Matthew C. Young, Enrolled Agent, MBA

Ready for your taxes to be completed? Let me help. Starting at $225 for individual and $525 for a schedule C business. 8 years of professional tax preparation experience.

As we get to the end of 2023 taxpayers are starting to receive their first tax forms. If you have health coverage from the government marketplace you will receive a 1095-A. There are situation specific tax questions you might have if for instance you have coverage for an adult child who will be filing their own tax return. You both must allocate the payments and credits or release all. I can help you with these and many other questions.

If you have health insurance through somewhere other than the marketplace you will receive a 1095-B and these are only for your records and do not have to be included with your tax return at the present time.

As we get into January and February you will continue to receive tax forms. Don't fall into the early return trap. Wait for all of your documents to arrive so that you don't have to file an amended return.

The IRS has released standard mileage rates for the tax year beginning January 1st. Would you like help with complying with tax rules for using your vehicle for business, medical purposes, or volunteer purposes? I can help prepare your return and/or advise you on the documentation requirements.

IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023 | Internal Revenue Service IR-2023-239, Dec. 14, 2023 — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Interest rates continue to climb. This is no different for your unpaid or underpaid estimated taxes. I can help you avoid penalties and interest in the future.

IRS underpayment penalties increase to 8% for the last quarter of 2023.

If you are not paying enough taxes through withholding and estimated tax payments, you may be in for a surprise. As interest rates have increased over the past couple of years so has the IRS interest rate on underpayments. As recently as 2021, the penalty rate was a mere 3% but the new 8% rate should really get your attention.

It's a good idea to review your expected taxes for 2023 and make sure you minimize the potential for these expensive penalties!

Just over a month till your Individual taxes are due. Would you like someone else to do them for you? I’d love to help you out.

Why should I choose a tax preparer over doing it myself?
1. DIY tax software will not represent you before the IRS in the case of an audit.
2. You can get ahold of your tax preparer a lot easier then box software. Customer Service Factor
3. Peace of mind
4. Reduce likelihood of mistakes.
5. You can let a professional keep up with the large amount of tax law changes and do the research on special issues.
6. If there is a problem it’s nicer to let a professional remain on hold with the IRS than you.

Let me help relieve that stress from your life.

Contact me here or [email protected]

Tax season opens Monday

Updates for Texas taxpayers.

If you haven’t received one or both of the first two economic impact payments you can claim them by filing your 2020 tax return.

The recently signed American recovery act provides for among other things tax relief for tax payers who received unemployment by exempting the first $10,200 of unemployment income.

Due to the winter storm Texas taxpayers have until June 15th to file and pay taxes which includes businesses. This does not exempt businesses from filing their Texas taxes I.e. franchise taxes

The IRS has pushed back the beginning of tax season to February 12th. This means simply that they won’t be processing tax returns until that date. You may however start your return once you have all of your documents.

Looking for information on your economic stimulus payment? Go to https://www.irs.gov/coronavirus/get-my-payment to track it and find out other important information.

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.