There are a few phrases that that make most of us cringe. “My mother is coming” has been known to strike fear in the hearts of stalwart men and women, but not as much as “we are being audited”.  While we can’t help you with the first, there are ways to help most US citizens… Read More

The difference between an innocent spouse and an injured spouse can be confusing for taxpayers. A simple way to think of the difference is this: most times the innocent spouse is no longer married and the injured spouse is married. When you file a joint income tax return, the law holds you and your spouse… Read More

Do you end up paying the IRS each April? Do you get a 1099MISC or work for yourself? If so, making estimated payments may end up saving you money in the long run. You may make estimated tax payments to pay tax on income that isn’t subject to withholding (such as income from self-employment, the… Read More

A surprising number of people (who file a Schedule C for self-employment, or receive a 1099 MISC from their employer) hesitate to take deductions because they’re heard it will trigger an audit. No one, including tax firms, wants an audit. Here are some of the most common myths and the truths about them. #1 As… Read More

Hurricane Irma victims in the entire state of Georgia now have until January 31, 2018 to file certain individual and business tax returns. This includes an additional filing extension for taxpayers with valid extensions that would run out on October 16 and businesses with extensions that ran out on September 15th. This relief is like… Read More

  Taxpayers who suffer economic loss due to a natural disaster like a hurricane can claim a casualty loss deduction on their federal income tax return. A casualty loss is defined as the damage, destruction or loss of your property from any sudden, unexpected, or unusual event. That includes a hurricane, flood, tornado, fire, earthquake… Read More

Information has come out of Governor Greg Abbott’s office about tax relief for victims of Hurricane Harvey and for first responders working in the affected counties. Business tax return filing extensions:                                                              The Texas Comptroller of Accounts may grant an extension of up to 90 days to a business  affected by a declared disaster. The comptroller manages requests on a case-by-case basis.  Taxpayers may call the tax assistance line at 800-252-5555 to request an extension or to obtain  more information. ​ ​ Hotel taxes:  ​ Texas is granting state and local hotel occupancy tax waivers for evacuees and relief workers.  The waiver period runs from August 23rd and September 6th, 2017. The waiver specifically  applies to individuals with a home address in a county mentioned in Gov. Abbott’s declared  disaster area and to relief workers who are within the confines of one of those counties.  Taxpayers who wish to file a claim for the waiver should present the hotel manager with Form  12-302, Texas Hotel Occupancy Tax Exemption Certificate. Taxpayers and relief workers should  mark the form box “Exempt by Other Federal or State Law” and should write “Hurricane  Harvey” anywhere on the form. ​ Sales taxes:​ Texas is also authorizing temporary exemptions from sales tax for purchases related to a declared  natural disaster. Labor service charges are exempt from the tax when the charges relate to:    ●Repairing or restoring nonresidential real property;    ●Repairing or restoring personal property (e.g., furniture);   ●Cutting down damaged tree branches;  ●Cutting up damaged trees.   Texas is also authorizing temporary exemptions from sales tax for purchases related to a declared  natural disaster.… Read More

If you’ve kept up with the news the last few days then you’ll know that Hurricane Harvey has become one of the largest and most costly storms in history. Not only have homes and property been destroyed, but thousands of people and their pets have been displaced. Not all of the pets displaced have gone… Read More

The IRS has announced that Hurricane Harvey victims in parts of Texas have until January 31, 2018 to file certain individual and business tax returns, as well as to make certain tax payments. The returns in question are those taxpayers  that have valid extensions that would normally run out on October 16, and businesses with… Read More

If you’re one of the many people who filed an extension on your business or personal tax return, it’s time to take a good look at the calendar. August brings lots of events, school starts, people sneak in last minute vacations, and we all try to escape the heat. But August also begins the countdown… Read More