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Posts Tagged ‘Best Southlake CPA’

Tax-Free Income

Yes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of ten common sources of tax-free income. Gifts. Gifts you receive are not taxable income to you. In fact, they are not subject to gift tax to the person giving the gift as long as the…

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Recording Simple Expenses in QuickBooks Online

  How does most of the money you owe individuals and companies get disbursed? The simple expenses.  Do you print checks, or write them by hand? Use credit cards? Pay online through your bank’s website? Keeping track of your outgoing funds can be challenging, since there are so many ways to complete those transactions. But…

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Finances After the Death of a Loved One

Dealing with Finances after death of a loved one.

The last thing you want to be bothered with when you are grieving is sorting out the finances after the death of your loved one. Here are some suggestions to make the process a little easier. Prioritize. Focus on the most pressing tasks you face. Make sure you have access to the right accounts in order…

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Keep Your Audit Fears in Check

Keep Your Audit Fears in Check

  Audit fears are real!  Your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting and reassuring facts about the risk of an IRS audit. Audits are becoming less common. The number of individual tax returns the IRS audited fell to a…

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Getting to Know QuickBooks Online Reports

  They’re one of the rewards you get for your conscientious accounting work: reports. Are you using them to make better business decisions? What do you see when you log on to QuickBooks Online? Your most important business numbers represented by real-time charts. Profit and loss. Income and expenses. Sales. And all of your account…

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Alimony In The IRS Spotlight

Alimony In The IRS Spotlight

A couple of years ago, the U.S. Treasury released a report highlighting a disturbing level of non-compliance in alimony reporting on tax returns. Since the report was released, the IRS has increased the scrutiny they place on tax returns with these claims. If you file a tax return involving alimony, make sure you know the facts…

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When Business Travel Insurance Makes Sense

Business Travel Insurance

  There are many things that come in pairs because they make sense – peanut butter and jelly, salt and pepper, shoes – the list goes on and on. Travel insurance for business travel is no different. There are inevitable changes to business travel or circumstances that arise while away from home. One way to…

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Knowing “the Line” Creates Opportunity

Adjusted Gross Income

KNOWING “THE LINE” CREATES OPPORTUNITY A simple way to think about your 1040 tax return is focusing on a single line, your Adjusted Gross Income (AGI). Anything “above the line” creates an AGI that can yield tax opportunities or tax consequences for anything “below the line.” Being aware of “the line” and the impact it…

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Tax Planning By The Numbers: Updates for 2017

tax planning

Are you ready to get started on your 2017 tax planning? Here are the numbers to use to take full advantage of retirement and other tax-advantaged savings. If you’re under full retirement age, the social security earnings limit is $16,920. That means if you collect benefits before your full retirement age and earn more than…

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