AustinTaxCPAsMar 221 minApril 15 (18th) Tax Deadline UpdateA 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...
AustinTaxCPAsMar 12 minFiling an Extension: Things to KnowWhat is it? Filing an extension moves the due date of your return from April 15 to October 15. Extensions are automatically granted by...
AustinTaxCPAsJan 282 minMeal & Entertainment Deductions: 2021 & 2022 EditionCongress and their infinite wisdom have left taxpayers with a different set of meals & entertainment rules for pre-2018, 2018-2020,...
AustinTaxCPAsJan 253 minThe IRS Is In Very Rough ShapeThe Most Serious Problems Encountered by Taxpayers in 2021 Were Exacerbated by the COVID-19 Pandemic, But They Resulted From Longstanding...
AustinTaxCPAsJan 251 minThings 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...
AustinTaxCPAsJan 121 minSample Common Business FormsIRS EIN Letter/ Form SS-4 Texas Webfile Letter Texas Filing Evidence Sample Operating Agreement
AustinTaxCPAsDec 6, 20213 minHobby 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...
AustinTaxCPAsNov 30, 20211 minThe Laws of Tax PlanningStolen 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...
AustinTaxCPAsNov 9, 20211 minCOVID Retirement Distribution (2020 Only): How To QualifyCARES Act CARES Act relief, you qualify for a coronavirus-related distribution if you, your spouse, or your dependent is diagnosed with...
AustinTaxCPAsAug 3, 20213 minOur Partnership With XpitaxOne of the most challenging aspects of owning a CPA firm is hiring from a historically tight and competitive labor market. It creates a...
AustinTaxCPAsJul 28, 20212 minNew For 2021: Advance of Child Tax CreditFrom July - December, the IRS is sending taxpayers an advance of their 2021 Child Tax Credit in the form of check or direct deposit What...
AustinTaxCPAsJun 10, 20211 minInstallment Sales - 7 Things to Know1. Cannot use method if a “dealer" ***A dealer is someone in the business of buy and selling something, so a house-flipper can’t do...
AustinTaxCPAsApr 22, 20212 minSelf-Employed Sick and Family Leave CreditsPaid sick and family leave is available to self-employed individuals. You receive sick pay from the government in the form of a reduced...
AustinTaxCPAsMar 31, 20211 minA Tax Season Unlike Any OtherThere has been a lot going on in the tax world! The IRS has extended the 2020 filing deadline for all taxpayers to May 17, 2021, partly...
AustinTaxCPAsMar 31, 20211 minAll Returns Have More Complexity & More Tax Saving OpportunitiesThere has been several major pieces of tax legislation in the last 13 months: Tax Legislation Of The Last 12 Months Families First...
AustinTaxCPAsMar 31, 20211 minIRS Extends Some DeadlinesExtended Deadlines Personal Returns: 5/17/2021 HSA & IRA Contributions: 5/17/2021 Texas Franchise Tax: 6/15/2021 Unaffected Deadlines...
AustinTaxCPAsFeb 13, 20211 minCreate IRS Account to See Stimulus Payments & ES PaymentsCreating an IRS account to view information (such as stimulus checks) only takes a few minutes: You will need: Name & Personal...