cpa: Do you or your business need to file Quarterly Estimated Tax Payments? - 10/29/19 08:49 AM
Generally, Individuals, including sole proprietors, partners, and S corporation shareholders, are required to make estimated tax payments if they expect to owe tax of $1,000 or more when their annual federal tax return is filed.
You don't have to pay estimated tax for the current year if you meet all three of the following conditions:
You had no tax liability for the prior year (You had no tax liability for the prior year if your total tax was zero or you didn't have to file an income tax return.)  You were a U.S. citizen or resident for the whole year Your prior tax year covered a 12-month period The … (15 comments)

cpa: Tax Strategy for small businesses and the self-employed - 10/21/19 08:34 PM
Self-employed individuals and small business owners with excess income should consider setting up SEP IRA.
 
There are 7 different types of IRAs including the Traditional, Roth, SEP, Nondeductible, Spousal, SIMPLE, and Self-directed. Each IRA has its advantages and disadvantages, however for this blog post, I would like to focus on the SEP IRA.
 
A Simplified Employee Pension (SEP) provides a easy way for employers to make contributions for their employees' retirement as well as themselves. A SEP IRA is best for self-employed individuals or small business owners with few or no employees as it allows you to save and invest significantly more, as a … (19 comments)

cpa: Don't let the 2018 tax season pass you by! - 10/02/19 09:35 PM
Greetings everyone, 
As a reminder, the filing deadline for the 2018 tax season is quickly approaching! If you are one of those folks who extended their individual or C-Corporation tax filing, you have until Tuesday, October 15, 2019 to ensure a timely filing of your tax return. 
Additionally, if you have a tax liability due, remember that interest and penalties continue to accrue from April 15, 2019 until the balance is paid in full. If you know that you owe the tax, consider a proactive approach by paying in advance using any of the following methods:
Increasing your W4 withholding Making quarterly estimated tax … (15 comments)

cpa: Bad Tax Assessment? No Problem! - 09/08/19 04:47 PM
Have you been assessed with tax debt that you don’t owe? Believe it or not, it happens more often than you think. Perhaps a business issued a 1099 incorrectly, you had an IRS audit or maybe you had an IRS appeal that was never heard.
Whatever the situation may be, if you have been wrongly assessed, don’t fear! There are options available to challenge the IRS and reopen these types of bad assessments.
We can consider the following options:
Audit Reconsideration Doubt-as-to-Liability Offer Collection Due Process hearing Refund Litigation Bankruptcy The option selected to resolve the clients' tax matter depends entirely on … (13 comments)

cpa: Is Tax Debt Impacting Your International Travel Plans? - 09/03/19 10:02 PM
KLSM CPA Firm empowers individuals and small businesses by providing accounting and tax solutions for financial success. We assist taxpayers with tax resolution matters including filing back taxes in Houston, TX, San Antonio TX, and elsewhere.
Are you a taxpayer that loves to travel? If so, here is another reason to get caught up on your back taxes. Did you know that if you have seriously delinquent tax debt the IRS can file a certification with the State Department to deny or revoke your United States passport for International Travel?
After the IRS certifies your tax debt with the State Department, the State … (4 comments)

 
Krystin  Mitchell, CPA CFE, Strategic Accounting & Tax Solutions (KLSM CPA Firm, PLLC)

Krystin Mitchell, CPA CFE

Strategic Accounting & Tax Solutions

Houston, TX

More about me…

KLSM CPA Firm, PLLC

Address: 2700 Post Oak Blvd, 21st Floor, Houston, TX, 77056

Office: (832) 224-5029

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