Tag Archives: Austin

How to Choose a Tax Preparer

With the 2015 tax filing season quickly approaching, I thought I would share this article the IRS published earlier this month about how to “Make a Wise Choice when Selecting a Tax Preparer”. I summarized a few key points below, because lets face it, it’s 2015 and nobody has the attention span to read a […]

Where did your tax dollars go in 2014?

With the 2014 Tax filing season behind us, whitehouse.gov‘s  interactive tool shows you exactly where your tax dollars were spent. It’s no surprise that over 50% of your taxes went to health care and national defense, but I think one of the more interesting numbers is the 9% we pay just to cover net interest […]

Store or Shred? What you need to know about document retention

The IRS recently revised legislation that previously kept the statute of limitations open for 6 years for any understatement of income greater than 25% of gross income. The new law now provides that an in addition to understatement of income, overstatement of deductions that results in the same 25% omission of income leaves you open […]

Five Tax Strategies Now for Refunds in April

As the year winds down, there is nothing more important than discussing year-end tax strategy. Building communication between yourself, your CPA, and your investment advisor will guarantee you are a winner come April 15. Far too often, poor decision making and bad planning will lead to a big bill from the IRS. I’ve compiled a […]

How-To Travel for Pleasure Tax-Free

We live in a global society. As a CPA I am constantly traveling to meet clients or attend tax conferences. If your trip is set up properly, you can reap the tax benefits of travel while still making time for pleasure. I’ve assembled this short blog with some of the highlights every business owner should […]

Tax Relief for Disaster Victims in Texas

On its website, the IRS announced relief for taxpayers in Harris, Hayes, and Van Zandt who were affected by the severe storms, tornadoes, straight-line winds, and flooding that took place in Texas beginning on  May 4, 2015. This means affected taxpayers are eligible for an extension of time to perform time sensitive tasks such as filing […]

IRS releases publication with “Ten Tax Tips for Farmers”

Being that many of my clients are from Austin, Texas, I thought I would share this publication released by the IRS yesterday. Here is a brief overview of some of the more important tips: Net income losses: If your farm generates a negative profit (expenses greater than income), you may be able to carry this […]

Tax Deadline Reminder: 2014 Forms 1099

Almost halfway through January, the Form 1099-MISC deadline is quickly approaching. Copies of this form are due to the recipient at the end of January (February 2, 2015 for 2014 Forms, since January 31, 2015 is a Saturday) and due to the IRS at the end of February (March 2, 2015, since February 28, 2015 […]

Am I required to file Form 1099-MISC for 2014?

This is a question I get asked often from new clients. In short, 1099s are issued by businesses (sole-proprietors, LLCs, partnerships, corporations, etc.) who’ve made payments in excess of $600 to individuals or other businesses during the ordinary course of business. This includes services (contract labor), rents, royalties, and interest. There are certain exceptions that […]