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How long should I retain my tax records?
Here’s what you need to know about keeping financial records involved in your tax returns.

David Thomson, CPA
Mar 31, 20243 min read


A Strategy to Raise Your Medical Expense Deduction
With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year....

David Thomson, CPA
Mar 18, 20241 min read


Hiring? How to Benefit from the Work Opportunity Tax Credit
If you’re a business owner or manager who is seeking to hire, you should be aware of the details of a valuable tax credit for hiring...

David Thomson, CPA
Mar 11, 20242 min read


Retirement Plan Options for Your Small Business
If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative...

David Thomson, CPA
Mar 5, 20243 min read


Received an Erroneous Tax Refund in Error
Mistakes happen. What if you receive a refund from the IRS that you’re not entitled to? Or what if you receive one that’s more than...

David Thomson, CPA
Mar 1, 20241 min read


The Corporate Transparency Act
Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who...

David Thomson, CPA
Feb 27, 20242 min read


ERC Voluntary Disclosure Program Available for a Limited Time
As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary...

David Thomson, CPA
Feb 15, 20241 min read


Deductions vs. Credits: What's the Difference?
One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions...

David Thomson, CPA
Feb 12, 20241 min read


There May Still Be Time to Lower Your 2023 Tax Bill
If you're preparing to file your 2023 tax return, you may still be able to lower your tax bill - or increase your refund. If you qualify,...

David Thomson, CPA
Feb 9, 20242 min read


Tracking Down Donation Substantiation
If you're like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities...

David Thomson, CPA
Feb 5, 20242 min read


How to Secure a Tax Benefit with the QBI Deduction
QBI may sound like the name of a TV quiz show. But it's actually the acronym for "qualified business income," which can trigger a tax...

David Thomson, CPA
Feb 3, 20242 min read


Traveling for Business in 2024? What's Deductible?
If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain...

David Thomson, CPA
Feb 1, 20243 min read


Big Tax Cuts for Texas
This month, the Texas legislature passed a sweeping bill to provide $18 Billion in tax cuts for Texas homeowners and small businesses. ...

David Thomson, CPA
Jul 26, 20232 min read
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