As part of our continued efforts to help realtors save on their taxes, we’ve compiled a list of some more commonly used deductions. (DFW Realtor Tax Advisors: Deductions For Realtors) Since realtors are self-employed sole proprietors, they are eligible for the same deductions as other self-employed business owners. Allowable tax deductions you need to know Take advantage of every tax … Read More
Flower Mound Tax Planning: Save For Retirement Now
If you’re self-employed or own your own business with or without employees, you might want to look into opening a Simplified Employee Pension Individual Retirement Account (SEP IRA) or a Savings Incentive Match Plan (SIMPLE). These tax-advantaged retirement plans can save you big! For starters, both allow you to contribute pre-tax dollars, reducing your taxable income: SEPs’ benefits include minimal setup and … Read More
DFW Tax Savings: Small Business Tax Tips to Make Filing Less Stressful
The economic climate is still reeling from the COVID-19 pandemic. Some 12% of small business owners say financial stability is the most important challenge for them, beaten only by loss profits and attracting new customers. No surprise then that taxes—a bill that arrives at the end of each financial year—is the second-most important problem for small businesses in the US. Managing your taxes for … Read More
Dallas Tax Strategy: Prepare For Retirement in 2021
If you want to save more money in this year, you’re definitely not alone. A Fidelity Investments study found that 44% of Americans want to boost their savings. (Dallas Tax Strategy: Prepare For Retirement in 2021) Increasing your retirement savings could be your ultimate money goal this year, as one survey found that 27% of respondents stopped saving for retirement last year in 2020. … Read More
Dallas Tax CPA: Saving On 2020 Taxes
Last year brought big changes for millions of Americans. Many lost their jobs or saw their paychecks reduced; others worked remotely from home. Some were forced to drain their retirement accounts to pay the bills; others fortified their savings with stimulus checks. (Dallas Tax CPA: Saving On 2020 Taxes) All of these changes could affect your 2020 taxes — for better or … Read More
Flower Mound Business Tax Reduction: Your 2020 Bill Can Still Be Cut Down
Business owners can establish SEPs for major tax savings If you work for yourself and have not yet set up a tax-favored retirement plan for yourself, you can establish a simplified employee pension (SEP). (Flower Mound Business Tax Reduction: Your 2020 Bill Can Still Be Cut Down) Unlike other types of retirement plans, a SEP can be made this year … Read More
Dallas Tax Advice: Cut Business Costs, Part 2
As part of an ongoing series on how you can cut business costs, we’re sharing a few more tips. Finding the right balance between what to spend and what to save is what an expert CPA can help you with. (Dallas Tax Advice: Cut Business Costs, Part 2) 1. Align Your Use Of Resources To Your Objective Ask yourself, “What … Read More
Flower Mound Texas Tax Reduction: Cutting Your Bill
An unexpected tax bill can ruin your day. To help avoid that unwelcome surprise, here are some easy moves many people can make to cut their tax bills. In many cases, you must itemize rather than take the standard deduction in order to use these strategies. The extra effort may be worth it. (Flower Mound Texas Tax Reduction: Cutting Your Bill) 1. Tweak your W-4 The W-4 … Read More
Flower Mound Best Accountants: Your Tax Savings
Early November is a good time to make a checklist and see if you’re doing all you can to reduce your taxes. (Flower Mound Best Accountants: Your Tax Savings) 1. Dump losing investments Tax-loss harvesting is a strategy in which you rack up losses in a taxable brokerage account by selling holdings that have declined in value. You can then … Read More
Flower Mound TX Tax Savings: Cut Business Costs
Looking for tips on how to keep your business operations lean and save money while you continue to grow? (Flower Mound TX Tax Savings: Cut Business Costs) 1. Observe, Plan And Earn Before You Spend Understand, observe and become fully aware of your industry and the needs of your business. Learning to optimize your costs takes time, errors, small tests … Read More