18 04, 2018

Know the IRS “Dirty Dozen” Tax Scams

Every year the IRS releases its "Dirty Dozen" list of the year's most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams: • Phishing. Fake emails or websites claiming to represent the IRS, for the

18 04, 2018

How to Make the Most of Your Tax Refund

Are you receiving a tax refund this year? No doubt you've already heard about why you shouldn't be giving the government an interest-free loan. Maybe you've decided to revise your withholding or estimated tax payments to reduce the amount of next year's refund. Either way, you have options. Financial planning means creating effective strategies

28 03, 2018

Here’s a Roundup of Your Nontaxable Income

Good news – there are a lot of revenue sources that aren't taxed. You may have an idea of what they are, but here's a quick list to review. There are several sources of revenue that are not subject to income tax. Do you know what they are? Here are the most common sources

21 03, 2018

Do You Need to Take an RMD? April 1st Might Be an Important Date for You.

If you reached age 70½ last year, April 1 could be an important deadline. It's the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you miss that deadline, the penalty may be a 50 percent excise tax on the amount you should have withdrawn. How

1 03, 2018

Alert: Expired Home and Education Tax Breaks Revived

Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive

1 03, 2018

Texas ProTax Handles Residential Property Taxes

With the passage of the Tax Cuts and Jobs Act, deductions of state, local and property taxes are not worth as much as they used to be. Beginning in 2018, taxpayers are limited to a total of $10,000 in combined state income, sales and property taxes as an itemized deduction.  Texas ProTax specializes in residential property taxes,

21 02, 2018

Tax Cuts and Jobs Act (TCJA) & Individuals

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here's a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025. • Tax rates. The new

14 02, 2018

Emergency Funds: Why They’re Worth It

Emergency funds can be helpful for everyone. Any unexpected hit to your finances, and unanticipated illness or a natural disaster might all be reasons you may need money right away. What is an emergency fund? An emergency fund is designed to keep your life intact during temporary setbacks and to help you avoid unnecessary

14 02, 2018

Tax Cuts and Jobs Act & the Pass-through Entity Owner

If you are a small business owner, your planning probably got a lot trickier after the passage of the Tax Cuts and Jobs Act (TCJA). That's because most small businesses have legal structures that are treated as pass-through entities for tax purposes, meaning they "pass-through" income to the owners or investors, which they record

8 02, 2018

Time to go through your tax records? Consider this.

You're probably getting ready to go through last year's records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records. • Keep records that directly support income and expense items on your tax return.