ABIP CPAs & Advisors

In honor of National Thank You Day, we got the team treats and Thank You cards! Thank you everyone for working so hard!

We would like to Welcome Heather as part of our Audit team this week! We are glad to have you and can't wait to see the work you do!

Football season is here! The San Antonio office kicked off the start of the season with football-themed chocolate-covered strawberries!

The rise of "ERTC Mills" has caused widespread confusion and increased the potential for fraud. These entities exploit the system, intensifying the risk of deception. https://zurl.co/NTr5

Employee Retention Tax Credit (ERTC) Scams and Fraud | ABIP For tax professionals dedicated to offering their clients sound advice, ERTC mills present considerable challenges. Feedback from our clients indicates that these mills dangle enticing financial promises, making it hard for genuine tax consultants to compete with such attractive propositions.

If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. https://zurl.co/O7DG

Minimizing Capital Gains Tax on Sale of a Home | ABIP The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership....

With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. https://zurl.co/80YW

It’s Natural Disaster Season: Safeguarding Tax Records | ABIP 1. Secure key documents and make copies. You should place original documents such as tax returns, birth certificates, deeds, titles, and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted person outside your geographic area....

If you're self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. https://zurl.co/TPGS

Deducting Business-Related Vehicle Expenses | ABIP Actual Expenses. To use the actual expense method, you must figure out the actual costs of operating the vehicle for business use. You are allowed to deduct the business-related portion of costs related to gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease p...

Our staff attended the 2023 Goodwill Houston Moreton Achievement Awards Luncheon and heard incredible stories from people overcoming hardship and Goodwill becoming a part of their lives.

Happy National Intern Day! Thank you to all our wonderful hardworking interns for everything that you do at our firm! We cannot wait to see what the future holds for all of you!

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. https://zurl.co/xbsU

Is Your College Student’s Scholarship Taxable? | ABIP May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home. https://zurl.co/2Zg4

What To Know About Reverse Mortgages | ABIP Reverse mortgages operate like traditional mortgages, only in reverse. Rather than paying your lender each month, the lender pays you. Three types of reverse mortgage plans are available: