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KLSM CPA Firm PLLC

Tax Preparer
Houston Texas 77054

8322245029 Click to dial

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Listing Represents
Company
First Name
Krystin
Last Name
Mitchell
Company Name
KLSM CPA Firm PLLC
Your Position
Owner
Best Describes You
Tax Preparer
Phone Number
8322245029
Emails Sent To

Where Are You Located?

Address Line 1
2656 S Loop W
Address Line 2
Suite 200
City
Houston
State
Texas
Country
United States
Postal Code
77054

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Hours of Operation
M-F 9:00am - 4:30pm
Accepted Forms of Payments
Square, PayPal, visa, MasterCard, and American Express
Fee Structure
Flat fee
Credentials
Certified Public Accountant (CPA)
Certified Fraud Examiner (CFE)

About KLSM CPA Firm PLLC

KLSM CPA Firm PLLC partners with small businesses and individuals to provide strategic accounting and tax solutions. We take a proactive approach by not only focusing on compliance but we also recommend tax saving strategies to legally reduce your tax liability. Our goal is to educate the taxpayer and build meaningful relationships as their trusted tax professional.

We enjoy providing timely and professional tax and accounting solutions so that business owners can focus on what's important; running their business and achieving their goals. We add value to our clients by listening first and then tailoring our services to the needs of the client. 

KLSM CPA Firm PLLC Member Articles


Do Realtors Get 1099s? A Comprehensive Guide to Tax Reporting for Real Estate Professionals

Tax season can be a stressful time for many, and real estate professionals must understand their tax obligations. Whether you're a real estate agent, broker, or real estate investor,...


How to Avoid Costly Mistakes When Dealing with the IRS

Dealing with the Internal Revenue Service (IRS) can be a daunting and often stressful experience, but it's a necessary part of life for all taxpayers in the United States. The...


What You Need to Know About Stretch IRAs

When planning for your retirement and thinking about how to leave a financial legacy for your heirs, understanding the concept of Stretch IRAs is crucial. A Stretch IRA, also known...


What Happens to Your 401(k) Loan if You Get Laid Off

Losing your job can be a stressful and uncertain experience, especially when it comes to your finances. If you've taken out a 401(k) loan and suddenly find yourself laid off, you...


Shielding Your Wealth: Understanding Dividends the IRS Can't Touch and Why

When it comes to managing your finances and building wealth, understanding the intricacies of the U.S. tax system is paramount. Dividends, which are typically taxable income, are a...


How to Avoid Early Retirement Withdrawal Tax Penalties

Planning for retirement is a crucial financial milestone, and early withdrawals from retirement accounts can result in significant tax penalties. These penalties are designed to discourage...


Understanding Tax Refund Advance Loans

Tax refund advance loans have gained popularity as a means to access your anticipated tax refund before it arrives. These loans can provide financial relief during tax season, allowing...


A Comprehensive Guide on How to Avoid E-File Extension Rejection

In today's digital age, filing your taxes electronically (e-filing) has become the preferred method for both individual taxpayers and businesses. E-filing offers convenience, speed,...


Buying a House in Cash vs. Mortgage: A Comprehensive Financial Comparison

Purchasing a home is a significant financial milestone, and one of the most fundamental decisions you'll face is how to finance your purchase. While many homebuyers opt for a mortgage...


Protecting Your Finances: What to Know About Identity Fraud

Identity fraud, also known as identity theft, is a pervasive and ever-evolving threat with severe financial and personal consequences. In today's digital age, where personal information...


Applying for Payroll Tax Delinquency

Payroll taxes are a vital part of any business, serving as the financial lifeblood that supports essential programs like Social Security and Medicare. However, circumstances can arise...


How Much Is Adoption Tax Credits?

Adoption can be an emotionally rewarding journey, however, it can also come with significant expenses. To help alleviate the financial burden associated with adoption, the United States...


