Houston Tax Attorney Keith Cothroll words to live by.
Identity Theft and the IRS: What options do you have when you are a victim of identity theft?
Identity theft comes in all shapes and sizes and I’ve seen it all in my practice. Typically, I’ve seen cases where someone’s social security number is stolen and someone else uses it to gain employment. 1099’s or W-2’s are generated and...
Employers who provide paid family and medical leave can take advantage of a new tax credit!!
The credit will be available from the 2017 tax year and be phased out currently in the year 2020. ELIGIBILITY: To be eligible for the credit, there must be a written policy that includes at least two weeks of paid family and medical leave for full time employees and...
New Tax Scam Alert! Emails from the “IRS” discussing tax transcripts
The IRS has issued a new alert about the latest tax scam in which an email which purports to be from them is asking the taxpayer to follow a link in order to get a tax transcript. THE IRS NEVER EMAILS TAXPAYERS DIRECTLY!!!! IT IS A FAKE!! So, be mindful of any emails...
Child Tax Credit increased and new credit for other dependents in 2019
The IRS has made some favorable changes to the Child Tax Credit for 2019 and simplified a credit for other dependents as adult children and your elderly parents. CHILD TAX CREDIT INCREASED TO BENEFIT HIGHER INCOME TAXPAYERS The IRS has increased the AGI phaseout for...
New changes in store for 401ks and IRA’s in 2019!!
2019 has many changes in store for 401ks and IRA’s. A few of those key changes are: Employees who contribute to a 401k are now limited to $19,000.00 a year from $18,500.00. 401ks: IRA annual contribution limits are increased to $6,000.00 from $5,500.00. The...
Why it’s important to pay estimated taxes if you are self employed and/or receive a 1099
As we get nearer to the end of the year and the upcoming tax season next year, it’s really important to talk to you about estimated taxes. If you are paid by w-2 or otherwise have taxes withheld by your employer, then this post is not going to apply to your...
New tax law makes itemized deductions virtually meaningless
The Tax Cuts and Jobs Act increased the standard deduction from $6,500 to $12,000 for single filers and $13,000 to $24,000 for taxpayers who are married filing jointly rendering the itemized deductions under Schedule A virtually meaningless for most taxpayers. Unless...
New tax law lets businesses depreciate their assets 100%
The Tax Reform Act of 2017 made some changes to the depreciation rules for businesses. Under certain conditions, a business can deduct all of the depreciable assets of in the year that they place the item in service instead of the usual straight line method or other...
IRS issues new guidelines with respect to entertainment expenses and meals
The IRS issued a notice recently (Notice 2018-76) to provide guidelines for taxpayers who wish to deduct entertainment or meals expenses. This notice is temporary until the regulations are written to coincide with the tax law changes made under the Act in 2017....
What do you do with a 1099C anyway??
Have you ever received a 1099C for cancellation of debt and wondered what to do about it? Well, for starters, the reason why you likely got the 1099 C is because you negotiated your credit card down or any other debt that you have for less than what you legally owed...