Your personal expenses don’t become business expenses just because it’s paid for out of your business account. I know this seems obvious but I see it all the time so this is your friendly reminder about this subject. It’s currently only my mind this morning because I’m correcting a small partnership’s accounting to remove the owner’s personal expenses.Â
Small business owners & personal expenses Read More »
We finally made it through the long hot summer. For the first time in months there is no 100 degree day in our 10 day forecast. This means some big IRS deadlines are coming up, mostly for extended tax returns.
Major Fall 2018 US Income Tax Deadlines Read More »
One thing they don’t tell accounting students is that if you select the tax route, you’ll most likely never get to have Labor Day off. I don’t think this should be a deterrent but it should be part of an honest discussion since there’s so much this holiday signifies.
Labor Day and the Tax Accountant Read More »
The start of a new school year is always an optimistic time for me. I remember being excited about the new classes and overly motivated to organize and be prepared. That motivation usually lapsed by October, but you get the drift. Use this initial motivation to get financially organized before you get too busy.
3 Financial Tips & 1 Tax Tip for College Students Read More »
Schools are starting across the country and this weeks marks the start of the 2018 Fall semester at the University of Texas at Austin. If you’re a student going off to any school, you’ve hopefully secured your housing arrangements, registered for classes and purchased your books and supplies. One question you might be having is whether any of these expenses are deductible. Here’s the skinny on these expenses and how they affect yours (or your parents) taxes.
College is expensive but tax credits can help Read More »
The IRS issued proposed regulations on the tax treatment of charitable contributions made in exchange for state and local tax credits. In other words, this is when you make a charitable contribution and your state or local taxing authority gives you a credit against your taxes.
If you need to confirm you have all your tax information, you need to get an IRS Wage & Income Transcript.
What is an IRS Wage and Income Transcript and why you need one? Read More »
This is just your friendly reminder that some businesses in Texas, or with operations in Texas, might have an August 15, 2018 deadline to file their Texas Franchise Tax Report or to request a second extension.Â
Don’t miss the August 15th Second Texas Franchise Tax Extension! Read More »
The IRS has issued proposed regulations for Section 199A. This is my list of articles covering this new tax deduction for businesses.
Rundown on proposed regulations on Section 199A Deduction issued by the IRS Read More »
The IRS has announced tax relief for certain parts of California for victims of wildfires and high winds.
IRS offers tax relief for victims of California wildfires and high winds Read More »