Carter Tax & Financial Solutions LLC

10/07/2025

The grants tax relief to severe storm, straight-line wind and flooding victims in parts of Texas. Taxpayers in affected areas now have until Feb. 2, 2026 to file various returns and make payments. Learn more: https://ow.ly/7UWu50WnkAH

02/07/2025

Looking for a smart way to save for your children's education? Consider starting a 529 plan where your earnings are not subject to federal tax when you use them for qualified education expenses. These expenses can include tuition, books, computer equipment and more.

Learn if a 529 plan is right for you at https://ow.ly/3eyn50Wiqhj.

20/06/2025

What happens if you have a tax debt you can't pay in full? You may want to consider an Offer In Compromise (OIC) with the . Although we encourage taxpayers to find a reputable for assistance filing for an OIC, you can use your Online Account to check if you're eligible.

Learn who qualifies for an Offer In Compromise at https://ow.ly/VESz50W7flL.

18/06/2025

If you are tired of tracking information to generate 1099s for your business, consider paying as many vendors and contractors as possible via credit card, PayPal or Venmo. In general, you can avoid issuing Form 1099-NEC or 1099-MISC to vendors if you pay them exclusively through credit card payments or other third-party payment processors like PayPal or Venmo. Those payments have to be reported on Form 1099-K reporting by the payment settlement entity, so you are off the hook! Many of my clients pay via ACH, which is convenient for all parties, but unfortunately, ACH payments still require us to issue 1099s.

17/06/2025

Check out our Client Update Newsletter Here!

The tax code isn’t just long – it’s tricky. For every deduction or credit that can lower your bill, there’s a sneaky rule waiting to catch you off guard. In this issue, learn about several common tax traps that can surprise anyone.

06/03/2025

Latest news for LLC owners wondering about the Beneficial Ownership Reporting:

Press Release
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

March 2, 2025
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

06/03/2025

Tax tip for parents of teens who hate to owe anything at tax time. When your child turns 17, the tax credit goes down from $2,000 to $500. That's your clue to stop claiming them on your W-4 forms at work or else you will likely not have enough income tax withheld. And, if you are married, be sure you update your W-4 with the payroll department to show the additonal household income your spouse expects to make in 2025. Add to that number any other significant income you may have from investments.

For those who like owing money, and keeping your money working for you for as long as possible - just keep doing what you are doing!

28/02/2025

The 2025 Dirty Dozen campaign warns taxpayers about prevalent scams and schemes is seeing this tax season. Check out: www.irs.gov/dirtydozen

12/02/2025

https://ctafs.biz/blog

Some people avoid filing their tax return as long as possible because, well, anything dealing with taxes just isn’t fun. Other people don’t file right away because they know they owe a lot...and want to postpone making that big payment.

13/11/2024

Year-end giving. If you are a person that itemizes deductions, one way you can help yourself pay less taxes is to do all your charitable giving before year-end. My family has a tradition of giving the largest Christmas gift to a charity. In our case, that is our church. It can be any good cause you wish to promote. If you set that gift amount now, it can guide your spending limits as you shop for presents. If you have more money than you expect to spend in your lifetime, starting your own charity might be a wise choice. It's easier than you think and we can turnkey the whole thing for you. Imagine donating to your own charity now, taking the tax deduction this year, then earning interest on that money tax free and using the money to help people for years to come. And, I hate to break it to you, but you are likely to be getting clothes for Christmas. Think about cleaning out your closets and drawers now. Winter is coming and people will be needing your clothes. Make a list of everything you box or bag and if you do not know what your items are worth, use the Salvation Army Donation Value Guide. https://satruck.org/Home/DonationValueGuide So, help yourself with taxes by helping others. In this season of Thanksgiving, let your gratitude give way to generosity. It's a great way to enjoy the season!

Donation Valuation Guide. Learn about the value of your Salvation Army donation with per item valuation in our handy guide.

07/11/2024

Client update newsletter here!

Reducing the amount of interest you pay over the life of a mortgage can yield huge savings! This month's newsletter provides an illustration of just how much you can save, even with as little as $10 a month.

17/09/2024

Do you make $30,000 or more in 1099NEC income for services you provide? Did you prepare your own taxes or did a paid preparer do them and report your income on schedule C of your 1040. You can save thousands of dollars each year by making a switch to reporting your 1099 income on a separate business return. We can consult with you and turnkey the whole thing affordably. And, the good news is, your tax savings in the first year will more than cover our services. Call Brian at 214-708-0541 and make 2024 the last time you pay more than your fair share of taxes.