11 08, 2020

Tax-Free Roth IRA Withdrawal Options

Withdrawing funds from your retirement accounts must be done carefully to avoid a potential 10% early withdrawal penalty. Unfortunately, each retirement account type has different rules. Here are some tips for Roth IRAs. Roth IRA basics Roth IRA accounts differ from other IRAs in that your contributions are made in after-tax dollars. If you

29 07, 2020

Understanding Tax Terms: Wash Sales

You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000 in excess stock losses can offset your ordinary income. However, there is a little

20 07, 2020

Update: PPP Loan Forgiveness Application

The U.S. Small Business Administration (SBA), in consultation with Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which

13 07, 2020

Consider filing a protective refund claim for 2016 Affordable Care Act taxes

Taxpayers should consider filing a protective refund claim with respect to their 2016 tax return by July 15, 2020. Doing so may allow them to obtain a refund on Affordable Care Act (ACA) taxes paid with that return if the Supreme Court, which has accepted a case dealing with the constitutionality of the ACA,

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,