What To Know About The Bitcoin Crash

Bitcoin’s value has fallen by more than half its value in November 2021, and this has caused the entire cryptocurrency market to crash. Bitcoin’s crash has affected other...


Comprehensive Guide to Education Tax Benefits: Maximizing Deductions & Credits

As tax season approaches, it's essential to understand the various education tax benefits available to taxpayers. The Internal Revenue Service (IRS) offers several deductions and...


How To Classify An Employee VS Independent Contractors

In the US tax system, distinguishing between employees and independent contractors is essential because it determines how people are classified for tax purposes. In addition to outlining...


Filing Multi-State Tax Returns: A Comprehensive Guide

Filing taxes can be complex, and it becomes even more intricate when you have income in multiple states. If you've earned money or conducted business in more than one state during...


Dependent & Taxes

When it comes to paying taxes, having dependents can significantly impact your tax situation. With dependents you can qualify for certain tax deductions and benefits, both of which...


A Comprehensive Guide to Small Business Home Office Expense Write-Offs

For small business owners, operating from a home office can offer flexibility and cost-saving benefits. The Internal Revenue Service (IRS) also allows eligible small business owners...


How To Resolve Unreported Payroll Taxes

Resolving unreported payroll taxes is an extremely important matter that requires proper action and urgent attention. With that in mind, this article will provide a step by step guide...


Unveiling the Truth: An In-depth Look at Marriage Tax Penalties

Taxation is a complex system that impacts various aspects of our lives. One area that often draws attention is the issue of marriage tax penalties. Many individuals believe that tying...


Penalties for Not Reporting Income to the IRS: Understanding the Consequences

Accurate reporting of income to the Internal Revenue Service (IRS) is an essential responsibility for every taxpayer. Failure to report income can result in significant penalties and...


Comprehensive Tax Advice for Resident & Non-Resident Aliens

Navigating the U.S. tax system can be complex for both resident and non-resident aliens. With various rules and regulations, individuals must understand their tax obligations and take...


IRA Rollover Rules: Important Things to Note

 One of the smart money moves one can make toward retirement is to roll over your 401(k) to your Individual Retirement Account (IRA). This is especially good for people adjusting...


Understanding Opportunity Zones: A Path to Tax Advantages & Community Development

To revitalize economically distressed communities across the United States, the federal government introduced the Opportunity Zone program as part of the Tax Cuts and Jobs Act of 2017....


Examples of Miscellaneous Expenses

The term "miscellaneous expense" refers to a broad range of expenses that individuals and businesses may incur throughout the course of their operations. While some miscellaneous...


Do You Need to Pay Nanny Taxes?

People who hire household workers, like gardeners, caregivers, housekeepers, etc., will pay an employment tax called the nanny tax. The threshold for the 2023 tax year is $2,600, and...


What to Know About IRS Installment Plans

IRS  plans are a popular method for taxpayers to pay off their tax debt over a while. An installment plan allows you to pay off your tax debt in smaller, more manageable payments...


Wash Sale Rule Explained

When it comes to tax planning, one of the critical considerations is how to minimize your tax liability. However, tax planning requires understanding the tax laws and regulations governing...


What Companies Should Know About (BEAT) Base Erosion & Anti-Abuse Tax

In recent years, the Base Erosion and Anti-abuse Tax (BEAT) has become an important consideration for many companies operating in the United States. BEAT was introduced in the 2017...


Employer Credit for Paid Family & Medical Leave (IRC 45S)

The labor market is a tight space with talented workers making it a competing ground for companies. Thus, the tax system has tax credits to assist employers in providing for their...


Buying & Selling of Bonds: Everything You Should Know

Buying and selling of bonds is accessible through primary public issues, secondary markets, or from the exchange (NSE / BSE). Government bonds with taxation rates are available on...


Tax Advantages & Disadvantages of an LLC

Limited Liability Companies (LLCs) have become popular among business owners in recent years. One reason for this is the tax advantages and disadvantages of an LLC. In this article,...


