Posts Tagged ‘Best CPA DFW’
Advantages and Disadvantages to Making an S Corporation Election
Are you deciding whether to make your business an S corporation for 2016? Here are tax considerations to review before the March 15 due date of the election. When you make an S corporation election, you’re opting to have your business’s income or loss “passed through” to you and other shareholders. That means you’ll report the income or loss…
Read MoreWhat You Should Know About the QBO Mobile App
The QBO mobile app lacks some features found in the browser-based version, but it provides mobile access to tools you may want on the road. First, it’s free (except for your mobile data plan costs). Second, it’s good. And the QBO mobile app offers more functionality than you might expect. Available for iOS and Android smartphones and…
Read MoreHighlight these Tax Dates in Your 2016 Calendar
Grab your fluorescent highlighters and pick a color that you like. It’s time to mark important tax dates on your 2016 calendar! January 15 – Due date for the fourth and final installment of 2015 estimated tax for individuals (unless you file your 2015 return and pay any balance due by February 1). February 1…
Read MoreUnderstand This Depreciation Rule When Buying Assets
You’re already aware that depreciation expensing techniques help reduce federal taxes when you purchase business assets such as autos, machinery, equipment, and furniture at year-end. But did you know that might not be as true this year as it once was? Here’s why. Some immediate expensing depreciation tax breaks have been reduced for 2015. For…
Read MoreDo You Have These Basic Documents?
Can you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…
Read MoreDo You Need to Pay Taxes On Gifts?
The act of gifting is generally not a taxable event when you’re the receiver, or “donee.” Why? At the point of receiving the gift, you typically have not received income. What about when you’re the gift-giver? How does the act of giving the gift affect your tax situation? If the gift is large enough, the…
Read MoreHow to Navigate the Tax Rules for Business Gifts
Business gift giving is a way to say thank you to customers, suppliers, and employees, and to show your appreciation for the business relationship. Do you know how to treat gifts for tax purposes? Here’s an overview. Gifts to non-employees The general rule is you can deduct up to $25 of the total cost of…
Read MoreIndependent Contractor or Employee – The Distinction Matters to the IRS
If you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions. None of these are required with…
Read MoreInterest Rates Can Affect Your Taxes
Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…
Read MorePlan for Social Security Retirement Benefits
If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here are three items to consider when…
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