2 07, 2020

Deducting Summer Activity Expenses

The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses through the use of the Child and Dependent Care Credit. Collecting those receipts now can save plenty during tax time. What is deductible? 20 to 35%

23 06, 2020

Tax Tips to Aid in Retiring Early

Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help

23 06, 2020

Estate Taxes: What EVERYONE Should Know

Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the estate

9 06, 2020

2020 Texas Unclaimed Property

If you realize you have uncashed checks and/or financial assets (property) owed to a Texas vendor, client, customer or employee (the property owner) when reconciling accounts and performing reviews to close your books, you are considered a Holder. Determining if the property is abandoned is the first step in reporting unclaimed property. To do that,

2 06, 2020

Using Losers to Make Winners

With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can really help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates as high as 37%. This, plus the 3.8%

28 05, 2020

Understanding the Home Gain Exclusion

One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your

20 05, 2020

SBA Releases Forgiveness Application Resulting in BIG Changes to PPP

On May 15, 2020, the release of the Paycheck Protection Program (PPP) Loan Forgiveness Application was announced by the Small Business Administration. The release of this application includes substantial changes to the calculation and tracking of the loan forgiveness.  Here are some highlights: Alternative Payroll Covered Period The PPP Loan Forgiveness Application offers the

14 05, 2020

Review IRA Beneficiaries Now

Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries While the chances of you having a severe reaction to the coronavirus are low, it

7 05, 2020

Key 2020 Coronavirus Tax Changes

Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution penalty waivedThe 10% early distribution penalty on up to $100,000 of