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. https://comptroller.texas.gov/taxes/hotel/forms/ 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
Life’s little changes are inevitable, whether they’re actually little or so big they block everything on the horizon. Knowing how some of those changes can affect your taxes will help you prepare for them in advance. Getting married or divorced, although a huge life event, is an easy one tax wise. Two people = a… Read More
The 1099-MISC is one of the most misunderstood forms on a tax return. The 1099-MISC, like the W-2, reports money that you were paid for employment. (I’m talking about the type of income where you had a J.O.B., not retirement, pensions, dividends, interest, or capital gains) The W-2 is pretty straight forward. It reports your… Read More