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CPA Arlington TX  // Posts tagged as "CPA Arlington TX"

07 Jul Posted by in Newsletters | Comments

A Wedding and Taxes by Karen Monaco, CPA at KP Monaco & Associates

A Wedding and Taxes by Karen Monaco, CPA at KP Monaco & Associates

When planning a wedding, the to-do list seems endless. But, don’t make the mistake of neglecting some tax planning for this life-changing event. If you’re planning your own wedding or helping a loved one, here are some income tax-related actions to take in preparation for the big day. Check the effect marriage will have on […]

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10 Feb Posted by in Newsletters | Comments

What Records Do You Need For Tax Preparation?

What Records Do You Need For Tax Preparation?

If you’re not a naturally organized person, keeping your tax preparation records in one place might not be easy. But gathering the appropriate records ahead of time will make it easier on yourself and help ensure the accuracy of your tax preparation. Choose a place to collect your records and include the following: The basics: […]

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01 Sep Posted by in Newsletters | Comments

Major Life Changes Call for Tax Planning!

Major Life Changes Call for Tax Planning!

Summer can be a time for life changes. Marriage, a school-break job or entrepreneurial venture, a move to a new home – all of these major events call for tax planning. The good news is a few simple steps will get you started, even if you feel your current circumstances limit the time you have […]

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12 Jun Posted by in Newsletters | Comments

Retirement Coming This Summer? Plan for Estimated Tax Payments

Retirement Coming This Summer? Plan for Estimated Tax Payments

Early retirement, delayed retirement, phased retirement – if you’ve decided this summer is your time to leave the workforce, you have decisions to make. One of them is whether you will need to pay estimated taxes. While you may expect your income to decrease when you’re not working, remember that you might be withdrawing funds […]

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06 May Posted by in Newsletters | Comments

Estate Executors: Add This New Task to Your To-Do List

Estate Executors: Add This New Task to Your To-Do List

If you’re an estate executor and you’re required to file an estate tax return, the IRS has a new form for you: Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. The form is designed to report to the IRS and to the beneficiaries the final estate tax value of property distributed or to […]

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31 Mar Posted by in Newsletters | Comments

How Will the Affordable Care Act Affect your 2015 Federal Income Tax Return?

How Will the Affordable Care Act Affect your 2015 Federal Income Tax Return?

Here are four items to consider about how the Affordable Care Act will affect your personal income tax return. Premium tax credit. If you bought your Affordable Care Act health insurance policy on thehealthcare.gov website, you may have received a tax credit. You could receive the credit in advance during the year as a reduction […]

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20 Feb Posted by in Newsletters | Comments

Bonus Depreciation: Better Than Before?

Bonus Depreciation: Better Than Before?

The tax extenders law passed in mid-December changed some of the rules for claiming bonus depreciation in 2016. While the amount you can deduct for 2016 is still 50% of the cost of qualified assets you buy, certain restrictions have been lifted. Bonus depreciation overview. Bonus depreciation is an additional deduction of 50% of the […]

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20 Jan Posted by in Newsletters | Comments

Congress Passes Tax Extenders

Congress Passes Tax Extenders

In December, Congress extended tax breaks known as “tax extenders” retroactively to the beginning of 2015. In addition, the new law makes some of the rules effective through December 31, 2016, some effective through 2019, and some effective permanently. Other provisions change existing tax rules that were not part of the tax extenders. Here are […]

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30 Dec Posted by in Newsletters | Comments

Take Time for Year-End Estate Planning

Take Time for Year-End Estate Planning

As you update your beneficiary designations and wrap up other tax-related year-end matters, take time to make sure your estate plan reflects current rules. Why? Maybe you’re thinking estate planning is no longer necessary. This could be due to higher estate tax exclusions of $5,430,000 for 2015, and $5,450,000 for 2016. But even if the […]

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30 Nov Posted by in Uncategorized | Comments

Year-End Planning for Taxes

Year-End Planning for Taxes

Are you ready for ? Maybe you’re hesitating because you’re wondering about the fate of “extenders,” those temporary breaks that Congress generally renews for a year at a time. You’re not alone. When the IRS released a draft of the 2015 Form 1040, several lines that were used for deductions and other breaks in 2014 […]

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