Overcoming Money Conflicts With Your Partner

Finance is a major concern in a relationship. Money can lead to many troubles in marriage, leading to an explosive argument. Some couples face money problems from spending habits,...


Understanding Small Business Sales Tax

Small business sales tax is a tax levied on the sale of goods and services by businesses. It is an important source of revenue for many state and local governments and is usually collected...


Understanding Higher Standard Deductions

Higher standard deduction comes with itemizing deduction. According to the IRS, the method reduces your federal income tax, which has dragged more than 30% of taxpayers to the itemizing...


Taxable & Non-Taxable Income & Their Differences

Income can be categorized into two main categories: taxable and non-taxable. Taxable income refers to the amount of money earned that is subject to income tax by the IRS. On the other...


5 Education Tax Credits and Deductions You Can Claim for 2022

Education tax credits and deductions can provide significant tax savings for individuals paying for higher education expenses. For the 2022 tax year, there are two main education tax...


Standard Deduction vs. Itemized

Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...


What to do when you owe the IRS?

Owing the IRS is not what an American citizen hopes for, but there comes a time it happens, and might be out of your hands. The consequences are flexible at first, but the tail is...


Finding Errors on IRS Form 1099 & How to Fix Them

The law mandates every business owner to report taxes of non-employees and others on form 1099. Some common errors on the form must be corrected or reported to the Internal Revenue...


The Advantage of Filing Married Taxes Jointly

Many married couples prefer using the joint filing status to file tax returns. In essence, you or your spouse can file the tax return. Married couples using the joint filing status...


Some Tips on How to Protect Your Wealth

A wealthy person needs accurate decisions to be able to continue growing in wealth and also have enough left to pass down to future generations. Unfortunately, statistics show that...


Living in a Community Property State & its Tax Issues

Spouses who live in one of the nine community property states must classify their income as community income or separate income when filing separate federal income tax returns. In...


What is Form W-4? Here is Your Simple Guide.

IRS Form W-4 informs your employer how much income tax to withhold from your pay. You will need to complete one when you start a new job. You can also send a new W-4 to the human resources...


What is a Health Reimbursement Agreement (HRA)

If you're a small business owner, you may be looking for ways to stand out in the hiring process or to keep hard-working employees at your company. One of the ways to achieve this...


How Are Qualified & Ordinary Dividends Taxed?

The tax treatment of dividends in the United States depends on whether the IRC (Internal Revenue Code) classifies them as qualified or ordinary dividends (also called non-qualified...


The Top Tax Breaks for Disabled Veterans

The US government offers various tax breaks and deductions for disabled veterans. When taking advantage of the available tax breaks, follow our guide to ensure you get the benefits...


How Long You Are Required to Keep IRS Records

Every time you file your taxes, a trail of paperwork is involved. Once you've settled with the IRS, you might be tempted to throw away all those documents. But the IRS recommends...


Car Expenses You Can Deduct for Business Driving

Business owners benefit from driving themselves or their employees for business purposes because of the tax deduction it attracts. The IRS allows business owners to deduct their returns...


Who Can Claim Tax Preparation Fees?

There is a chance to claim tax preparation fees as a self-employed. The opportunity is a big gap with benefits, but you need to know how to fill the gap to harness the benefits. So,...


How to Adjust Tax Withholding From Your Paycheck

Managing your taxes is as much about planning for next year as it is about completing and filing your taxes this year. Life does not stop. Your income or deductions may change, but...


Tax Resolution: Minimize Large Tax Debt

Tax resolution maximizes your chances of settling your tax debt and trying as much as possible to avoid the IRS. Unfortunately, there are only a few reasons that will warrant a contact...


Know Your Tax Breaks If You Work In Gig Economy

The gig economy applies to people ranging from freelance consultants to Uber drivers or full-time employees who do a side hustle. The tax returns are different whether you're paid...


