October 6, 2017

Should you amend your 2016 tax return to claim for a casualty loss deduction? An email came in tonight from a client who was unhappy that she has not been told to amend her 2016 tax return to claim for a casualty loss deduction.

Most taxpayers believe that the IRS has g...

August 30, 2017

In the past few days, Hurricane Harvey made landfall on the Texas coast, leaving us immediate and devastating impact. Most of us in Houston have been severely affected by flooding issues since last Saturday.

While the full economic impact remains unknown at this point,...

January 23, 2017

HAPPY 2017! Is it TRUE? Yes, it is! 2016 tax filing season has begun! Are you prepared? And if not, are you nervous? Or is this something that you would just simply procrastinate until the very last minute? Do you know that statistics showed that taxpayers who submit t...

January 4, 2017

When Are You Getting Your Tax Refunds? Many tax changes are going to happen in this upcoming tax season, which will officially begin on Jan 23 2017. As business owner, you need to be prepared if you plan to stay ahead of the game! We have prepared this video for you hi...

December 12, 2016

The main goal of today's article is to have the IRS owed you money when you file your 2016 tax return. Here's a tip we would like to share with you... IRS Reg 1.263 contains a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up...

November 28, 2016

Today I received an email from a client. The holiday seasons are around the corner and she wants to know if she buys employees gift cards or gift certificates, does she need to report those as income to her employees? I have decided to record a short YouTube video on h...

November 10, 2016

Many business owners are asking, now that Donald Trump is elected, what changes can we expect going forward? Will we be paying less taxes? Below we provide you a summary of what he has proposed:

  • Different tax rates - Our tax brackets now range from 10% to 39.6%. Tru...

October 19, 2016

Business owners are always looking for more ways to maximize their deductions so that they can lower their taxable income. Today, a client is planning to travel in December to meet a friend/business partner and he would like to find out whether he can deduct his trip e...

October 13, 2016

Business owners are always looking for more ways to maximize their deductions so that they can lower their taxable income. Today, a client asked whether it is a good idea for him to sell his personal vehicle to his LLC (limited liability company). In order to maximize...

August 17, 2016

Running a business is not an easy job because business owners are required to wear multiple hats including sales, marketing, production, collection, customer service and more. Managing cash flow can be a constant challenge for many business owners. Most business owners...

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