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Frisco TX – When a Taxpayer does not file income Taxes – The IRS SFR (Substitute for Return)

We sometimes have taxpayers who come into our Richardson, TX tax office who have not filed a tax return for all years or many years and who are confused when the IRS is attempting to collect tax from them in a year that they know they never filed.       How Does This...

Frisco TX – Do the Changes Enacted in the Taxpayer’s First Act of 2019 Help You?

Have you heard of the Taxpayer’s First Act, that was passed by Congress on July 1st, 2019? Most of my clients in our Richardson, TX tax office haven’t, but there were some changes made in the Act that benefit taxpayers, and might be worth learning about.   What Is The...

Dallas TX – The Impact of IRS Tax Reform on Deductions for Homeowner’s

The majority of the clients of my Richardson, TX tax firm itemized their deductions prior to the Tax Reform and Jobs Act of 2017 or the TCJA (which primarily took effect in 2018). However, since the TCJA, that number has dropped substantially. As a quick overview,...

Frisco TX – IRS Acronyms – RSED, CSED and ASED. What do they actually mean?

When dealing with the IRS, Taxpayer’s who come into our Richardson, TX tax office, often run into IRS jargon that makes no sense to them. They also run into these acronyms when reading and/or listening to our blogs and videos as well as others. Today, we’re going to...

Plano TX – Now is the Time To Finish Tax Planning for 2019

It’s always a good idea to look for ways to minimize your tax liability. Taking advantage of opportunities before the year comes to a close is a smart move. Here are a few things to think about: Are you making the maximum contribution to your §401(k), IRA or other...

Plano TX – Selling Your Home? Find Out If You’ll Owe Tax on the Sale!

Each year, clients either come into our Richardson, TX tax office and ask if they need to pay taxes on the sale of their residence, call concerned about taxation on the Sale of their personal residence, or make an assumption that income on the Sale of a personal...