The IRS is developing a “Future State” plan that it says will transform the way the service interacts with taxpayers. Many parts of the plan may ease the processing of filing returns, the issuing of refunds, and the identification and resolution of problems. But the Tax Advocate Service – an independent part of the IRS that defends and assists taxpayers – warns … 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
Is Your Social Security Taxable?
Are your social security benefits taxable income? Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2015, you should receive a Form SSA-1099, Social Security Benefit Statement, which will show the amount. If Social Security was your only source of income in 2015, your benefits might not be taxable. You also may … Read More
What To Do If You Owe the IRS
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 IRS Direct Pay (New in 2014): You can now pay … Read More
Tax Scams: How to Protect Yourself
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 the IRS are scams. The IRS sends official communications via written … Read More
10 Questions to Ask a Tax Preparer Before Hiring
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 PTIN (preparer tax identification number)? Anyone who prepares federal tax … Read More
New List of World’s Richest People
A new list of the world’s wealthiest people is here, and it’s really no surprise who claimed the number one spot. Bill Gates, Microsoft co-founder and one of the richest people in history, once again comes out on top, with a net worth of $87.4 billion. Wealth-X, a wealth-tracking website, provided Business Insider with its newest figures on the assets of … Read More
Flower Mound CPA In National Physique Championship
Jesse James Fit client and Flower Mound CPA Beth Williams, Managing Partner at Williams & Kunkel CPAs, placed as a newcomer in the Masters Bikini Division at The National Physique Committee JTF Physique Championships held in Irving on September 26 , 2015. Beth shed the image of what everyone imagines to be a ‘straight-laced’ accountant by committing to the competition at … 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
6 Self-Employed Tax Tips
Early in a new year is often the time when would-be entrepreneurs think about going into business for themselves. Self-employment can be a terrific opportunity to be your own boss and do something you love to do. Being your own business also brings with it a special set of tax advantages as well as tax pitfalls that you need to … Read More