Small Business Expense Tracking

Congratulations!  You’ve started working for yourself.  Whether you are now the owner of a small business or have just started a new side hustle, expense tracking is key to your tax preparation success.  Expenses detract from your taxable income, providing an accurate picture of what you actually took home.  How Do I Track Expenses?  As… More

When to File a Tax Extension

Did tax season sneak up on you?  Were you delayed in receiving documents through the mail?  We can relate.  The pages on the calendar seem to turn faster and faster. The deadline for filing federal income taxes is Monday, April 18, 2022.  However, if you’re still gathering your documentation, you may need to file an… More

Do I Have to Pay Taxes on All Forms of Income?

It may surprise you that the answer is no. Tax Code Section 61 indicates that “gross income means all income from whatever source derived” unless otherwise excluded.  So what is excluded? Gifts and Inheritances:  Typically, property you receive as an inheritance or gift is not included in your taxable income.  However, this can change if… More