Correa Crawford & Associates

Correa Crawford & Associates Financial- CFO-Payroll and Tax Services
Lending Services At Correa Crawford & Associates, we proactively assist our individual and small business clients in meeting their goals.

Our key area of focus is ensuring that our clients remain compliant with federal and state tax laws by providing them with high quality tax preparation, consulting and tax planning services. The Correa Crawford & Associates team of San Antonio and Carrizo Springs are client-focused, responsive and dedicated to providing the expert guidance our clients need to achieve their goals. In addition, our firm complements the proactive, personalized service we deliver with advanced tools that allow our clients to access their financial information 24/7 by using QuickBooks Online.

Operating as usual

Correa Crawford & Associates's cover photo
12/30/2017

Correa Crawford & Associates's cover photo

Correa Crawford & Associates
12/30/2017

Correa Crawford & Associates

Tax Ceilings, Rates and Limitations for 2017
09/12/2017
Tax Ceilings, Rates and Limitations for 2017

Tax Ceilings, Rates and Limitations for 2017

Here are updated tax limits for 2017 for selected items. Social Security maximum wage base for 2017 increased to $127,200. Amounts withheld at the 6.2% rate from an employee will now be $7,886.40 w…

08/20/2017
307 N 5th St - Carrizo Springs - HERE WeGo

OFFICE ADDRESS IN CARRIZO SPRINGS TEXAS- CALL FOR YOUR FREE BUSINESS CONSULTATION

307 N 5th St Carrizo Springs. Drive, bike, walk, public transport directions on map to 307 N 5th St - HERE WeGo

2017 Year-End Tax TipsHere are a few things to consider implementing before the end of the year.1. Accelerate deductions...
08/20/2017

2017 Year-End Tax Tips
Here are a few things to consider implementing before the end of the year.
1. Accelerate deductions and defer income. Do not pay tax now when you can pay it in the future. Deferring tax is good tax planning. Generally, you want to accelerate deductions into the current year and defer income into next year.
– Income items you may want to defer:
• consider deferring bonuses
• consulting income
• self-employment income
– Expenses you may be able to control and accelerate:
• state income taxes
• local income taxes
• interest payments
• Real estate taxes
2. Donating old clothes will not only clean out your closet but is also a good way to add to your itemized deductions. Do not just put your donated items into a drop off bin at a strip mall. You need to make a list and get a receipt from the organization to which you are making the donation.
3. Go paperless and scan all of your receipts.
4. Check if you have any “above-the-line” deductions. Some examples of “above-the-line” deductions are:
-moving expenses;
– self-employed health insurance costs;
– alimony payments; and
– contributions to traditional IRA and Health Savings Account (You have until April 15, 2017, to make your IRA contribution that affects your 2016 taxes)
5. Did you withhold the correct amount or make the full estimated tax payments? Check with your tax professional before the end of the year so you can make up a tax shortfall with increased withholding. A good way to make up an underpayment penalty is through an increased withholding on your salary or year-end bonus.
6. Get organized and go digital. In addition to scanning all of your receipts, an easy way to keep track of your purchases is with personal accounting software like Quickbook
•Track your tax deductions
•Find new tax deductions
•Run tax reports
•Track all your paychecks, transactions, and purchases
7. Paying your property tax early will increase your federal deductions.
8. Sell bad investments to offset gains. The stock market is doing great this year, but that does not mean you may not have one or two duds in your portfolio. A good strategy is called, “loss harvesting.” You can sell investments to realize losses in 2017

01/10/2017
Take Steps Now for Tax Filing Season

2017 Tax Filing Season Begins Jan. 23 for Nation’s Taxpayers, Tax Returns Due April 18
IR-2016-167, Dec. 9, 2016

WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds.

The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software.

The IRS will begin processing paper tax returns at the same time. There is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns.

The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. In addition, the IRS wants taxpayers to be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.

The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years.
April 18 Filing Deadline

The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

We certainly have been busy! Our expansion in Carrizo Springs and Dimmit County is going super. Here’s a post of the Gra...
12/15/2016

We certainly have been busy! Our expansion in Carrizo Springs and Dimmit County is going super. Here’s a post of the Grand Opening from the Carrizo newspaper. Come grow with us!

