19 February

How Can Business Owners Lower Last Year’s Tax Bill?

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year’s return Claim 100% First-Year Bonus Depreciation — Or Maybe Not For qualifying assets placed in service in 2020, business taxpayers can deduct 100% of the cost in …

Five Tax Credits
08 February

Five Tax Credits for Your 2020 Tax Return

Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. Here are five major credits for you to consider for your 2020 tax return. 1. Higher Education Credits The tax law gives parents a choice between two possible tax credits for higher education expenses: American Opportunity Tax Credit (AOTC).With the AOTC, the maximum annual credit …

16 December

Confused about CARES loans? Clarification from the IRS on the Tax Treatment of PPP Loans

PPP Background: Anticipating the economic consequences of the COVID-19 pandemic, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March. As a result of this passage, the Payment Protection Program (PPP) afforded a significant loan to small businesses. In its initial stipulation, Congress assured that, in addition to forgiving the principal amount of the loan …

07 December

We’re Hiring!

Tax Preparer Patten Thiebaud LLC Patten Thiebaud LLC is a Dallas based CPA firm providing businesses and individuals, across a wide array of industries and with varying levels of complexity, with customized tax and accounting services.  We are looking for an energetic, conscientious, organized, and detail-oriented individual who has a very strong work ethic. It is important that the applicant …

19 November

Announcing Mandy Thiebaud as Newest Firm Shareholder

Dallas, TX – We are proud to announce Mandy Thiebaud as the firm’s newest shareholder and the change of the firm name to Patten Thiebaud LLC. Mandy joined the firm in October 2016 and quickly established herself as a keenly skilled accounting and financial professional, compassionate team member, and asset to the firm’s growth. Our name change recognizes her significant …

28 February

2020 – 02/28

Good records are the key to tax deductions. In one case, an independent insurance agent’s claims for a variety of business deductions were largely denied. Notably, the U.S. Tax Court found he double counted some expenses. Also, his substantiation for various other items consisted of cancelled checks or credit card/ bank statements that showed expenses were paid, but they were …

21 February

2020 – 02/21

Small employers may qualify to change the way they report and pay payroll tax. Generally, employers file Form 941 (Employer’s Quarterly Federal Tax Return) each quarter. Small employers with annual federal employment tax liability of less than $1,000 may now file Form 944 (Employer’s Annual Federal Tax Return) by Jan. 31 of the following year. Qualifying employers may ask the …

10 February

2020 – 02/10 – Do you want to go into business for yourself?

Many people who launch small businesses start out as sole proprietors. There are many tax rules and considerations involved in operating that way. For example, you may qualify for the pass-through deduction on qualified business income. You must pay self-employment taxes and make estimated tax payments on income earned. If you hire employees, you need a taxpayer ID number and …

07 February

2020 – 02/07

How do dependents affect federal income taxes? The Congressional Budget Office recently issued a report (https://bit.ly/3bbJarM ) on this topic. It analyzed tax return data under 2019 tax rules and compared it with the rules that are scheduled to be in place for 2026. It estimated that the average tax benefit per dependent for 2019 is $2,300 ($3,800 per family). …