Dealing with IRS Trust Funds

Small businesses usually run into problems because of the IRS Trust fund. The money held by the employer in trust is used to pay the employee’s Social Security and Medical taxes....


Top Tax Filing Mistakes to Avoid

Taxpayers find filing taxes hectic because it consumes more than thirteen hours of their time. The time consumed can extend beyond those hours depending on the complexity of your financial...


8 Levels of Financial Freedom

When was the last time you woke up on a beautiful morning and felt happy and light, free from everyday rigmarole? You must have felt this when you were on vacation, and it was because...


Clever Ways to Teach Kids About Money & Savings

Children who learn to save from an early age have a huge advantage over their peers when they learn how to manage their money. But this does not happen automatically. Parents and guardians...


Penalties For Late Filing of Form 5500 or 5500-EZ

Most people don't understand the late-filing penalties associated with Form 5500 (including 5500-EZ and 5500-SF). Why should they?But once you file late (or do not file at...


What to Keep In Mind With a 1035 Annuity Exchange

This guide will tell you everything you need to know about 1035 exchanges: how they work, the different types, and how to assess whether a 1035 exchange is right for you.What is a...


What To Know About Disability & Earned Income Credit?

As taxes are concerned, individual taxpayers, service providers, and organizations are privileged to know about the Earned Income Tax Credit (EITC) and disability. The EITC has a significant...


How Can I Prepare My Home Office for Tax Purposes?

What is the Home Office Deduction, and who is eligible?The home office deduction is a tax deduction available if you own a business and use part of your home for your business. Your...


The Downside of Taking Out a Mortgage.

Purchasing a home is often the most important financial decision of our lives, and for most of us, that means getting a mortgage. Mortgages can mean long-term borrowing at a relatively...


Residency Rules for Military Spouses

Military spouse residency is common among military personnel. The tax law created the residency relief act to assist military spouses. You may be wondering what it is for and what...


Types of Retirement Accounts Explained & Broken Down

Understanding how to plan for retirement doesn't have to be difficult. The various available retirement plans are easier to comprehend than you might think, although each has its...


How to Apply For Kiddie Tax & What to Know About it

The kiddies tax law started in 1986 to prevent parents from hiding taxable funds under their children's names. Parents were fond of transferring money to their kids' accounts...


Understanding the Sources Of PSI (Personal Service Income)

Everyone has once thought of a way to reduce their taxable income. Taxpayers at times go as far as protesting for tax reduction. Some think of a filing structure that reduces tax....


Alimony Income & How to Report it

The rules for filing alimony income on your tax return changed with the 2019 fiscal year. Alimony income or payments are no longer tax-deductible, and the receipt of alimony is not...


What is a Leveraged Loan?

This is a type of loan given to businesses or individuals who already have large debts or bad credit history. Lenders view leverage as a higher risk of default, and therefore leverage...


Understanding The Difference Between Bookkeeping & Accounting

Accounting and bookkeeping are vital functions for your business, but they are not the same, contrary to popular belief. To help shed some light on this topic, let's explain the...


5 Tax Tips for Small Business to Save Money

Small businesses have other tangible struggles in the economy. Owners of these businesses are looking for ways to cut expenses while saving more. And one of the ways to reduce costs...


What You Should Do If You Have Not Received Your Refund

Tax refunds are issued a few weeks after returns have been filed. But due to Covid-19, it takes much longer than a few weeks now. IRS says tax refunds are issued within 21 days. But...


What to Know About Unclaimed Property Tax

Unclaimed properties are everywhere, not only in the United States but all over the world. Every country has laws for unclaimed properties to help the proprietor locate the lost or...


Higher Education Expenses Eligible for Tax Breaks

If you decide to go back to school or help pay for the tuition of a child or grandchild, keep in mind that certain types of expenses may qualify for special tax treatment. Many pension...


Social Security Considerations You Need to Understand After a Divorce

According to the Social Security Administration statistics, over 90% of American workers are enrolled under the social security services scheme. If you’re here, you are either...


