AustinTaxCPAs
S Corp Compliance Item: Owner's Health Insurance Premiums
In order to deduct an officer's health insurance premiums, the amount must be included in box 1 of the owner's W2 and in Box 14: Wait my...
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AustinTaxCPAs
- Oct 26
- 1 min
Inflation Reduction Act (IRA) Part 1: IRS Funding
Social media had a lot to say about the IRS getting $80 billion from the bill: However, there are a lot of good things in this bill...
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AustinTaxCPAs
- Aug 31
- 1 min
How to download prior year activity from Chase in QBO form
https://scribehow.com/shared/Chase_CC_QBO_download_for_Prior_Year__OB4s0FHmS7K7F6LH7LQCwg
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AustinTaxCPAs
- Jun 21
- 4 min
Stock Options: Statutory Stock Options - ISOs & ESPPs (Part I)
📈 Stock Option: What Is It? The right of an employee, but not an obligation, to buy shares of their employing company stock at a...
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AustinTaxCPAs
- May 25
- 1 min
Charitable Deductions Only Allowed If Taxpayer Meets Strict Substantiation Requirements
Taxpayers may deduct charitable contributions made during the tax years (§ 170(a)(1). Hooray! However, deductions are only allowed if the...
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AustinTaxCPAs
- Mar 22
- 1 min
April 15 (18th) Tax Deadline Update
A quick note about the April 15, 2022 tax deadline: The official IRS deadline is April 18, 2022, due to a holiday in Washington DC on...
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AustinTaxCPAs
- Mar 1
- 2 min
Filing an Extension: Things to Know
What is it? Filing an extension moves the due date of your return from April 15 to October 15. Extensions are automatically granted by...
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AustinTaxCPAs
- Jan 28
- 2 min
Meal & Entertainment Deductions: 2021 & 2022 Edition
Congress and their infinite wisdom have left taxpayers with a different set of meals & entertainment rules for pre-2018, 2018-2020,...
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AustinTaxCPAs
- Jan 25
- 3 min
The IRS Is In Very Rough Shape
The Most Serious Problems Encountered by Taxpayers in 2021 Were Exacerbated by the COVID-19 Pandemic, But They Resulted From Longstanding...
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AustinTaxCPAs
- Jan 25
- 1 min
Things To Know: Like-Kind Exchanges (§1031 Exchange)
A sale + reinvestment does not qualify You need to exchange one property for another property. This is generally done through a...
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AustinTaxCPAs
- Jan 12
- 1 min
Sample Common Business Forms
IRS EIN Letter/ Form SS-4 Texas Webfile Letter Texas Filing Evidence Sample Operating Agreement
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AustinTaxCPAs
- Dec 6, 2021
- 3 min
Hobby Loss Exposure (IRC §183)
Why does this matter? IRC §183 says that activities not engaged in for-profit receive less beneficial tax treatment than a business with...
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AustinTaxCPAs
- Nov 30, 2021
- 1 min
The Laws of Tax Planning
Stolen from the Great Peter J Reilly, CPA 1) It Is What It Is. Deal With It. The tax code is illogical. 2) Sometimes It's Better To Just...
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AustinTaxCPAs
- Nov 9, 2021
- 1 min
COVID Retirement Distribution (2020 Only): How To Qualify
CARES Act CARES Act relief, you qualify for a coronavirus-related distribution if you, your spouse, or your dependent is diagnosed with...
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AustinTaxCPAs
- Aug 3, 2021
- 3 min
Our Partnership With Xpitax
One of the most challenging aspects of owning a CPA firm is hiring from a historically tight and competitive labor market. It creates a...
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AustinTaxCPAs
- Jul 28, 2021
- 2 min
New For 2021: Advance of Child Tax Credit
From July - December, the IRS is sending taxpayers an advance of their 2021 Child Tax Credit in the form of check or direct deposit What...
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