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Featured image for Tax Errors You Can Avoid This Year

Tax Errors You Can Avoid This Year

Williams Kunkel
 / 
April 6, 2017
 / 
Tax Planning and Preparation
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... Read more
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Tax Preparation Tricks or Scams To Avoid This Year

Williams Kunkel
 / 
April 11, 2017
 / 
Tax Planning and Preparation
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... Read more
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Flower Mound Business Consultants Help With Cash Flow Management

Williams Kunkel
 / 
May 16, 2017
 / 
Business Advisor Services
According to a U.S. Bank study, 82% of businesses fail because of cash flow problems. However, is there a way to avoid catastrophe altogether? While the occasional “surprise” or economic challenge may be unavoidable, small businesses can manage their cash flow with smart practices. Below are five tactics that can... Read more
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Being a Parent Lowers Your Taxes

Williams Kunkel
 / 
October 27, 2016
 / 
Tax Planning and Preparation
Uncategorized
If you are a parent, you can lower your tax burden significantly. Eight different tax credits and deductions are out there that can help lower your tax burden:   Dependents In most cases, a child can be claimed as a dependent in the year they were born. Be sure as... Read more
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An Intro to Trump’s Tax Plan

Williams Kunkel
 / 
November 10, 2016
 / 
Tax Planning and Preparation
Uncategorized
What do you know about president-elect Donald Trump’s tax plan? For starters, he has proposed the largest tax cuts since Ronald Reagan. If Trump were to get everything he has proposed from a Republican-controlled Congress, a taxpayer who makes between $48,000 to $83,000 a year would save about $1,000 under... Read more
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New IRS Tool to View Tax Balance

Williams Kunkel
 / 
December 8, 2016
 / 
Tax Planning and Preparation
Uncategorized
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... Read more
Featured image for Tax Moves to Make Before New Year

Tax Moves to Make Before New Year

Williams Kunkel
 / 
December 14, 2016
 / 
Tax Planning and Preparation
Uncategorized
As the end of the year gets closer, unfortunately it’s time to think about taxes and make some moves. The tax season may seem far off, but this is the time of year to get the ball rolling. Let’s look at some easy steps to take that could help you... Read more
Featured image for The Most Important Taxpayer Rights to Know

The Most Important Taxpayer Rights to Know

Williams Kunkel
 / 
February 9, 2017
 / 
IRS Problem Resolution
Most of you probably know that breaking tax rules, even if on accident, can bring serious consequences like an audit, but you should know your important taxpayer rights as well. Below we’re outlining what your rights are in case you run into a problem with the IRS.  Important Taxpayer Rights The... Read more
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New Tax Plan Changes

Williams Kunkel
 / 
February 23, 2017
 / 
Tax Planning and Preparation
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... Read more
Featured image for Tax Preparation Stress Doesn’t Have to Happen Every Year

Tax Preparation Stress Doesn’t Have to Happen Every Year

Williams Kunkel
 / 
March 6, 2017
 / 
Tax Planning and Preparation
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 =... Read more
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Flower Mound CPA Advice: Is an Extension Right for You?

Williams Kunkel
 / 
March 21, 2017
 / 
Tax Planning and Preparation
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... Read more
Featured image for The Holy Grail of Tax Deductions

The Holy Grail of Tax Deductions

Williams Kunkel
 / 
September 7, 2016
 / 
Tax Planning and Preparation
Uncategorized
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... Read more
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Tax Status for Newlyweds

Williams Kunkel
 / 
September 14, 2016
 / 
Tax Planning and Preparation
Uncategorized
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... Read more
Featured image for Deducting Your Car As a Business Expense

Deducting Your Car As a Business Expense

Williams Kunkel
 / 
September 15, 2016
 / 
Tax Planning and Preparation
Uncategorized
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... Read more
Featured image for A New Tax Notice Scam