What Gifts Are Subject to Gift Tax?

The federal gift tax is intended to prevent taxpayers from disposing of their assets tax-free during their lifetime, which would prevent their assets from being subject to tax on death....


What is the True Cost of Payday Loans?

A payday loan is a short-term loan with high fees for a small amount, usually $500 or less, which must be repaid with the borrower's next salary. Payday loans only require ID,...


Income Tax Versus Capital Gains Tax: What's the Difference?

Income tax is paid on earned income, interest, dividends, royalties, or self-employment in the form of services, money, or goods. Capital gains tax is paid on income from the sale...


Getting Your Personal Credit History in Place Before Applying for a Loan

Whether a bank or a financial institution, depending on the lender, there are various requirements for obtaining a loan. However, there are essentials that the firm always puts into...


Tax Deductions VS Income Tax Exemptions & What You Need To Know

The term ‘income tax' means a lot of things to various people, possibly because there are similar technical terms like tax benefit, tax deduction, income tax exemption, and...


All About Abatement

An abatement is simply a deduction/reduction or, in some cases, an exemption in the taxation level allocated to an individual or organization. Some examples of abatement include; a...


What To Do If Someone Claimed Your Dependent

Ever been in a situation where you tried to file your tax return, and the response you got when you filed an electronic file was a rejection message. A typical example of the rejection...


Are Sexual Abuse Settlements Taxable?

Sexual abuse is a widespread problem affecting millions worldwide, not just in the United States. It can happen to anyone, regardless of gender, age, or social status. Victims of sexual...


The IRS Direct Payment System

Paying your taxes when due means you don't accumulate penalties and extra charges. Failure to file tax returns or pay due taxes in full also attracts charges.Some people default...


Last-Minute Tax Tips to Maximize Your Savings

April 15th is just around the corner, and if you're like many people, chances are your tax preparation is somewhere between mild disarray to frantic, panicked scrambling. There's...


Would you be financially prepared for a recession?

The question has never been more appropriate since the coronavirus turned the world on its head in 2020. But the motto of the Boys' Scouts remains ever relevant: Be PreparedBut,...


Red Flags That Could Trigger an IRS Audit

The IRS is a name every taxpayer and accountant hears every day. The IRS reviews the taxpayer's account and financial information to ensure the rules are followed. The IRS can...


Estate, Gift & GSTT Taxes

The federal government imposes taxes on free property transfers made during the lifetime (gifts) or in the event of death (bequests/devises) that exceed certain exemption thresholds....


Should You do Your Taxes on Your Phone?

Another year has rolled around, and soon, it will be time to settle your taxes. While your various tax return forms would be coming in the mail, you will have to determine beforehand...


Will You Pay Taxes on Life Insurance?

axes for life insurance are not straightforward. One might not know what lies ahead; it may be a huge tax bill or a tax-free income. However, you will not pay federal income tax...


Understanding all About CPA's

When a person becomes a CPA (Certified Public Accountant), they have attained a highly desirable rung in the accounting ladder. The reason for this is that, as a CPA, the person has...


What are the Rules of LLC tax filing?

The type of business you own determines what your tax returns will be like to a large extent, whether your taxes will significantly be reduced. Let’s start by defining what LLCs...


Ways To Avoid Living From Paycheck-To-Paycheck

A recent survey by careerbuilder.com said that about 80% of workers live from hand to mouth, including six-figure earners.One of the reasons for this may be that many people usually...


Foreign Tax Credit: What Expats Should Know

Every US citizen that wants to live in another country should consider learning what the Foreign Tax Credit Entails and how it works. It also applies to all citizens that desire to...


How To Bounce Back From Bankruptcy.

Bankruptcy is not a pleasant experience and is often caused by different reasons. However, apart from the disadvantages bankruptcy may bring, such as ruined credit, it can also offer...


