Business Owners Leave Thousands | Tulsa Tax Services | Oklahoma City Tax Services

I recently posted an overview of the changes for small business in the recent tax law. We’ve delved into the detail a little more, and have an update with some thoughts on strategies going forward: Estate Taxes The basic exclusion for estate and gift taxes was raised to $10 million per person, but revert back… Read More

The deadline for turbo charging your tax deduction for next year is quickly approaching. Small businesses with existing SIMPLE IRA accounts have until November 1st to notify their employees of changes for the new year. IRS rules prohibit small businesses from having a SIMPLE IRA and a 401k in the same tax year, so if… Read More

Even taxpayers who try to stay on top of filing can find themselves unable to complete their returns by the deadline. Fortunately, qualifying taxpayers can file for an IRS extension and so avoid any late fees or penalties. Filing an Extension If you need more time to track down missing tax documentation or had an… Read More

A tax audit is a term used to describe the IRS’s examination of a particular tax return. During a tax audit, IRS employees closely examine a taxpayer’s income and deductions to ensure that they are accurate. There are three main types of tax audits: mail audits, office audits, and field audits. Mail Audits Mail audits… Read More

People often choose to work part-time because they are students, they have multiple jobs, or because they are simply unable to find a full-time job. While this can make paying taxes more difficult, there are a few simple steps that can help substantially lower a qualifying part-time employee’s taxable income. Earned Income Tax Credit The… Read More

Filing taxes can be intimidating, especially for the first time filer, so if you have questions about the process of tax preparation, it is critical to contact an experienced financial management team who can walk you through the process. Filing Requirements Before beginning the filing process, a potential taxpayer must determine whether he or she… Read More

Filing taxes requires access to information from a number of different sources, so it is crucial to keep track of these documents throughout the year. Failing to provide the correct information can have serious consequences, so if you have questions about what records you need to file your taxes, it is critical to speak with… Read More

When you own your own company, it will be your responsibility to ensure that all taxes are filed appropriately. However, this is often easier said than done, so if you are self-employed and have questions about filing taxes for your business, it is critical to contact an experienced tax preparation professional who can address your… Read More

Keeping organized tax records is one of the best ways to ensure that your tax preparation goes as smoothly as possible. Whether you’ve gone paperless with your bills or still prefer to keep paper documents, making sure that you have a specific organizational system can make all the difference in the tax preparation process. Saving… Read More

Preparing taxes can be frustrating and time-consuming. Fortunately, taxpayers can significantly cut down on their tax season stress by using some basic tax planning strategies that can help reduce their taxable income, while also potentially increasing their refund. Choosing a Tax Deduction Method When taxpayers complete a return, they have to choose between the standardized… Read More