If you’re like me, you’d prefer to pay as little as possible in taxes each year. To help you save your hard-earned money, here are 5 commonly overlooked ways to save money at tax time 1. State Sales Tax Thankfully living in Texas we do not have a state income tax. However, we can deduct…
A high percentage of the questions a CPA gets this time of year, begins with the simple question. “Can I deduct that?” Yes, if it is “Ordinary and Necessary.” But what exactly do “ordinary and necessary expenses” include? This also depends on your business. For instance, if you own a retail store, the IRS wouldn’t…
First, let’s clear the misconception about a ROTH IRA. If you do a ROTH Conversion this year, it will cost you money. However, in the long turn it might be the best tax avoidance strategy you could have. Why on earth would I recommend paying higher taxes?
Tax time is here and it seems everyone has questions. You’ve likely heard of “itemizing” your expenses on your tax return, but we find that not everybody knows exactly what that means, and how exactly “itemizing” affects your tax bill. Standard deduction versus itemizing Every year on your tax return, the IRS automatically gives you…
As the end of the year approaches, we know you might be busy with holidays, family, and travel, but it is also a good time to do some last-minute tax planning. As a courtesy, we want to provide you with a few eleventh-hour tax tips you may find useful. Although tax planning is rarely fun,…
Uncle SAM can help you with your yearend charitable giving. Here are two ways that you can use the tax laws to make charitable gifts and reduce your taxes at the same time. Charitable Contributions of Stock You should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the…