IRS Tax Solutions

IRS Tax Solutions We help small business owners and entrepreneurs save money on taxes.

The next time you visit a casino or play a lottery, keep in mind that winnings from the following sources are subject to...
02/24/2020

The next time you visit a casino or play a lottery, keep in mind that winnings from the following sources are subject to income tax:
Any sweepstakes; wagering pool, including payments made to winners of poker tournaments; or lottery.
Any other wager if the proceeds are at least 300 times the amount of the bet.
Winnings not paid in cash are taken into account at their fair market value.
There are some exceptions and if you don’t pay enough tax, you may have to pay a penalty.
You should receive a Form W-2G from the payer showing the amount you won and the amount withheld.
Want to be sure you report your trip to Vegas accurately?
Contact today for your free tax strategy session!

Estimated tax is the method used to pay tax on income that isn’t subject to withholding. This includes income from self-...
02/21/2020

Estimated tax is the method used to pay tax on income that isn’t subject to withholding.
This includes income from self-employment, interest, dividends, rent, and more.
You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income isn’t enough.
In most cases, you must pay estimated tax for 2020 if the following apply:
You expect to owe at least $1,000 in tax for 2019, after subtracting your withholding and refundable credits.
If you don’t pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty.
-irs.gov.
Want to find out if you’ll need to pay estimated tax by the filing deadline this year?
Contact for your free tax strategy session today!

You’re the provider of a fringe benefit if the benefit is provided for services performed for you. For example, you prov...
02/19/2020

You’re the provider of a fringe benefit if the benefit is provided for services performed for you.
For example, you provide an employee with a fringe benefit when you allow the employee to use a business vehicle to commute to and from work.
Any fringe benefit you provide is taxable and must be included in the recipient's pay unless the law specifically excludes it.
Want to learn more about how to apply this benefit for tax filings?
Contact today for your free tax strategy session!

Well-organized records make it easier to prepare a tax return.As well as help provide answers if you receive an IRS noti...
02/17/2020

Well-organized records make it easier to prepare a tax return.
As well as help provide answers if you receive an IRS notice.
You must keep records, such as receipts, canceled checks, and other documents that support an item of income, a deduction, or a credit appearing on a return.
This becomes even more valuable if your return is selected for an audit.
Your accountant should have a secure system in which you may keep all necessary files for your tax return.
Contact today for a free tax strategy session!

Address

Austin, TX

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Website

Alerts

Be the first to know and let us send you an email when IRS Tax Solutions posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category