Posts Tagged ‘CPA Southlake’
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…
Read MoreDana McGuffin CPA Wins Best of the Best CPA 7th Year in a Row
You did it again, friends! Thank you for choosing us as Southlake’s Best of the Best CPA Firm for the 7th year in a row! We have been honored to be voted Southlake’s best CPA firm since 2011 and it’s our privilege to serve community businesses, ministries, and churches. Thank you for the opportunity to…
Read MoreDepreciation Made Easy for 2017
If your eyes glaze over when you read the word “depreciation” you are not alone. While depreciation is simply deducting the cost of business equipment over time, special tax provisions allow flexibility in how much can be expensed in a given year. The first solution is the Section 179 deduction. You are able to write…
Read MoreBusiness Charitable Deductions Require A Little Tax Wisdom
Aristotle famously lamented that giving away money is easy, but giving it away wisely is another matter. For business owners, smart giving begins with an understanding of a few tax rules. Your business form. The tax implications of giving to charity from your business depend on your form of entity. A regular C corporation can…
Read More“Crowdfunding” Raises Tax Issues
Raising funds in small amounts from a large pool of people, also known as crowdfunding, has become a popular way for budding entrepreneurs to drum up the working capital for pet projects. It seems like everyone from twenty-somethings to stay-at-home parents to retirees are getting in on the act. Here’s how the process works. Let’s…
Read MoreBetter Budgeting Using QuickBooks Online Plus
Everyone groans when budget time rolls around. QuickBooks Online Plus offers tools that simplify the process. Budget. The word evokes a sense of dread in most small business managers’ minds. Large corporations have entire teams of accountants that work on this critical element of financial planning. You, on the other hand, must go it alone…
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 MoreIntroducing the New QuickBooks Online for PC App
Like QuickBooks Online but miss some of the desktop version’s features? You can have both now. QuickBooks Online has grown tremendously since its introduction more than a decade ago. It’s not quite as mature as the top-of-the-line desktop versions, but it’s not far behind anymore. No matter which version of QuickBooks you first used, there…
Read MoreAge Matters in Tax Law!
Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age What it means for your taxes Age 13 Beginning at this age, your child no longer qualifies for the child…
Read MorePlanning Your Estate to Reflect Your Intentions
If you own assets that you’d like to leave to a loved one, you have an estate. But without a plan, your state of residence will choose your heir — not necessarily the result you intended. How can you ensure your intentions will be realized? Start by understanding the basics of estate taxes. How estate…
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