The IRS typically narrows in on filers with huge deductions relative to their income, business filers with extra or suspicious write-offs, those claiming earned income tax credit or anything unusual. While investing is not the most common trigger for an audit, it still happens. (Flower Mound Tax CPA: Don’t Let Your Investments Trigger an Audit) One of the easiest ways … Read More
Dallas Tax Help: Want to File an Extension?
April 15 might be the least popular day of the year for many of us. Taxes are due and, especially with the drastic changes in the tax code, many people just aren’t ready yet. If you’re among them, it’s possible to get an extension, but it’s important to follow the right steps. If you’re expecting a refund this year, you might … Read More
Flower Mound Tax Help: These Tax Breaks Could Be Gone in 2018
If you haven’t filed your 2017 taxes yet, grab your shoebox of receipts and see if you qualify for these deductions. Flower Mound Tax Help: These Tax Breaks Could Be Gone in 2018 By now, you know that the Tax Cuts and Jobs Act has overhauled the tax code, including nearly doubling the standard deduction, doing away with personal exemptions and trimming … Read More
DFW Tax Prep: Top Ten Tax Tips
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
Texas Tax Advice: Tips To Save Tax Money
A major tax bill has been passed. In the years ahead many Americans will be paying more than before, while many others will pay less. People in both camps will still want to minimize any sums they pay, so here are some tax tips to help many taxpayers lower their bills.Note that many of these actions can be taken throughout … 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
New IRS Tool to View Tax Balance
The IRS has announced the launch of a new online tool to help taxpayers. This new IRS.gov tool allows taxpayers to view their tax account balance online. The balance includes any amount owed for tax, as well as penalties and interest for each tax year. Once you look at your balance, you can take advantage of online payment options. These include direct pay, … Read More
Tax Records: What to Throw, What to Keep
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
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
Did You Make a Tax Mistake?
The April 18th tax filing deadline is finally in the rearview mirror. Now you might be sitting back, waiting for that refund check to hit your account – or trying not to think about that big one you had to write. Then, all of sudden, you realize you made a tax mistake. Maybe it was a simple tax mistake: you … Read More
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