All Around Bookkeeping & Tax

All Around Bookkeeping & Tax No annoying tax professional lingo. Just straight, authoritative and friendly expert advice.

All Around Bookkeeping & Tax is managed by partners with strong ties to Dallas. We offer carefully researched, relevant advice to meet your financial and accounting needs. Our clients come to us from a wide range of industries and company sizes. Our philosophy: Quality, experience, commitment and the clients' trust form the foundation of our success.

11/15/2016

Do you want to know who I voted for?

I voted for YOU. My vote has always been with the ones who are out there clawing and scrapping, who are working jobs and running businesses, and who need a little encouragement and help along the way. That's really how we see ourselves here and why we do what we do.

Now is the perfect time to start planning for your holiday spending. Even if you are a family of significant means, it's...
11/14/2016

Now is the perfect time to start planning for your holiday spending. Even if you are a family of significant means, it's a good idea to be strategic about how you go about it. Examine what you did last year. How do you feel about last year's spending? Did you spend a realistic and appropriate amount, or did you go overboard? Try to be objective. This analysis will serve as the backbone of your plan.

11/09/2016

A recent tax law change includes a new requirement for employers. They must now file their copies of Forms W-2 and certain Forms 1099 with the federal government by January 31. The January 31 deadline has long applied to employers furnishing copies of these forms to their employees.

11/08/2016

No matter the results of today's election, let us remember that we are not electing a monarch. The genius of our founders is that our governmental system is designed not to invest too much power into one branch of the government. The "checks and balances" are a very good thing. No woman or man in the office of President can purely dictate their will in the area of tax policy. It's the role of Congress to write the laws, after all.

Hopefully, we can all remember this after the election results, and perhaps keep calm ... and soldier on, whatever the results.

11/07/2016

Tis the season for vote-casting. I try not to be political here, but I thought an encouragement toward exercising our "voice" would be a good reminder for us all as we head to the polls tomorrow. :)

"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost." - John Quincy Adams

Do you know where you DO have a lot of power? More than you might realize? In YOUR tax return. Your answers to the quest...
11/04/2016

Do you know where you DO have a lot of power? More than you might realize? In YOUR tax return. Your answers to the questions in the graphic here form the "tip of the iceberg", and they will help us to know which direction to take as we work with you over the next two months to prepare for year-end. Call us to schedule your appointment to plan now for these issues.

11/02/2016

Remember that each decade of life usually carries with it several big money moments. Major life events like landing a new job or getting married are usually joyous, but they also (obviously) have an impact on your finances. This means the decisions you make (or neglect) can have long-term implications on your personal wealth. I'm talking here about 401(k) rollovers, coverage in homeowners or renters insurance, your will, life insurance, and college-savings accounts.

10/31/2016

Teach your kids about real life. Take advantage of the "Parent Tax" tonight and help yourself to a percentage of your kids' Halloween candy. Ha! ;)

10/28/2016

The IRS only has 10 years to collect your unpaid tax debt. After 10 years expires, the IRS must, by law, put a credit on your account for the amount that cannot be collected, and move your account balance to zero. The time to collect begins when the IRS first puts a balance due on its books, and ends 10 years later. The end is known as the "IRS collection statute expiration date". By law, owing the IRS is not forever.

10/27/2016

There are many different regulations that limit what the IRS can do when collecting a debt from you. Knowing about these laws will make a massive difference, whatever your situation might be...

- The IRS can only levy or seize your property when it results in financial recovery (Internal Revenue Code 6331(f) and 6331(j)(2)(c)): This is known as the "no equity rule". In other words, the IRS can only seize your property if it results in payment to them. For example, if you have a Camaro that is worth $10,000 and has a $10,000 loan on it, there will be nothing left for the IRS as there is no equity in it for them. Because of that, they legally cannot seize it. Same is true for your house. The no equity law eliminates the vast majority of IRS seizures.

10/26/2016

I'd like to make sure you know about the limits placed upon the IRS (by law) when they initiate action against you. It's important you know about these, ESPECIALLY if you are dealing with a revenue officer or collection rep.

- They must "consider" settling your debt. (Internal Revenue Code 7502): We're talking here about the Offer in Compromise (OIC), and they are indeed authorized to settle for less than the full amount that you owe.

But not everyone qualifies for an OIC. The IRS will look at household income, living expenses and asset values, and determine if they can collect the FULL amount owed from you. In most cases, to accept a compromise, the IRS has to be convinced that they will never collect the full amount owed from you. If so, then they can agree to settle for a lower amount, representing what can be paid and recovered. But usually, you need help for this process.

10/25/2016

If you're saving for your kids' higher education, there are more options than just a 529 savings plan. Consider the amount you're putting in, how you want the funds ultimately used, and who you want to control the account. forbes.com/sites/ashleaebeling/2016/10/14/the-two-step-college-financial-plan

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Dallas, TX
75234

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Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm

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