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Our Blog

Not-Being-Insured Penalty Eliminated

Keasler CPA

April 5, 2018

Beginning in 2014, the Affordable Care Act, also known as Obamacare, imposed what a “share-responsibility payment” on taxpayers who did not sign up for minimum essential health coverage. This payment is essentially a penalty for not being insured.

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Cryptocurrencies and Your Taxes

Keasler CPA

April 4, 2018

If you trade cryptocurrencies like Bitcoin you are required to report the transactions for tax purposes.

The IRS wants its cut and you may not know it. Call our office for assistance. Learn more in the video below.

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Tax Filing Deadline Rapidly Approaching

Keasler CPA

April 3, 2018

Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different story...

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Are You Part Of The 1%, When it Comes To Paying Taxes?

Keasler CPA

March 29, 2018

The latest set of figures is for 2015 tax returns and provides some interesting statistics on the adjusted gross income of US taxpayers. See more

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Tax Reform Adds Education Benefit

Keasler CPA

March 29, 2018

Article Highlights:

  • Tax Benefits 
  • Types of Tax-advantaged Education Savings Plans 
  • Differences in Permitted Contributions 
  • Differences in Qualified Education
  • New $10,000 Allowance 

Note: This one of a series of articles explaining how the various tax...

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Estate Tax Exemption Doubled Under Tax Reform

Keasler CPA

March 27, 2018

Article Highlights

  • Estate Tax Exemption 
  • Unused Exemption Portability 
  • Annual Gift Tax Exemption 
  • Check Your Beneficiaries 

Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred...

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Minimizing Tax on Social Security Benefits

Keasler CPA

March 27, 2018

Article Highlights:

  • Income as a Factor 
  • Filing Status as a Factor 
  • Benefits Taxable up to 85% 
  • Base Amounts 
  • Deferring Income 
  • Maximizing IRA Distributions 

How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following...

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What Makes a Great CEO? Personality, Perseverance and Perspective

Keasler CPA

March 22, 2018

If you ever wanted proof that quality company leadership is critical to an organization's success, look no further than the old saying of "people don't quit their jobs. They quit their leaders." To that end, being an efficient CEO involves a lot more than just "having a vision" or "barking orders." It's not about commanding anyone to follow your lead - it's about showing, beyond a shadow of a...

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April 2018 Individual Due Dates

Keasler CPA

March 22, 2018

April 1 - Last Day to Withdraw Required Minimum Distribution

Last day to withdraw 2017’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2017. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became 70½ before 2017 were...

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April 2018 Business Due Dates

Drew Keasler

March 22, 2018

 

April 2 - Electronic Filing of Forms 1098, 1099 and W-2G

If you file Forms 1098, 1099 (other than 1099-MISC withan amount in box 7), or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, January 31 or February 28 was the due date, depending on the form...

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QuickBooks Tip: Get Paid Faster Using QuickBooks

Drew Keasler

March 21, 2018

Are your customers slow about paying their invoices? QuickBooks can help accelerate your receivables.

Your company’s cash flow depends largely on how quickly your customers pay the invoices you’ve sent. And if you’re like most small businesses, those checks tend to dribble in close to—and after—the due date. If you operate on a slim margin, this often...

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Can't Pay Your Taxes by the April Due Date?

Drew Keasler

March 20, 2018

Article Highlights:

  • What to Do If You Can’t Pay 
  • Loans 
  • Credit Card Payments 
  • IRS Installment Agreements 
  • Retirement Funds 

If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax...

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Tax Day Is Just Around The Corner - Are You Ready?

Drew Keasler

March 19, 2018

April 17th is the due date this year, thanks to the 15th falling on a weekend and Emancipation Day in Washington DC observed on Monday the 16th.

Return not finished yet? Still waiting for some missing information?

Better consider filing an extension along with any tax due, giving you until October 15, to file.

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Not Filed Your 2014 Federal Tax Return Yet?

Drew Keasler

March 16, 2018

If you don’t file it by April 17, 2018 you forfeit any refund you have coming.

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11 Tips For Starting And Growing Your Own Business

Drew Keasler

March 16, 2018

Starting a new business can be an exciting and scary process. Here are 11 things you should think about before you take the plunge with your startup.

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Will Your 2018 Withholding Be Right?

Drew Keasler

March 15, 2018

 

Article Highlights:

  • Tax Cuts & Jobs Act
  • Wage Withholding Tables
  • W-4
  • Be Cautious with Adjusted Withholding

Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article),...

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Checking Your Federal Refund Status Is Easy

Drew Keasler

March 15, 2018

Article Highlights

  • 24/7 Access 
  • Quick Posting 
  • Direct Deposit
  • Necessary Information 

If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.


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Where Do You Fall In The Tax Pecking Order?

