CPA Blog

CPA & Accounting Topics for Business

What Makes a Gift Taxable?

What Makes a Gift Taxable?
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: Nontaxable Gifts . The general rule is that any gift is potentially...
Continue reading
  605 Hits

How to Deduct Travel Expenses

How to Deduct Travel Expenses
When it comes to travel expenses related to your business, the IRS allows you to deduct two types: local and “away from home”. Local You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or...
Continue reading
  618 Hits

Watch Out For These Recent Tax Scams

irs-scams
There’s an array of evolving tax scams related to identity theft and refund fraud that you need to be aware of. Here are some of the latest schemes: Requesting fake tax payments : The IRS has seen automated calls where scammers leave urgent callback requests telling taxpayers to call back to...
Continue reading
Tags:
  413 Hits

Follow These Rules For Your IRA

Follow These Rules For Your IRA
Being the start of a New Year, everyone makes New Year Resolutions, and this year all I ask is that you make your exit strategy and retirement plan one of them. We can help you start that process and evaluate your current IRA if you have one. Setting up an IRA...
Continue reading
  512 Hits

Home is Where the Tax Breaks Are

Home is Where the Tax Breaks Are
  Are you a homeowner? Take a look at the following list of tax breaks. There may be some here that you don’t know about. Questions? Ask us. Mortgage Interest. If you own a home with an unrelated taxpayer, you are now each entitled to a mortgage interest deduction of up...
Continue reading
  432 Hits

Just Married or Re-Married? These Tax Tips Are For You

Just Married or Re-Married? These Tax Tips Are For You
Congratulations, newlyweds! While it may not have been on your registry, we’re pretty sure you’ll appreciate the gift of these tips to help you avoid trouble at tax time: Has it Been a Year Already? If you were married anytime in 2017, the IRS considers you to be married for the...
Continue reading
  387 Hits

Traditional or Roth IRA: Which One to Fund Your Retirement?

Traditional or Roth IRA: Which One to Fund Your Retirement?
Looking to fund your retirement with an IRA? You should know that there are two types: Traditional and Roth. Which is right for you? Following are some important details to help you decide: Are You Eligible? Any person with income from wages or self-employment can contribute to an IRA – either...
Continue reading
  515 Hits

Smart Businesses Separate Business & Personal Accounts

The-Woodlands-Consulting-Fisher-CPA-Firm-Business-accounts
One of the biggest mistakes small business owners make is commingling business and personal funds. They fail to set up separate business-only bank accounts. They may pay for business expenses out of a personal account, or vice-versa. When tax time rolls around, these entrepreneurs find themselves in a self-created mess trying...
Continue reading
  439 Hits

Debt Management Tips for Small Businesses of Houston, Texas

Debt Management Tips for Small Businesses of Houston, Texas
According to a 2016 study by Experian, the average U.S. small business owner has $195,00 0 of debt. Some debt is a natural part of doing business. For example, a business loan, line of credit or business credit card can enable you to purchase equipment, hire employees, and finance growth. Too much debt, however, is risky...
Continue reading
  610 Hits

Houston Businesses Making the Most of Miscellaneous Deductions

Houston Businesses Making the Most of Miscellaneous Deductions
What do we mean by “miscellaneous deductions”? Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions. To do that, they must itemize their...
Continue reading
  593 Hits

IRS Tips for Preparing for Natural Disasters

Greater-Houston-Firm-Fisher-CPA-Natual-Disasters
Hurricane season is here, and with it the Internal Revenue Service offers the following advice to taxpayers who may be affected by storms and other natural disasters: Update Emergency Plans. A disaster can strike at any time, so be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. When employers hire new...
Continue reading
  1218 Hits

What Are Your Chances of Being Audited? - Houston Business CPA

What Are Your Chances of Being Audited? - Houston Business CPA
Your chances of being audited go up as your income gets higher. Individuals with an income under $200,000 have less than a 1% chance of being audited. An income of $200,000 or more will triple your chance of being audited. And those with incomes over $1 million have close to an...
Continue reading
  4187 Hits

Deduct Your NFL or College Football Tickets - Houston Small Business CPA

Deduct Your NFL or College Football Tickets - Houston Small Business CPA
Did you read last week's "From Where I Sit" newsletter? If not, go check it out at: Football is Here! Deduct Your Texans Tailgate Party!. We talked about how to deduct your football tailgate party using either the 100% entertainment deduction and/or the 50% entertainment deduction. This week, we'd like to...
Continue reading
  4119 Hits

Football is Here! Deduct Your Texans Tailgate Party!

Football is Here!  Deduct Your Texans Tailgate Party!
It's finally here - FOOTBALL Season! With the season of football comes house parties, tailgate parties, and the occasional lazy Sunday football marathon. What if you were able to deduct some of the costs of your football enjoyment? Especially your tailgate party?! Believe it or not, there are a few tax...
Continue reading
  3990 Hits

Back to School Tax Strategies - CPA Firm Houston

Back to School Tax Strategies - CPA Firm Houston
It's that time of year again! Back to school time is already here and I thought it would be a good time to go over some of the deductions and credits that Uncle Sam offers for our school aged children. Birth through Age 13 The Child & Dependent Care Credit The...
Continue reading
  1157 Hits

Five Simple Business Life Hacks - CPA in Tomball Tx

Five Simple Business Life Hacks - CPA in Tomball Tx
Before I proceed, I feel I should give you a little history on the term "Life Hack". The term "hacking" started in the computer programming industry years ago and was used to describe easy but effective solutions to a specific computing problem - the term was then extended by those in...
Continue reading
  1267 Hits

Tax Advantages of Owning a Vacation Home

Tax Advantages of Owning a Vacation Home
Summer time is rapidly approaching. With thoughts of relaxing with your family at your favorite vacation spot, I thought it would be a good time to remind you of the tax advantages of owning a vacation home. Your second home or vacation property can offer you significant tax advantages. The tax...
Continue reading
  1115 Hits

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...
Continue reading
  1071 Hits

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...
Continue reading
  911 Hits

Year End Tax Planning for Individuals - Houston CPA

Year End Tax Planning for Individuals - Houston CPA
Last week I wrote about Tax Planning issues for businesses and their owners . This week, I am writing about tax planning issues for individuals. There are many tax provisions that changed this year that will impact some of you negatively. There are also some expiring provisions that will hurt certain...
Continue reading
  951 Hits