Itemized Deductions

By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. April, 2019. carlos@millancpa.com Itemized deductions vs. standard deduction The Tax Cuts and Jobs Act or “TCJA” of 2017 made multiple changes to the individual income tax, including changes limiting significantly the … [Read more...]

Tax Cuts and You

Millan and Co, PC, Austin, TX. April, 2019 The Tax Cuts and Jobs Act or “TCJA” of 2017 made multiple changes to the individual income tax, including changes limiting significantly the itemized deductions and affecting the alternative minimum tax, an increased standard deduction and child tax … [Read more...]

Choosing among Pass-through Entities

By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. February 2019. carlos@millancpa.com Pass-through Entities Usually a business is organized using an entity, which has legal capacity independent form its organizers, and can own property, raise capital, enter into … [Read more...]

Mark Your Calendars – Congress Enacts New Due Dates For Taxes

On July 31 Preseident Obama signed the short-term mass transit and highway funding extension bill into law, which continues to provide funding for transportation projects. Additionally, Congress included in the bill a number of changes to tax return due dates, tax extension lengths and statutes … [Read more...]

Make the Most Out of Your Tax Refund

A tax refund is not a bonus, but people often treat it that way. In reality, your tax refund is a reimbursement from the government for withholding too much of your income. The average federal tax refund this year will exceed $3,000. Before making a reservation at the nicest restaurant in town, … [Read more...]

These Mistakes Could Lead To An IRS Audit

Tax season is here once again. Keep these common mistakes and pitfalls in mind when filing your tax return to avoid a visit from the Internal Revenue Service. Accurate Income Reporting The income reported on Form W-2 and Form 1099 needs to match the income reported on your return. Inaccurate data … [Read more...]

Tax Changes in 2015: Stay Up-to-Date!

  Each year U.S. tax codes undergo various changes. Staying on top of these changes can help save you more money and avoid hassles and headaches come Tax Day. Here are two major tax changes in 2015 that you'll want to know when you prepare:   Retirement Savings Tax Changes in … [Read more...]