Drew Keasler

March 13, 2018

Article Highlights:

  • 2015 Overall Filing Statistics 
  • Statistics by Adjusted Gross Income 
  • Percentile Table 

Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for...

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3 Keys to Recognizing an IRS Phone Scam

Drew Keasler

March 13, 2018

The IRS has made great strides in cutting down on tax refund fraud and other IRS scams. But, taxpayers are still falling for some of the schemes. Here are three red flags of a scam.

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Tax Reform Limits Exchanges to Defer Taxes

Drew Keasler

March 8, 2018

Article Highlights:

  • Deferring Tax with Like-Kind Exchanges 
  • Changes Made by Tax Reform 
  • Impact on Trade-ins 

Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in...

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Do You Use Your Vehicle for Business Purposes

Drew Keasler

March 6, 2018

You should know the standard mileage rate for 2018 increased to 54.5 cents per mile.

The standard mileage rate for each year is based on vehicle operating costs in the prior year as determined in a cost study contracted by the IRS.

Tax reform has changed some of the tax rules. Watch below to learn more

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Cryptocurrencies and Taxes

Drew Keasler

March 6, 2018

Article Highlights:

  • Virtual Currency 
  • Valuation 
  • Transactions 
  • Character of the Gain or Loss 
  • Foreign Currency Transactions 
  • Foreign Bank and Financial Account (FBAR) Reporting 
  • Payment for Goods & Services 
  • Acquiring Virtual...

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Learn How Tax Reform Provides a Big Benefit to Many Small Business Owners.

Drew Keasler

March 4, 2018

If you have income from a sole proprietorship, rental, farming or… 
Flow-through income from partnerships, S-corporations or other flow-through business entities or…
REIT dividends, income from publicly traded partnerships or cooperative dividends…
You may qualify for the new Sec 199A deduction.

Learn more below or call this office for assistance.

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Tax Reform Adds New Perks to ABLE Accounts

Drew Keasler

March 1, 2018

Article Highlights:

  • ABLE Account 
  • Tax-Deferred Accumulation 
  • Contribution Limits 
  • Tax Reform Changes 
  • Beneficiary Contributions 
  • Saver’s Credit 
  • Sec. 529 Plan Rollovers 

Note: This is one of a series of articles...

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Living Abroad? Here Is How Tax Reform May Affect You

Drew Keasler

February 22, 2018

Article Highlights:

  • Foreign Earned Income Exclusion 
  • Housing Exclusion 
  • Foreign Informational Reporting 
  • Foreign Corporation Income
  • Foreign Tax Credit 
  • 1040 Changes 
  • Moving Deduction 

Note: This is one of a series of...

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Do You Have Accumulated Deferred Foreign Income? Time to Pay Up!

Drew Keasler

February 19, 2018

Article Highlights:

  • Foreign Corporations 
  • Deferred Dividends 
  • Previous Law 
  • Deferred Income Now Taxable 
  • Reduced Tax Rates 
  • Payment Plan Election 

Note: This is one of a series of articles explaining how the various tax...

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Quickbooks Tip: Using Time Tracking in QuickBooks

Drew Keasler

February 19, 2018

Previously, we learned about getting QuickBooks ready for time-tracking by activating it in Preferences. We also created a record for a service item. Now we’ll actually use that record in the two ways you’ll be using it in QuickBooks: to pay employees for their hourly work and to bill customers for services.

Recording Employee Hours...

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First-Year Start-Up Tax Issues

Drew Keasler

February 19, 2018

If creating a start-up business were an easy thing to do, then a lot more people would be doing it. For those who make the decision to fulfill their dreams and go for it, success relies on being fully prepared. Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether business is booming or they’re struggling to keep their head above water. The best...

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Tax Reform Puts a Cap on Deducting Business Losses

Drew Keasler

February 15, 2018

Article Highlights:

  • Excess Business Loss 
  • Computing the Loss Limits 
  • Net Operating Losses (NOL) 
  • NOL Carryovers 

Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the...

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Surprise! Extender Bill Passed: Do You Benefit?

Drew Keasler

February 12, 2018

Article Highlights:

  • Mortgage Insurance Premiums 
  • Above-the-Line Education Expenses 
  • Exclusion of Home Cancellation of Debt Income 
  • Credit for Nonbusiness Energy Property 
  • Credit for New Qualified Fuel Cell Motor Vehicles 
  • Credit for Alternative Fuel Vehicle Refueling...

Read More...

Business Owners Beware - New Tax Law Severely Limits Entertainment Deductions

Drew Keasler

February 9, 2018

Article Highlights:

  • Business Entertainment Expenses 
  • Business Meals 
  • Directly Related To Test 
  • Associated With Test 
  • Employee Meals 

Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax...

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Personal Casualty Losses Axed by the New Tax Law

Drew Keasler

February 7, 2018

Article Highlights:

  • Casualty Losses 
  • Deduction Suspension 
  • Disaster Related Casualty Losses 
  • Insurance Coverage 

Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as...