A New Tax Notice Scam

Williams Kunkel
 / 
September 27, 2016
 / 
Tax Planning and Preparation
Uncategorized
The Internal Revenue Service is letting tax professionals and taxpayers know about a new scam involving fake CP2000 notices that are being sent to unsuspecting taxpayers, billing them for unpaid taxes related to the Affordable Care Act. The IRS is issuing the alert in conjunction with its partners in the... Read more
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Questions to Ask Your Accountant

Williams Kunkel
 / 
May 17, 2016
 / 
Business Advisor Services
Uncategorized
Before choosing an accountant to handle the nuts and bolts of your business’s numbers, first you might want to interview the accountant and found out how they conduct their own business matters. We visited this topic in a more general overview in the past, but this time let’s take a... Read more
Featured image for Construction Business Grows With CPA Advice

Construction Business Grows With CPA Advice

Williams Kunkel
 / 
July 12, 2016
 / 
Business Advisor Services
Uncategorized
Stephen runs a construction business specializing in large basements and car parks. The business has been established for 25 years and has grown steadily, with revenue now into eight figures. Unfortunately, the profit margins are very slim and last year, Stephen’s business barely broke even and he was unable to... Read more
Featured image for 10 Questions to Ask a Tax Preparer Before Hiring

10 Questions to Ask a Tax Preparer Before Hiring

Williams Kunkel
 / 
February 9, 2016
 / 
Tax Planning and Preparation
Uncategorized
The key, as with hiring any professional, is to ask lots of questions. And not just about how much it’s going to cost. Lots questions also apply when hiring a tax preparer. Here’s a list of 10 questions you should ask before hiring a tax preparer: Do you have a... Read more
Featured image for Tax Scams: How to Protect Yourself

Tax Scams: How to Protect Yourself

Williams Kunkel
 / 
February 12, 2016
 / 
Tax Planning and Preparation
Uncategorized
Scammers are preying on unsuspecting taxpayers. Most of these tax scams are obvious . None the less, taxpayers continue to fall victim to scammers every day. Here’s a few simple facts that will protect you from the vast majority of scams: 1) Phone calls, text messages, & emails claiming to be from... Read more
Featured image for What To Do If You Owe the IRS

What To Do If You Owe the IRS

Williams Kunkel
 / 
February 16, 2016
 / 
IRS Problem Resolution
Uncategorized
Do You Owe the IRS? Not everyone gets a refund. Many taxpayers owe money. It is important to make sure you file timely even though you may not have the money to pay to avoid late filing penalties. There are a number of ways to pay your tax:  Check or money order... Read more
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5 Freelance Tax Tips

Williams Kunkel
 / 
March 8, 2016
 / 
IRS Problem Resolution
Uncategorized
Self-employed workers may have difficulty filing their taxes every year. These workers need to pay taxes on their income in addition to whatever self-employment taxes they might have. However, there are many self-employed tax tips that can help them reduce their tax burdens. Whether workers are fully self-employed or doing... Read more
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Military Members Tax Tips

Williams Kunkel
 / 
March 15, 2016
 / 
IRS Problem Resolution
Uncategorized
Joining the military means changing your life. Frequent moves, new skills, and overseas deployments all come with the job description. Even taxes change for members of the Armed Forces. That’s why we’re providing military members tax tips. Over the years, the government has created a number of provisions and perks... Read more
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Tips for Education Tax Benefits

Williams Kunkel
 / 
March 18, 2016
 / 
IRS Problem Resolution
Uncategorized
Income tax season is here. College students and their families should learn about available education tax benefits that can help lower their education costs. On average, families spend $24,000 a year on college. However, just over a third take advantage of federal tax credits and deductions to help make college... Read more
Featured image for 10 Crazy Tax Facts for Tax Day

10 Crazy Tax Facts for Tax Day

Williams Kunkel
 / 
March 24, 2016
 / 
Tax Planning and Preparation
Uncategorized
Taxes have been levied on people since the beginning of civilization. Since Tax Day is almost upon us, we thought it would be fun to share some of the most interesting tax facts from the long and fascinating history of taxes: The number of words in Atlas Shrugged is 645,000. The Bible... Read more