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Austin CPA

Our Services

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Small Business Tax Planning

Our Firm can assist you in tax planning. The Tax Cuts and Jobs Act provided a plethora of tax benefits, some of which are changing at the end of 2022. For example, 2022 is the last year to take advantage of Bonus Depreciation.

We can assist in tax planning in business formation. We can give you the advantages and disadvantages of different organizational structures. For example, is an LLC taxed as a partnership, S Corp, or C Corporation right for you?

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Consulting

We provide both business and individual consultation services.

We have a wide variety of services we provide in this area.

An example of these services include Real Estate assistance;
- What does your partnership agreement say about deducting unreimbursed ordinary and necessary expenses paid on behalf of the partnership
- Repairs vs Property Improvements and how to use the De Minimis Safe Harbor to your advantage
- QBI Deduction for Real Estate
- Ensuring all Passive Activity Losses are accounted for and etc.

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Bookkeeping

We provide bookkeeping services. Our main accounting software platform is QuickBooks and we can assist you with a variety of tax savings strategies.

We can help you define your sunk costs, overhead costs, variable costs, opportunity costs and etc. We will help you formulate a budget and sales strategy to help you optimize your business decisions.

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Payroll and Individual Tax Preparation

We can run your company's payroll and file the applicable taxes at the local, state, and national level.

We can also prepare and e-file both your individual and business tax returns.

We have a competitive price menu for a variety of individual and business tax returns. We are able to keep our prices low because of our lack of overhead costs.

“Goes Above and beyond to help his client conduct their business as efficiently as possible, along with helping them understand the intricacies of a profitable company.”

Kara Ince – Salvation Builders

ABOUT US

Austin CPA, PC

We are a CPA firm designed to aid small businesses by assisting them with tax planning, asset management, bookkeeping, budget planning, cost benefit analysis, evaluations of profit and loss, direct and indirect cost assignments, burdened labor rates, and more.

 

We also prepare both business and personal tax returns.

 

We offer free consultations where we will discuss any of your business needs.

This Weeks Tax Tip:
1099s for client “gifts”

I just reading a tax blog about how a tax preparer’s real estate agent client was getting hammered by the IRS for a $30K tax bill.
Usually you don’t have to issue 1099s for client gifts. However, there are a few nuances you have to be aware of.


– Referral gifts to clients are not really gifts. Those referral gifts are really a referral fee or advertising expense. If the annual amount paid is worth $600 or more then a 1099-NEC must be issued.
For example, a real estate agent gives a referral gift to any individual who refers to them a client. They will give them a $1K referral gift for any referred client who closes on a house. This would require that the real estate agent issue the individual receiving the referral gift a 1099-NEC.

– If you give away awards or promotional prizes in amounts greater than $600 you are required to issues the winner a 1099-MISC.
For example, you hold a drawing for a free trip and it’s Fair market value is worth more than $600 then you must issue the winner a 1099-MISC. Think Price is Right and Oprah.
– If you give an independent contractor cash or gift cards as a thank you for services then you must issue them a Form 1099-NEC (if the amount they received was $600 or more).
For example, you give your electrician a gift card to Lowe’s for $600 as a thank you for a job well done.

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