AustinTaxCPAs
Things To Know: Like-Kind Exchanges (§1031 Exchange)
A sale + reinvestment does not qualify You need to exchange one property for another property. This is generally done through a...
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AustinTaxCPAs
Jan 12, 20221 min read
Sample Common Business Forms
IRS EIN Letter/ Form SS-4 Texas Webfile Letter Texas Filing Evidence Sample Operating Agreement
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AustinTaxCPAs
Dec 6, 20214 min read
Hobby Loss Exposure (IRC §183)
June 2023 Tax Court Case: Tax Court TC Memo 2023-81 Swanson VS. Commissioner 🎣 Recreation Fishing Boat Business ❌ Taxpayer loss While...
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AustinTaxCPAs
Nov 30, 20211 min read
The Laws of Tax Planning
Stolen from the Great Peter J Reilly, CPA 1) It Is What It Is. Deal With It. The tax code is illogical. 2) Sometimes It's Better To Just...
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AustinTaxCPAs
Nov 9, 20211 min read
COVID Retirement Distribution (2020 Only): How To Qualify
CARES Act CARES Act relief, you qualify for a coronavirus-related distribution if you, your spouse, or your dependent is diagnosed with...
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AustinTaxCPAs
Aug 3, 20213 min read
Our Partnership With Xpitax
One of the most challenging aspects of owning a CPA firm is hiring from a historically tight and competitive labor market. It creates a...
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AustinTaxCPAs
Jul 28, 20212 min read
New For 2021: Advance of Child Tax Credit
From July - December, the IRS is sending taxpayers an advance of their 2021 Child Tax Credit in the form of check or direct deposit What...
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AustinTaxCPAs
Jun 10, 20211 min read
TaxIQ: Installment Sales - 7 Things to Know
1. Cannot use method if a “dealer" ***A dealer is someone in the business of buy and selling something, so a house-flipper can’t do...
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AustinTaxCPAs
Apr 22, 20212 min read
Self-Employed Sick and Family Leave Credits
Paid sick and family leave is available to self-employed individuals. You receive sick pay from the government in the form of a reduced...
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AustinTaxCPAs
Mar 31, 20211 min read
A Tax Season Unlike Any Other
There has been a lot going on in the tax world! The IRS has extended the 2020 filing deadline for all taxpayers to May 17, 2021, partly...
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AustinTaxCPAs
Mar 31, 20211 min read
All Returns Have More Complexity & More Tax Saving Opportunities
There has been several major pieces of tax legislation in the last 13 months: Tax Legislation Of The Last 12 Months Families First...
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AustinTaxCPAs
Mar 31, 20211 min read
IRS Extends Some Deadlines
Extended Deadlines Personal Returns: 5/17/2021 HSA & IRA Contributions: 5/17/2021 Texas Franchise Tax: 6/15/2021 Unaffected Deadlines...
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AustinTaxCPAs
Feb 13, 20211 min read
Create IRS Account to See Stimulus Payments & ES Payments
Creating an IRS account to view information (such as stimulus checks) only takes a few minutes: You will need: Name & Personal...
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AustinTaxCPAs
Jan 19, 20211 min read
Create a QuickBooks Backup File (.QBB)
How to Create a .QBB file: 1) File: Backup Company: Create Local Backup 2) Save the QBB (remember where you save it on your computer) 3)...
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AustinTaxCPAs
Jan 18, 20211 min read
Where To Locate Tax Document Checklist
Simplified Checklist Our portal has easy access to your tax document checklist: 1) Log in to SecureFilePro™ portal 2) Click ✅"Checklist"...
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AustinTaxCPAs
Dec 30, 20201 min read
Apply For EFTPS Account For Estimated Tax Payments
Having an EFTPS account allows us to see your estimated tax payments; this comes in handy when preparing your tax return & calculating...
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AustinTaxCPAs
Dec 29, 20201 min read
How to Run Profit & Loss Report by Quarter & Compare to 2019
QuickBooks Online: 1) Profit & Loss (This Year To Date) 2) Display Columns By: Quarter 3) Compare Another Period: Last year, % change...
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AustinTaxCPAs
Dec 26, 20200 min read
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