Tax Deductions Seniors & Retirees Need to Know About

No one is ever excited at the thought of paying taxes. Indeed, sending a portion of your earnings to Uncle Sam might not sit well with many. The consolation, however, is in the fact...


Factors That Can Disqualify You From Unemployment Benefits

There are various rules for unemployment benefits which vary from state to state. As a result, something that will disqualify you in one state might not work in another. This makes...


Tax Filing Requirements for Children

The IRS requires all taxpayers to file an income tax return, regardless of their age.The Internal Revenue Service (IRS) requires all taxpayers, regardless of their age, to file an...


Getting Your Credit History in Place before Applying For a Loan

Before thinking of applying for a loan, you need to be aware that you would require some credit history. Some people may have a bad credit history, while some may not have a credit...


What are the Best Investments for Beginners to Make?

With the stock market doing well and various investment opportunities coming up, a person new to the world of investing might be eager to participate but may not know exactly where...


Debt Trap & How to Avoid Getting Into It

The concept of saving money involves letting go of what you want at the moment for a better future. However, with the introduction of credit cards, loans, and EMI schemes, people can...


How to Prepare for Your Upcoming Retirement

For people that have worked for decades, it is possible to see their retirement on the horizon. Everyone who wishes to retire within the next ten years needs to consider some steps...


An Overview of Excise Taxes for Small Businesses

As a small business owner, you want to know the type of taxes you should pay, and an excise tax is one of such taxes. Excise taxes are the extra tax added to particular products or...


Is Spousal Support Taxable?

After a divorce or separation, the spouse's primary earner or provider gets to pay the other partner alimony, spousal maintenance, or spousal support. Such payment aims to enable...


Situations When Going into Debt is Advisable

Debt is not necessarily bad as it can either cause harm or help someone, depending on how it is used. This is not about going into high-interest debt but considering and leveraging...


Taxpayer Rights When Dealing With IRS

It's pretty easy to feel helpless regarding an Internal Revenue Service (IRS) audit or threat letters and accusations based on outstanding tax obligations. What is your best option...


What You Need to Know About Medicare Savings Programs

What Are Medicare Savings Programs?If your family's income and resources fall below certain levels, you may be eligible for one of five federally funded programs to help pay for...


Student Loan Repayment Strategies From the Expert

In paying off student loans, one can use many approaches. While a borrower might consider a repayment plan hinged on income to take care of their monthly bill, another might consider...


Basic Rules of Taxes & Alimony

Alimony, also known as spousal maintenance or support, is the payment that one partner makes to the other after divorce. The idea is to help low-earning individuals take care of expenses...


Bankruptcy & Your Tax Return

These are probably two words you want to see in the same sentence: Bankruptcy and tax returns. Some people panic at the idea of filing tax returns for bankruptcy, but it doesn’t...


How To Set Up a Business in the United States as a Foreigner

Starting a business in the United States as a foreigner can be a tad difficult, but the country makes it very easy to register your business and start a business. Learning English...


Facts About Legalized Wills

There are tax laws regarding everything that has to do with an individual, even in death, and this is where Inheritance Tax applies. It focuses on the trust and tax process about the...


Examining the Pros and Cons of Annuity

For people worried about retirement payment, it is essential to examine the pros and cons of an annuity.An annuity is a type of insurance that gives payment. There is a payment that...


Understanding the Basics of Dividends

While investing in stocks has proven to be the best and easiest way for the average investor to accumulate wealth over the long term, holding stocks with dividend payouts is often...


Financial Exploitation of the Elderly: Red Flags, Prevention & Reporting

Financial abuse of the elderly population has increased, with financial institutions claiming to have quadrupled the number of such incidents between 2013 and 2017, according to the...


Pet Related Tax Write-offs to Consider

Many pet owners consider their domesticated part as part of the family.Uncle Sam, however, disagrees with this claim, which explains why you cannot claim your beloved cat, dog, hamster...


