Wow, summer went by fast! Actually, it’s still “summer” and will be summer until Monday, September 23, 2019. And here in Texas, it’ll be summer well into October. But officially, summer break is ending for teachers and student. All the teachers I know start the new school year with excitement and engagement and then it […]
Back to School – Tax tips for teachers as the new school year starts. Read More »
It’s early June and I bet you’re in one of two camps. Either you filed your Form 1040 by April 15, 2019 and don’t want to think about taxes until next January. Or, you extended your Form 1040 by April 15, 2019, and you don’t want to think about taxes until the extended deadline of
How to calculate & make the 2nd Quarter Estimated Tax Payment due June 17, 2019 Read More »
Well, for being shutdown and running on a skeleton crew, the IRS has been BUSY today and delivered the final tax regulations for the new Section 199A tax deduction for flow-through income on individual tax returns. This is the new Qualified Business Income Deduction for tax years beginning after December 31, 2017 that came into
New IRS Regulations & Guidance for the Section 199A Deduction Read More »
The IRS released information today that should come as a relief to taxpayers and tax preparers as we start work on our 2018 tax returns. The IRS will be waiving the estimated tax penalty for taxpayers on their 2018 tax return who didn’t have enough withholding and estimated tax payments to cover their tax liabilities.
IRS waives some penalties on withholding and estimated tax payments Read More »
Well, it took them longer than usual but the IRS has updated the rates used to calculate your mileage deductions. As a reminder, there are different rates depending on what type of driving you are doing. The business mileage rate is applicable for business purposes. This would be for activities such as your sole proprietorship
2019 Mileage Rates Updated by IRS Read More »
If you’ve been following the tax journals or related social media accounts, you no doubt saw that the Tax Cuts & Jobs Act (“TCJA”) removed the deduction for business related entertainment expenses. There was a lot of concern that the meals portion of “Meals & Entertainment” expenses would also be denied because of some related
Most business meals are still deductible, subject to the 50% limitation Read More »
I love October. It’s the kick-off to the holiday season, there’s still enough time left in the year to make course corrections in my annual goals, and the world turns burnt orange. Business owners can use this time to evaluate where they are and what more they want to accomplish before the year is over.
The business owner’s October checklist Read More »
A lot of small businesses start out as hobbies. After time and growth, the entrepreneur slowly starts devoting more time to the endeavor and it gradually grows into a full fledged business. These are the success stories that motivate many people to strike out on their own.
Do you have a small business or a hobby? Read More »
The 3rd quarterly estimated tax payment is due on Monday, September 17, 2018.
Use this tax payment in conjunction with the #PaycheckCheckup to check your withholding.
Estimated Taxes and the Paycheck Checkup 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.