Tax Preparer
Conroe Texas 77301
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In a situation when the allowable deductions of a company are more than the taxable income in a given tax period, it brings about a net operating loss for income tax. The idea behind...
Posted by Aurelia E Weems CPA on 01/07/2021
A like-kind exchange makes it possible for people to get rid of their asset and acquire another—a similar one, without incurring a capital gains tax liability from selling off...
Posted by Aurelia E Weems CPA on 01/01/2021
We classify a revenue ruling as a public decree from Uncle Sam that has the backing of the law. A revenue ruling states out IRS's tax laws in a way that is easy for people to understand....
Posted by Aurelia E Weems CPA on 12/26/2020
In emergencies, paramedics do come in to save lives as there are extraordinary medical procedures that can be used when crises arise.When a person is in the right state of mind, the...
Posted by Aurelia E Weems CPA on 12/20/2020
Also known as BEAT, Base Erosion and Anti-Abuse Tax is one of the reforms from TCJA (Tax Cuts and Job Act) that apply to some firms who offer "base erosion payments" paid...
Posted by Aurelia E Weems CPA on 12/15/2020
There are several options for deducting interest on student loans and student loan payments from federal income tax returns, including deducting interest on student loans, 529 eligible...
Posted by Aurelia E Weems CPA on 11/30/2020
Anyone that uses funds from a medical saving account or health savings account like an Archer or Medicare MSA, with the firm that administers it must reflect this in Form 1099-SAThere...
Posted by Aurelia E Weems CPA on 11/25/2020
The participation exemption system will allow the United States to transition to a quasi-territorial system that will effectively replace the current external tax credit system. Under...
Posted by Aurelia E Weems CPA on 11/17/2020
One of the tax reforms from the 2017 TCJA is a tax credit for all businesses. These are businesses that make available medical or paid leave to employees.Information About the Credit IRC...
Posted by Aurelia E Weems CPA on 11/09/2020
The primary reason why paying taxes scare individuals is the mere fact that you do not understand the mechanisms of it. You end up paying huge taxes every year without investigating...
Posted by Aurelia E Weems CPA on 10/29/2020
A taxpayer who has limited resources but wishes to make a deductible charitable contribution has limited options. While the amount of volunteer charitable work cannot be deducted,...
Posted by Aurelia E Weems CPA on 10/21/2020
The IRS has issued final regulations on qualifying terminated S corporations and cash distributions of such corporations after the PTTP (post-termination transition period). The final...
Posted by Aurelia E Weems CPA on 10/15/2020
Bonds are bought and sold in large quantities in the United States and around the world. Some stocks are easier to buy and sell than others, but that doesn't stop investors from...
Posted by Aurelia E Weems CPA on 10/01/2020
You might like the challenge of doing your own taxes, but for people who do not have the time or the patience to tackle such a challenge, hiring the services of a tax professional...
Posted by Aurelia E Weems CPA on 09/25/2020
Original issue discount (OID) occurs when companies sell securities at a reduced price. Sometimes bonds are sold at a value lower than the value declared at maturity; the difference...
Posted by Aurelia E Weems CPA on 09/18/2020
Dependents Explained A dependent can be a qualified child or a qualifying relative with a status determined by the Internal Revenue Code (IRC) tests. To qualify for dependent...
Posted by Aurelia E Weems CPA on 09/14/2020
While looking for stocks with high dividend yields to maximize their dividend income, investors must also distinguish between stocks that pay qualified and nonqualified dividends.The...
Posted by Aurelia E Weems CPA on 08/29/2020
An effective tax rate is the rate of your total taxable income that you pay in taxes. This rate is usually significantly lower than your marginal tax rate, which depends on your tax...
Posted by Aurelia E Weems CPA on 08/24/2020
For 2018 and 2019, the child tax credit rose from $1000 to $2000 per child, following the President's new tax law. With qualified dependent children, you might also qualify to...
Posted by Aurelia E Weems CPA on 08/19/2020
All countries tax the income of multinational corporations within their borders. The United States also imposes a minimum income tax that U.S. multinationals get in low-tax foreign...
Posted by Aurelia E Weems CPA on 08/07/2020
The Paycheck Protection Program (PPP) is a form of financial assistance that many companies applied for to keep them afloat. The Paycheck Protection Program (PPP) is a loan designed...
Posted by Aurelia E Weems CPA on 07/24/2020
Your personality can be seen with how you treat your monthly credit card bill. Either you offer a seat on the bus when there is an older person standing or scream on the top of your...
Posted by Aurelia E Weems CPA on 07/16/2020
Money is one of the number one reasons why couples argue. If you are having a lot of misunderstandings and fights with your spouse, you are not alone. You can see a few spats when...
Posted by Aurelia E Weems CPA on 07/16/2020
Every sale you make translates to income, and with every income, you must pay taxes. This also applies to small businesses. What makes the difference in the amount of tax you pay is...
Posted by Aurelia E Weems CPA on 07/09/2020
On Tuesday, March 17, Mnuchin's secretary of the Treasury announced an extension of 90 days to make tax payments in response to the coronavirus pandemic (COVID-19). On Wednesday,...
Posted by Aurelia E Weems CPA on 06/22/2020
The recent rally allowed Bitcoin to record the biggest four-hour candle close since March 12, as well as the feeling that the cryptocurrency market is recovering to pre-fall levels. ...
Posted by Aurelia E Weems CPA on 06/22/2020
Stay away from these mistakes to save money and prevent tax fines as failure to file a tax return can cost you dearly. You may lose a larger refund than requested, you may incur more...
Posted by Aurelia E Weems CPA on 06/11/2020
Are you ready to file your income tax return? I know: it's always the start of the season. But if you owe taxes, you pay what you owe on tax day. And you don't have to submit...
Posted by Aurelia E Weems CPA on 06/11/2020
You can get federal tax exemptions for homeownership if itemizing deductions from the 2019 tax return makes financial sense.While homeowners' tax deductions can reach thousands...
Posted by Aurelia E Weems CPA on 05/17/2020
A severance tax is like an excise tax applied by the state government to the value of nonrenewable natural resources. The resources in this category are metals, timbers, oil, natural...
Posted by Aurelia E Weems CPA on 04/02/2020
There are many reasons a small business might decide to convert their C Corporation to a limited liability company. Although many do this to avoid double taxation and also protect...
Posted by Aurelia E Weems CPA on 04/02/2020
Fixing a tax problem can be an overwhelming task, especially if you are not conversant with tax laws and the ways of the IRS. The good news, however, is that there are proven ways...
Posted by Aurelia E Weems CPA on 02/18/2020
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