Essential Tax Tips for Business Owners Being a business owner comes with a lot of responsibilities, and one of them is keeping… Read More
As a small business owner tax season can be a particularly stressful time of the year. Not only do you have to worry about your own personal taxes, but you also must navigate the often-complicated process of filing taxes for your business. However, with a little bit of preparation, you can make the process… Read More
There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year. In most situations, treatment is firmly established at the time the transaction occurs. However, negative tax effects can be avoided by proper planning. As… Read More
At what age is Social Security not taxable? Social Security can potentially be subject to tax regardless of your age if your income exceeds a certain level. Basically, if your taxable income is greater than the Standard Deduction for your filing status, you’ll typically have to file a tax return. This means that seniors on… Read More
Effective January 1, 2024, certain entities (referred to as “reporting companies”) must report certain information about their beneficial owners to the US Department of Treasury. This filing is not an accounting or tax-related submission. Even though we cannot file these reports on your behalf, we wanted to ensure that you are aware of this new… Read More
If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax benefits. You can claim more than one education benefit in a tax year as long as you do… Read More
Energy Efficient Home Improvement Credit If you make qualified energy-efficient improvements to your home, you may qualify for a tax credit up to $3,200. The credit equals 30% of qualified expenses. Residential Clean Energy Credit If you invest in renewable energy for your home, you may qualify for an annual residential clean energy tax credit.… Read More
You may be wondering if the gifts you receive from family and friends will be subject to income tax. As with all thing’s taxes, it depends! But most will never pay a cent in gift taxes to Uncle Sam. The basics: for 2023 the annual gift tax exclusion for 2023 is $17,000 per recipient. For… Read More
4 Basic Tax Deductions You Might Qualify For When it comes to your taxes, it’s important to be aware of all the deductions and credits that you may be eligible for. These deductions can help lower your tax bill and increase your refund. In this blog post, we’ll look at four tax deductions that… Read More
We had a great time sponsoring the National Night Out with the Town of Dallas Police Department. Nothing like communities coming together.… Read More