11/03/2016
Correa Crawford & Associates

Correa Crawford & Associates

CCA is thrilled to announce the grand opening of our second office location. The address is 307 N 5th Street, Carrizo Springs, Texas. This new location allows us to give a wider range of service. We invite everyone to our Grand Opening & Ribbon Cutting ceremony on Thursday, November 3rd at 5:30 pm. Celebrate our expansion with us. The phone number in Carrizo Springs is 830 876-6770.

11/02/2016

CCA is thrilled to announce the grand opening of our second office location. The address is 307 N 5th Street, Carrizo Springs, Texas. This new location allows us to give a wider range of service. We invite everyone to our Grand Opening & Ribbon Cutting ceremony on Thursday, November 3rd at 5:30 pm. Celebrate our expansion with us. The phone number in Carrizo Springs is 830 876-6770.

Correa Crawford & Associates's cover photo
03/24/2016

Correa Crawford & Associates's cover photo

Profile Pictures
03/24/2016

Profile Pictures

Correa Crawford & Associates
03/24/2016

Correa Crawford & Associates

09/14/2015

Determining Whether You are a Resident or Non-Resident for Tax Purposes

Immigration & Tax Law Definitions

How to Determine Residency for Tax Purposes

The "Green Card" Test

The Substantial Presence Test

Immigration and Tax Law Definitions

The information in this section is provided as a general guide

on residence status for U.S. tax purposes. Please note that there

are significant differences between the definitions of residence

status for immigration law purposes and for tax law purposes.

Immigration Law

A non-resident alien for immigration purposes is a person who

is not a citizen or lawful permanent resident of the U.S. and

who has been admitted to the U.S. for a temporary stay that

will end when the purpose of that stay has been met. Individuals

in non-immigrant visa status have visas which begin with letters:

B, F, J, TN, H, L, O, etc.

A resident alien for immigration purposes is the same as an

immigrant, a lawful permanent resident (a "green card"

holder) who is not a U.S. citizen but has been authorized to

live and work in the U.S. indefinitely.

Tax Law

A non-resident alien for tax purposes is a non-U.S. citizen

or permanent resident who, during his or her stay in the U.S.,

either pays U.S. tax only on income from sources inside the

U.S., or is exempted from paying U.S. income tax because of

a treaty between the U.S. and the government of his/her country

of residence. With a few exceptions most non-resident aliens

are not eligible to take tax exemptions for dependents. A non-resident

alien for tax purposes must file an income tax return on IRS

FORM 1040NR or 1040NR EZ, U.S. Nonresident Alien Income Tax

Return.

A resident alien for tax purposes must pay tax to the U.S.

government on income from all sources worldwide and may, in

certain limited circumstances, enjoy benefits of tax treaty

exemptions. Individuals who are resident aliens for tax purposes

can claim exemptions for dependents. A resident alien for tax

purposes files a return on IRS FORM 1040, 1040A, OR 1040EZ.

Categories established for immigration purposes do not necessarily

coincide with those set up for tax purposes. Under certain circumstances,

a non-resident alien for immigration purposes may be classified

as a resident for tax purposes. Thus, students and scholars

who are not citizens of the United States must take care to

determine whether they are resident or non-resident aliens for

tax purposes. Only then will they know how their income will

be taxed and which income tax return form to file. For current

information on tax laws regarding resident and non-resident

aliens, consult IRS publications 513, 515, 519 and 901.

Top

How to Determine Residency for Tax Purposes

A resident for tax purposes is a person who is a U.S.

citizen or a foreign national who meets either the "green

card" or "substantial presence" test as described

in IRS Publication 519, U.S. Tax Guide for Aliens.

In general:

F and J student visa holders are considered residents after
five calendar years in the U.S.

J researchers and professors are generally considered residents
after two calendar years in the U.S.

H-1, TN, and O-1 visa holders are considered residents once
they meet the "substantial presence" test.

A non-resident for tax purposes is a person who is not

a U.S. citizen and who does not meet either the "green card"

or the "substantial presence" test as described in IRS

Publication 519, U.S. Tax Guide for Aliens.

In general:

F and J student visa holders are generally considered non-residents
during their first five calendar years in the U.S.

