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Small Business Tax Strategy - Section 125 Cafeteria Plan - Houston Business CPA

Small Business Tax Strategy - Section 125 Cafeteria Plan - Houston Business CPA
One of the most underused tax saving opportunities for a small business and its employees is outlined in Section 125 of the US tax code - Cafeteria Plans. For employees, a section 125 plan can give them tax savings of 25% or more of the amount they pay into a cafeteria...
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Use Mobile Technology to Audit-Proof Business Deductions - Houston Business CPA

Use Mobile Technology to Audit-Proof Business Deductions - Houston Business CPA
Each year, I see business owners lose deductions for expenses such as meals and travel when they are audited by the IRS because they did not properly document these expenses. Most did not keep their receipts, much less document on the receipt the actual business purpose and who they entertained. Your...
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Most Audit Rates Decline While Partnership Audits Rise - Houston Business CPA

Most Audit Rates Decline While Partnership Audits Rise - Houston Business CPA
Your chances of having your tax return audited is now the lowest in years. At least that is what the latest headlines are telling you. In 2013, the IRS audited fewer returns than they have since 2005, and the number of individual returns is expected to drop again this year But...
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Tax Freedom Day 2014 - Houston Small Business CPA

Tax Freedom Day 2014 - Houston Small Business CPA
If you saved every dollar you earned (before taxes) starting on January 1, on what day would you have enough money to cover your federal, state and local taxes? While each individual scenario is unique, the Tax Foundation, a tax research organization located in Washington, D.C. calculates the day American citizens...
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2013's Strange and Unusual Tax Deductions

2013's Strange and Unusual Tax Deductions
Last month, the Minnesota Society of Certified Public Accountants issued the results of its annual CPA member survey about the most strange and unusual tax deductions proposed by clients. Responses included everything from pets and wedding rings to gifts not given. So today, we are sharing with you some of these...
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Staring at the Sun

Staring at the Sun

On the early morning of March 19, 2014, my father, Brent Fisher, passed away. Dad was a very unique man. He was a thoughtful, deeply spiritual man who was totally devoted to God and those in need. Dad was not a wealthy man as many define wealth. But the gifts he...
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Nail Down Deductions by Keeping Good Records - Houston CPA Firm

Nail Down Deductions by Keeping Good Records - Houston CPA Firm
When it comes to tax deductions, a lot of taxpayers miss out - not because they don't qualify for the deduction, but because they do not keep good records. Keeping good records throughout the year is the best way to not only save money on your taxes, but in some cases...
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The IRS List Biggest Threats In Annual "Dirty Dozen" - The Woodlands CPA

The IRS List Biggest Threats In Annual "Dirty Dozen" - The Woodlands CPA
Last week's article,  Protect Yourself from the IRS's "Dirty Dozen" - Houston CPA , was about six tax scams taxpayers need to watch out for throughout the year. This week, let's talk about the other six tax scams that top the IRS's Dirty Dozen list - These feature scams that the...
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Protect Yourself from the IRS's "Dirty Dozen" - Houston CPA

Protect Yourself from the IRS's "Dirty Dozen" - Houston CPA
Every year the IRS releases their "Dirty Dozen" list of the top tax scams tax payers encounter throughout year - not just during tax season. This year half of these "Dirty Dozen" scams are targeted directly towards innocent tax payers while the other 6 are trying to scam the IRS. I...
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Bitcoin... A New Currency?

Bitcoin... A New Currency?
Have you seen this image while shopping online lately? The "Bitcoin Accepted Here" button is popping up across the internet. Some big sites like Overstock.com and many smaller boutique sites are beginning to accept Bitcoins as payment, which makes me wonder - How are these companies accounting for and paying taxes...
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Goals... How to Score at Work and in Life

Goals... How to Score at Work and in Life
In addition to our "From Where I Sit" email and blog, we also publish a print-edition monthly newsletter, "Straight Talk About Small Business Success." We have now decided to occasionally share a "Straight Talk" article with our "From Where I Sit" readers. The following article was originally published in the January...
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MyRa - A New Way to Save for Retirement? - The Woodlands CPA

MyRa - A New Way to Save for Retirement? - The Woodlands CPA
Last week, President Obama announced a new retirement program - MyRA (My Retirement Account). This program is aimed at low and middle income employees who do not have an employer-sponsored retirement account, like a 401k. On the surface, this programs seems to be a good way to encourage people to save....
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Improve Cash Flow with Cost Segregation - Houston Commercial Real Estate CPA

Improve Cash Flow with Cost Segregation - Houston Commercial Real Estate CPA
As many of my small business clients know, Section 179 expensing dropped significantly to $25,000 beginning in 2014 and Bonus Depreciation expired. These deductions were very popular tax strategies my small and midsize business clients used to keep more money in their pockets. With these not being available I have been...
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Individual Mandate... Buy Insurance or Pay Penalty? - Houston CPA Firm

Individual Mandate... Buy Insurance or Pay Penalty? - Houston CPA Firm
Beginning April 1, 2014, the Individual Shared Responsibility provision (AKA the Individual Mandate) of the Affordable Care Act calls for each applicable individual to either buy minimum essential health coverage or pay a penalty when filing their federal tax return. However, many of those who are not exempt from this provision...
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Microsoft Retiring Windows XP - The Woodlands CPA

Microsoft Retiring Windows XP - The Woodlands CPA
Last year, Microsoft announced that they will officially "retire" Windows XP on April 8, 2014. Once fully retired, you will no longer be able to purchase or download XP, receive technical support or critical security updates and vendors will likely not support products that are running on XP. However, this week...
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Stick With Those New Year's Resolutions - Houston Small Business CPA

Stick With Those New Year's Resolutions - Houston Small Business CPA
With each new year, we are given the opportunity to wipe the slate clean and make significant changes to our life - changes that can effect our personal and business success. If you haven't set your 2014 business goals or are having trouble sticking with the ones you've already set; I'd...
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2014 Standard Mileage Rate and Other Annual Tax Adjustments - Business CPA in The Woodlands, TX

2014 Standard Mileage Rate and Other Annual Tax Adjustments - Business CPA in The Woodlands, TX
Every year, the IRS adjusts the rates for many tax provisions because of inflation. Beginning January 1, 2014, the standard mileage rate will decrease by a half a cent from the 2013 rates to 56 cents per mile. The rate for medical and moving purposes also decreased to 23 cents per...
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Tax Provisions Expiring in 2013 - Small Business CPA in Houston, TX

Tax Provisions Expiring in 2013 - Small Business CPA in Houston, TX
There are dozens of tax provisions expiring or dropping significantly the moment we bring in 2014. You may want to consider taking advantage of some of these breaks over the next two weeks as several of these provisions will effect your business and individual taxes. Below are some expiring deductions or...
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Maximize Your Client Gift Deductions - Small Business CPA in The Woodlands

Maximize Your Client Gift Deductions - Small Business CPA in The Woodlands
During the holiday season, most of us small business owners like to give gifts to our customers and clients to thank them for their business. Unfortunately, the IRS doesn't offer much of a deduction for business gifts to clients - only $25 per person, per year. Why the low limit? The...
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Deduct Employee Holiday Gifts - Houston Business CPA

Deduct Employee Holiday Gifts - Houston Business CPA
Before you give out this year's bonuses, awards, or gifts, consider the tax implications - both to your own business taxes and to your employee's income taxes. These little extras carry tax implications for both you and your employees. Two things you must consider... First, is the bonus, award, or gift...
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