Robert T. Stevenson, P.C., CPA is a Professional Corporation specializing in federal income tax preparation and planning.
The firm has been serving the Greater Houston area since January 1, 1982.
04/30/2019
Earlier this month, Dick Cole, the last of the Doolittle Raiders, passed away. This week, I look back at his remarkable story and its place in American history.
The Doolittle Raiders Are All Now History Shortly after the Japanese bombed our naval base at Pearl Harbor on December 7, 1941, Lt. Col. Jimmy Doolittle led a raid to bomb Tokyo on April 18, 1942. He recruited 80 volunteers to fly 16 land-…
04/01/2019
The changes enacted by the Tax Cuts and Jobs Act affect every taxpayer filing a 2018 tax return this year. To help my fellow taxpayers understand these changes, I have prepared a quick overview of tax reform changes.
A Quick Overview of Tax Reform Changes The changes enacted by the Tax Cuts and Jobs Act affect every taxpayer filing a 2018 tax return this year. To help my fellow taxpayers understand these changes, I have prepared a quick overview bel…
03/25/2019
The tax system administered by the IRS will feel the effects of the federal shutdown for a long time. Here's what to expect for the 2019 filing season.
The Internal Revenue Service After the Shutdown The tax system administered by the IRS will feel the effects of the federal shutdown for a long time. The five-week closure in December and January couldn’t have come at a worse time for the Servic…
02/05/2019
Tax season has begun. This week, I examine a new section to the Internal Revenue Code that intends to give some degree of parity to certain types of small businesses—click the link to visit my blog and learn more.
Welcome to Tax Season! Details on the New 199A Deduction Tax season has begun. This week, I examine a new section to the Internal Revenue Code that intends to give some degree of parity to certain types of small businesses—you can find the details below.…
01/08/2019
The New Year means that it's time for me to remind you to file your personal income tax return. I'm also offering a free seminar on the new tax law this year—you can find the details below.
Happy New Year – Remember to File Your Personal Income Tax Return I hope everyone had a restful and spiritual holiday season. As you know, it is my job to remind you that the New Year brings about your renewed responsibility to file your personal income tax retur…
08/14/2018
Soon, Texas may impose a sales tax on online retailers.
Learn more about the recent US Supreme Court ruling in South Dakota v Wayfair and how it may impact sales tax on the state level:
What Should Texas Do About Sales Tax – The Wayfair Decision In 1992, the US Supreme Court ruled in North Dakota v Quill that a physical presence test must be met for a state to charge sales and use tax. Online sales by retailers with no nexus in a state wer…
07/24/2018
Learn about a gift that lasts a lifetime, The Roth IRA. I explain the advantages and disadvantages of gifting one to your child or grandchild:
A Gift That Lasts a Lifetime – The Roth IRA You should consider giving your child or grandchild a Roth IRA. In 2018, you can contribute up to $5,500 to a Roth IRA. The contribution cannot exceed the child’s earnings and if the child has no…
07/03/2018
Many things have changed under the new tax law. Today, I will discuss Net Operating Loss Deductions under the Tax Cuts and Jobs Act. This may affect you if your business incurred an operating loss (expenses exceeded revenues) or if you as an individual incurred a disaster loss in a Presidential Disaster Area (like Hurricane Harvey).
Let's begin:
Net Operating Loss Deductions Under the New Tax Law This week, I continue my exploration of the reforms brought about by the Tax Cuts and Jobs Act. Today’s topic: Net Operating Loss Deductions. Net Operating Loss Deduction – Old Law NOL deduct…
06/26/2018
Among the many reforms of the Tax Cuts and Jobs Act (TCJA) are big changes to the Child Tax Credit. This may affect you if you have children or dependents.
Read today's blog post for more information, and as always, don't hesitate to call with any questions. (713) 785-8939
Tax Reform Update—Changes to the Child Tax Credit Under pre-Tax Cuts and Jobs Act (TCJA) law, parents could claim a child tax credit (CTC) of $1,000 for each qualifying child under the age of 17. The CTC was phased out for taxpayers with an adjust…
06/19/2018
The IRS is working on implementing the changes created by the Tax Cuts and Jobs Act (TCJA). Here are some of the major tax reform changes you can expect:
Tax Reform Update—Here’s What to Expect The IRS is working on implementing the changes created by the Tax Cuts and Jobs Act (TCJA). Here are some of the major tax reform changes you can expect. New Business Deduction Form One of the mos…
06/12/2018
Under the new Tax Cuts and Jobs Act (TCJA), when are Travel, Meals, and Entertainment deductible by a business? The rules have changed. Read about the changes in my latest blog post:
Deducting Travel, Meals, and Entertainment as a Business Last week, we discussed how all employee business expenses are non-deductible for individuals on their Form 1040. The only way an individual could be reimbursed (without it being included in his W-…
06/05/2018
If you are a Form W-2 employee and you previously deducted your business expenses on Form 2106 Employee Business Expenses, then under the new tax law, your Travel, Meals, and Entertainment are no longer deductible. That’s right! No longer deductible.
Read my latest blog post below for further information and my recommendation for a solution.
Business Expenses and the New Tax Law It is important to remember the age-old tax rule: “Expenditures are not deductible unless specifically allowed by law, and all income is taxable unless specifically excluded by law.” With that in m…