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What Salary Should You Pay Yourself As An S-Corporation?

Understand the right amount to pay yourself as an S Corporation and avoid unnecessary hassle of payroll taxes.

What Qualifies as a “Coronavirus-Related Distribution” From a Retirement Plan?

The CARES Act (Coronavirus Aid, Relief and Economic Security) allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you

We’re Moving – New Address Effective 6/29/20

Effective Monday, June 29th, 2020, our office is moving to: 3301 West Freeway, Suite 104 Fort Worth, TX 76107 Our office hours and phone number will remain the

Launching a Business? How to Treat Start-Up Expenses on Your Tax Return

Despite having devastated many existing businesses, the COVID-19 pandemic has also created opportunities for entrepreneurs to launch new businesses. Some businesses, for example, are being launched online to

If You’re Selling Your Home, Don’t Forget About Taxes

Spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in home sales. The National Association of Realtors (NAR)

Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits

If you operate a small business, or plan on starting a new one, you probably know you need to keep records of your income and expenses. In particular,

Seniors: Can You Deduct Medicare Premiums?

If you’re age 65 and older, and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums

Rioting Damage at Your Business? You May be Able to Claim Casualty Loss Deductions

The recent riots around the country have resulted in storefronts, office buildings, and business properties being destroyed. Some of these businesses lost products after looters ransacked their inventory.

A Nonworking Spouse Can Still Have an IRA

It can be difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that

Business Meal Deductions: The Current Rules Amid Proposed Changes

Entertainment venues and restaurants have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that has been proposed to help them is an

Student Loan Interest: Can You Deduct It On Your Tax Return?

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES)

IRS Releases 2021 Amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for HSAs (Health Savings Accounts). HSA basics An HSA is a trust created or organized exclusively for the purpose of

Did You Get an Economic Impact Payment that Was Less than You Expected?

Nearly everyone has heard about the Economic Impact Payments (EIPs) the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports