Inflation | Oklahoma City Business Services | Tulsa Financial Services

The recent tax law changes changed the treatment of business losses for most Oklahoma small businesses.  Prior to 2018, net operating losses (NOL’s) could be carried back 2 years or forward 20 years to offset income.  The new law eliminates the ability to carry back the losses to prior years.  Additionally, there is now no… 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

We're Not There Yet Folks!

I’m reviewing the bill proposed yesterday in the House (Job Creation Act of 2010) that is supposed to eliminate the pending tax increases. Many of the provisions ARE pro-business, but it is far from being a done deal. According to Democrats need forty party members to vote yes on the bill in order for… Read More