What Are The Flaws of Wealth Taxes?

A wealth tax, unlike income tax, is a tax paid annually on assets including property, real estate, cash in banks, investments, business interests, and whatever you have that is of...


How to Get Your Tax Transcript

A tax transcript summarizes the information on your taxes that supplies past data on your taxes. Tax transcripts exist in five types, and they contain various line items from your...


Important Things Amazon Sellers Need to Know About Filing Taxes

You might be a professional seller on Amazon, or you disposed of a couple of personal items, it is essential to know how to report such earnings to Uncle Sam when it's tax season. This...


Claiming Charitable Donations on Your Tax Return

According to Uncle Sam, charitable contributions are donations or gifts to qualified organizations. However, some rules guide these donations before one can claim charitable donations. Charitable...


Why You Should Work with a Qualified CPA for Your Business Taxes

Tax time is never fun for both businesses and individuals. Filing taxes includes many intricacies like taking care of 1099 for contractors, estimating your tax returns, and taking...


Understanding the Generally Accepted Accounting Principles & Rules

Generally Accepted Accounting Principle (GAAP) refers to a set of rules established to help publicly traded firms establish their financial statement. The rules serve as the foundation...


Warning Signs of Identity Theft to Look Out For

One of the most commonly traded commodities on the dark web is personal information. People use it for identity theft and various criminal acts. Criminals do not mind going to untold...


Thrift Savings Plan

Thrift savings plans are accounts mostly opened by federal employees; it is a contribution that involves consistency and helps you to choose the right fund that helps you to build...


Essential Keys to Successful Debt Consolidation

There are times people are suddenly faced with a financial crisis. In such cases, the primary instinct might be to cut spending and other expenses. While such tactics might help,...


What Is a 457 (b) Plan?

A 457(b) plan is an employer-sponsored retirement savings account with tax benefits. With this plan, you contribute pre-tax money to your salary, and that money will not be taxed until...


How Are Crypto Loans Taxed?

Getting a fiat loan on your appreciated crypto is a great way to withdraw money without paying capital gains tax. This article will analyze several transactions associated with a cryptocurrency...



A Threat From The IRS to Garnish My Wages: What to Do

For people with tax debts, it is possible that Uncle Sam will garnish some part of the wages in a process known as a continuous levy. This happens when someone does not respond to...


Essential Tax Tips for Money Generating Hobbies

Many people have hobbies like playing the piano or bead making simply for fun and do not expect any special monetary compensation from it.   Some hobbies might require a couple...


Energy Tax Credits Small Businesses Should be Aware of

Energy tax credits for businesses are classified as a dollar to dollar deduction on a commercial organization's energy bills. It is usually done at the federal and state level....


When Does It Make Sense to Contribute to a Roth 401(k)?

Many people decide to have financial freedom during retirement. It might also be a good idea to take part in the 401(k) plan sponsored by the employer. This is true when you consider...


What Is The Heroes Act?

The HEART (Heroes Earnings Assistance and Relief Tax Act 2008) Acts provides tax and retirement benefits for service members who are disabled while on active service for more than...


Understanding Installment Sales Taxation

When there is an installment sale for the purpose of tax, the payment for the property sale spans more than one tax year. This was one of congress's actions, which allows taxpayers...


Tax Credits vs. Tax Deductions

There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...


Understanding Per Diem and the Impact of Taxation

People traveling regularly for business will probably incur costs such as lodging, meal, and other miscellaneous expenses, which brings in per diem payments. This is the reimbursement...


What You Need to Know About Tax Liens and Levies

Failure to pay federal income tax can have serious repercussions. Not only will the IRS likely charge you fines and interest on the unpaid balance, but the IRS may also enforce collection...


Recent Updates On Coronavirus Tax Relief

The government recently agreed on the details of a $900 billion coronavirus bill attached to a $ 1.4 billion omnibus that will fund the government for fiscal 2021. Congress also voted...


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