Industry News & Firm Updates
State Payments Excluded From 2022 Federal Returns
Taxpayers in 21 states received special payments related to general welfare and disaster relief in 2022. However, according to recently issued guidance from the IRS, they will not need to report these payments on their 2022...
Tax Implications When Employed In The Family Business
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business...
What To Do If You’re Missing Important Tax Documents
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...
Five Overlooked Tax Breaks for Individuals
Are you confused about which credits and deductions you can claim on your 2022 tax return? You’re not alone. With tax law becoming more complicated every year, it’s hard to remember which tax breaks are available in any given year. With that in mind, here are five tax...
abip Names Richard Dyo Equity Partner
HOUSTON – abip CPAs & Advisors (abip) a Texas-based tax, accounting, and consulting firm, is pleased to announce that Richard Dyo, CPA, CHFP, has been admitted as an Equity Partner. Richard has over 30 years of knowledge and experience consulting in federal and...
Taxable vs. Nontaxable Income
Are you wondering if there's a hard and fast rule about what income is taxable and what income is not? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable income...
How Filing Status Affects Your Tax Return
A taxpayer's filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine whether they need to file a tax return at all. As taxpayers get ready for the...
Standard vs. Itemized Deductions
When completing a tax return, taxpayers have two options: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in recent years, including increases to the standard...