But while there may never be a good time to take a holiday when you’re the boss, … Read More
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