Archive for 'Blog'

How to calculate estimated tax payments

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How do I calculate my estimated taxes?

In most cases, you must make estimated tax payments if you expect to owe $1,000 or more in taxes for the year—over and above the amount withheld from your wages. In some cases, though, the $1,000 trigger point doesn’t matter.

  • If your prior year Adjusted Gross Income was $150,000 or less, then you can avoid a penalty if you pay either 90 percent of this year’s income tax liability or 100 percent of your income ...
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Texas Workforce Commission Due Dates

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TWC Tax Report/Remittance Due Dates
and
Mailing Instructions

Due Dates for Employers’ Quarterly Report and Remittance:

For Wages Paid During Calendar Qtr. Ends Due Must be Filed/Paid By
Jan, Feb, Mar March 31 April 1 April 30
Apr, May, Jun June 30 July 1 July 31
Jul, Aug, Sep September 30 October 1 October 31
Oct, Nov, Dec December 31 January 1 January 31

Due Dates for Annual Domestic Employer’s Report and Remittance:

Quarterly reports and taxes become due on January 1 and are required to be reported and paid no ...

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Hollis CPA Firm is proud to announce the availability of our app in the Android store.

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Hollis CPA Firm is proud to announce the availability of our app in the iTunes app store!

 

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The Home Office Deduction: Not Taboo Anymore!

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In the past, there were a lot of naysayers who avoided the Home Office deduction because they thought it might be a red flag for an audit, but the truth is;  in today’s economy, working from home is a common occurrence. The IRS processed over 100 million returns that were e-filed in 2010 and the home office deduction is the least of their concerns. Millions of people are flocking to home based businesses due to the high unemployment rate,  loss of salaried positions, lure of unlimited income ...

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