by ABIP | Aug 4, 2022 | Accounting, Individuals, Newsletter, Taxes
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job....
by ABIP | Aug 3, 2022 | Individuals, Newsletter, Taxes
By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer Bill of Rights. Here’s an overview: 1. The right to be...
by ABIP | Aug 2, 2022 | Accounting, Newsletter, Taxes
A cash windfall is any amount of money that you didn’t expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 – and quite often, the amount of money is much more than that. For example, you may have received...
by ABIP | Aug 1, 2022 | Business, Individuals, Newsletter, Taxes
47.7% of family business collapses occur because of the death of the founder. Succession issues can be detrimental to a family business’s future. Incomplete, untested or complete lack of a plan can cause turmoil within the family, impact the profitability of the...
by ABIP | Jul 27, 2022 | About ABIP, Business, News
ABIP has been ranked #18 on the Houston Business Journal’s annual Top 25 Largest Houston CPA firms! “Our firm’s focus on building client value has allowed us to develop a world class firm that delivers an exceptional client experience. We would like to...
by ABIP | Jul 8, 2022 | Accounting, Individuals, News, Newsletter
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
by ABIP | Jul 7, 2022 | Business, Fraud, Individuals, News, Newsletter, Taxes
Dirty Dozen Tax Scams for 2022 The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at...
by ABIP | Jul 6, 2022 | Individuals, News, Newsletter, Taxes
What Teen Entrepreneurs Should Know About Taxes Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult...
by ABIP | Jul 5, 2022 | News, Newsletter, Taxes
The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate...
by ABIP | Jun 6, 2022 | Business, Individuals, Newsletter, Taxes
Tax Withholding for Seasonal and Part-Time Employees Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e.,...
