Over 10 million taxpayers apply for a tax extension every year. While a tax return extension for the 2016 tax filing deadline gives Form 1040 filers an additional six months to get their tax forms and filings together, they still need to complete their 2016 tax return by the extended tax deadline. S-Corporations, Estate and Trust, self-employed and small businesses, Gift Tax, Corporations, Partnerships also have their extended IRS tax form returns fast approaching
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Sean K. Butler, CPA, LLC, a Houston accountant, provides a full array of accounting and tax services for professional small businesses. He will help sort through your liabilities, assets, and deductions such as self-employed business expenses, small business deductions, small business write-offs, and small business revenue.
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Tax Planning What does the term “tax planning” mean to you? Does it mean saving your receipts and keeping track of your expenses and income? Or is much more than that? The answer is yes. It is much more than just keeping track of your income and expenses. Tax planning is the practice of effectively …
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Oil and Gas Accounting: Tax Depletion What is oil and gas tax depletion? Depletion is “the process of associating the capital costs of finding and producing minerals with the production of the minerals.” Uh huh….so what does that mean? Oil & Gas Accounting rules say that you must capitalize all of the costs incurred to acquire, …
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Texas Franchise Tax Business taxes are not only costly to growing businesses, but as with other taxes, have a tendency to be confusing. Take for instance Texas Franchise Tax. The most common understanding of the word, “franchise,” is a business who buys the right to use the branding, systems, proprietary knowledge, processes, and the right …
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It is safe to assume that most taxpayers dislike paying taxes and hate paying IRS penalties, especially when the penalties seem unjust.
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C corporations, S corporations, limited liability companies, limited partnerships, professional corporations, nonprofit organizations, and even sole proprietors filing a schedule C with their personal return all may be questioned by the IRS regarding profits, losses, and even whether the activity is a business or a hobby.
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1099 Reporting for Attorneys Most attorneys know that Forms 1099 are issued in January for the prior year with a copy sent to the IRS, but many attorneys are not familiar with their 1099 reporting requirements. Contingent fee attorneys are most at risk when it comes to penalties and tax issues related to failure to …
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What is a 1099 and who must send Form 1099 to others? There are two cases: • Businesses. You must report payments to others for services. • “Nominee” amounts. If you are named as receiving income, but part of the income belongs to another, you are a nominee. You must send Form 1099 to the …
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Tags: Accounting Principles, corporate income tax, Corporate Tax and Income Tax, Houston Tax Service, IRS notice, small business accounting, Tax accounting, tax return, What is an audit?
It’s nearly Tax Day. If you’re like me, you’re not ready to pop your return in the post just yet. That’s right: like more than 10 million other taxpayers, I file for an automatic extension virtually every year. Don’t get all judge-y. There’s no need. There are lots of legitimate reasons why taxpayers need more …
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Corporations are taxed differently than other business structures: A corporation is the only type of business that must pay its own income taxes on profits. In contrast, partnerships, sole proprietorship, and limited liability companies (LLCs) are not taxed on business profits; instead, the profits “pass through” the businesses to their owners, who report business income …
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Whether you keep your small business accounting books on paper, through computer software, or hire an accountant or bookkeeping expert, proper bookkeeping practices are important to the operation and survival of any business. Without them, your business is susceptible to not only cash flow issues, but potential legal problems as well. Small business accounting and …
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As a small business owner here in Houston, you are an expert in your field. You know your industry, but you may have challenges with accounting issues. Financial statements such as balance sheets may be a little confusing. I hope you will find my blogs helpful. You may make an appointment with me for a …
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Understanding financial statements is essential to the success of any business, small or large. They can be used as a road map to steer you in the right direction and help you avoid costly breakdowns. Financial statements have a value that goes far beyond preparing tax returns or applying for loans …
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I find that many clients and potential clients in the real estate industry in Houston, along with others who have exchanged real estate in the past year, ask me whether or not their transaction is eligible for a 1031 exchange. The primary 1031 exchange rules and requirements are: …
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