J professors and researchers, are generally considered non-residents
during their first two calendar years in the U.S.

H-1, TN and O-1 visa holders are considered non-residents
until they meet the "substantial presence" test.

Top

The "Green Card Test"

Lawful permanent residents of the U.S. are considered to be residents

for tax purposes. A person has this status if he/she has been

granted resident status by the U.S. Immigration and Naturalization

Service (INS) and/or has been issued an alien registration card,

also known as a "green card".

Top

The "Substantial Presence Test"

A foreign national in non-immigrant visa status may be considered

a resident for tax purposes as soon as he/she meets the "substantial

presence" test for a calendar year (January 1 to December

31). To meet this test, the person must be physically present

in the U.S. on at least:

31 days during the current calendar year and
183 days during the three-year period that includes the current
calendar year and the two years immediately preceding. The individual

should count: all the days he/she was present in the U.S. in

the current year, 1/3 of the days present in the U.S. the preceding

year, and 1/6 of the days present the year before that.

Days That Are Not Counted:

A J-1 professor or researcher who is complying with the requirements
of the visa, does not count days for the first two calendar

years.

An F-1 or J-1 student, who is complying with the requirements
of their visa, does not count days for the first five calendar

years.

A foreign national will not meet the "substantial

presence" test if:

he/she is present in the U.S. on fewer than 183 days during
the calendar year; and,

it is established for the current year that the person has
a tax home in a foreign country, and that he has a closer connection

to that country than to the U.S.

IRS Publication 519, U.S. Tax Guide for Aliens, provides details

on what is required to establish a closer connection to a foreign

country, including such things as the location of a person's permanent

home, family, personal belongings, etc.

Starting a Business? 3 Things You Must Know	STARTING A BUSINESS? 3 THINGS YOU MUST KNOWStarting a new business is a very...
08/27/2015
San Antonio, TX {firm_pe} Firm | Business Strategies Page | Correa Crawford & Associates

Starting a Business? 3 Things You Must Know
STARTING A BUSINESS? 3 THINGS YOU MUST KNOW


Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That's where we can help.

Employer Identification Number (EIN)
Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is the first thing that needs to be done since many other forms require it. The fastest way to apply for an EIN is online through the IRS website or by telephone. Applying by fax and mail generally takes one to two weeks. Note that effective May 21, 2012, you can only apply for one EIN per day. The previous limit was 5.

State Withholding, Unemployment, and Sales Tax
Once you have your EIN, you need to fill out forms to establish an account with the State for payroll tax withholding, Unemployment Insurance Registration, and sales tax collections (if applicable).

Payroll Record Keeping
Payroll reporting and record keeping can be very time-consuming and costly, especially if it isn't handled correctly. Also, keep in mind, that almost all employers are required to transmit federal payroll tax deposits electronically. Personnel files should be kept for each employee and include an employee's employment application as well as the following:

Form W-4 is completed by the employee and used to calculate their federal income tax withholding. This form also includes necessary information such as address and social security number.

Form I-9 must be completed by you, the employer, to verify that employees are legally permitted to work in the U.S.

- See more at: http://satxtaxes.com/business-strategies.php?item=104&catid=7&cat=Starting%20a%20Business?%203%20Things%20You%20Must%20Know#sthash.rXYSABiC.dpuf

Take a look at our Business Strategies page. Correa Crawford & Associates is a full service tax, and business consulting firm located in San Antonio, Texas.

08/25/2014

If you work and have children, cost of child care is a major concern. Many folks know they can claim a tax deduction for this, but did you also know that summer day camps can qualify?

Day camps can be a great alternative to regular childcare. The IRS allows the cost of day camps to count towards child care credit. There are exceptions and qualifications, so keep your receipts to find out if we can use them.

Contact Sara for more tax tips or questions.

Address

84 NE Interstate Loop 410 Ste 252
San Antonio, TX
78216

General information

If you’re looking for a proactive tax firm from San Antonio or South Texas (Carrizo Springs) to help you reduce your tax obligations and maximize your financial potential, look no further. We encourage you to review our services below and then contact us to learn how Correa Crawford & Associates can help you with – Tax Preparation- Tax Planning- Financial Advice-Bookkeeping, we would like to be your external CFO.

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Telephone

+1 210-728-3834

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