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Employee Business Expenses & Tax Reform

Drew Keasler

February 6, 2018

Article Highlights:

  • Miscellaneous Itemized Deductions Subject to the 2% AGI Floor 
  • Employee Business Expenses 
  • Employee Reimbursement Plan (Accountable Plan) 

Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts...

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Learn How Tax Reform May Affect You.

Drew Keasler

February 1, 2018

The passing of tax reform brings many questions and tax planning opportunities. In this short video, we highlight some of the main issues.

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Tax Reform Cracks Down on IRA Recharacterizations

Drew Keasler

February 1, 2018

Article Highlights:

  • Tax Trap 
  • Traditional IRA 
  • Roth IRA 
  • Traditional to Roth Conversions 
  • Undoing a Conversion 

Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act...

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Have Business Income? If So, You Score Big With The New Tax Reform

Drew Keasler

January 30, 2018

Article Highlights:

  • Sec 199A Deduction 
  • Qualified Business Income 
  • Threshold 
  • Specified Service Businesses 
  • Limitations 
  • Wage Limit 
  • Aggregating Amounts 

Note: This is one of a series of articles explaining...

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It's Tax Time 2018

Drew Keasler

January 29, 2018

Tax season officially started January 29, 2018. Watch our helpful video to learn how to prepare for your tax appointment. And most importantly, save on your taxes this year.

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If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips

Drew Keasler

January 25, 2018

Article Highlights:

  • Seriously Delinquent Tax Debt 
  • Exceptions 
  • Passport Denial or Revocation 

As promised several months back, the IRS has begun to crack down on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously...

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Tax Reform Central: All About the Tax Cuts and Jobs Act

Drew Keasler

January 25, 2018

After over 30 years of little changes to the tax code, the “Tax Cuts and Jobs Act” (H.R. 1) delivered a major change to the law for 2018. The changes affect both individuals and business owners, so careful planning and analysis are needed to make the right financial choices. We have compiled the best coverage of the tax reform issues below. Feel free to bookmark this page as we...

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9 Best Ways to Start a Business Budget to Spur and Guide Growth

Drew Keasler

January 24, 2018

Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. There are many elements that contribute to the ability of a company to grow. One key area to focus on is the budget. From the foundation of the business, a well-planned budget can create a financially sound business...

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QuickBooks Tip: Tracking Time in QuickBooks

Drew Keasler

January 23, 2018

 

When you sell a product to a customer, you know it. It goes away, and your inventory count in QuickBooks is reduced by one. This tracking helps you know what’s selling and what’s not, and it signals when a reorder is due.

If your business provides services to customers, though, you’re selling your employees’ time and skills. There’s no...

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Medical Deductions & The New Tax Law

Drew Keasler

January 23, 2018

Article Highlights:

  • Medical Deductions Retained by the Tax Reform Law 
  • Adjusted Gross Income Floor Dropped to 7.5% 
  • The Standard Deduction 
  • Bunching Medical Deductions
  • Unusual Medical Deductions 
  • Medical Dependents 
  • Divorced Parents 

Note: This...

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New Tax Law Cracks Down on Home Mortgage Interest

Drew Keasler

January 16, 2018

Article Highlights:

  • Acquisition Debt Interest 
  • Equity Debt Interest 
  • Consumer Interest 
  • New Tax Law Changes 

Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as...

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2018 Standard Mileage Rates Announced

Drew Keasler

January 11, 2018

Article Highlights:

  • Standard Mileage Rates for 2018 
  • Business, Charitable and Medical Rates 
  • Important Considerations for 2018 
  • Switching Between the Actual Expense and Standard Mileage Rate Methods 
  • Employer Reimbursements 
  • Employee Deductions Suspended 
  • Special...

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2018 Pocket Tax Guide Online Edition

Drew Keasler

January 9, 2018

It has been a busy time for tax-related news and upcoming changes. We have compiled many of the tax changes, deductions and tax rates for easy reference year round. It is more important than ever to plan ahead and review your options to maximize your financial results. Also please visit our side-by-side comparison of 2017 tax law and and the recently enacted "Tax Cuts...

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Tax Time Has Arrived! Are You Ready?

Drew Keasler

January 4, 2018

Article Highlights:

  • It is time to gather your information for your tax appointment 
  • Choosing your alternatives 
  • Tips for pulling your information together 

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Pulling together the records for...

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How Small Businesses Write Off Equipment Purchases

Drew Keasler

January 3, 2018

Article Highlights:

  • Depreciation 
  • Materials & Supplies 
  • De Minimis Safe Harbor Expensing 
  • Routine Maintenance 
  • Unlimited Expensing 
  • Bonus Depreciation 
  • Sec 179 Expensing
  • Mixing Methods 

From time to time, an owner of a small business...

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