Woodlands Tax

The Woodland’s premier tax firm. We are your advisors, accountants and advocates!


Happy Presidents Day! Say thank you to George Washington for your day off, if you have one!

Best of The Woodlands 2024 - Woodlands Tx - Woodlands Online 02/18/2024

Last year, you voted Woodlands Tax as one of the Best Accountant & Tax Practices in The Woodlands, and we'd love to have your vote again!

Visit www.woodlandsonline.com/spgs/bestof/ to vote for Woodlands Tax. Scroll down to #16! We are so grateful to serve this community, and we're honored to just be nominated again!

Best of The Woodlands 2024 - Woodlands Tx - Woodlands Online Woodlands Tx Business Directory with News, Employment and Classifieds, Real Estate and Homes for Sale, Sports and Events Calendar on Woodlands Online


Common Tax Filing Errors – Did You Know? (1/2)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes may not change your tax, but they can cause processing problems. The IRS may even withhold your refund until the errors are corrected. Be sure to check for the following:

Missing or Inaccurate Social Security Number (SSN):
Even when filing electronically, many people mistype their SSNs and do not catch the error. If the SSN on your return does not match the number on your Social Security card, the IRS may not be able to process your return.

Misspelled Name:
Take your time when filling in every blank on your return, even your name. A misspelling or illegible writing can prevent proper processing.

Incorrect Bank Account or Routing Number:
Getting your return filed electronically and requesting direct deposit is the fastest way to get your refund, IF you provide accurate information. An error in your banking info can cause big headaches.

Missing Signature:
Remember that in most cases, couples filing jointly must both sign their return.

To avoid costly mistakes, a tax professional can help prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.


Woodlands Tax is nominated again for the Best of The Woodlands contest! Last year, you voted us as one of the Best Accountant & Tax Practices in The Woodlands! We are so honored to be nominated again this year.

To vote for Woodlands Tax, visit Woodlands Online's voting page www.woodlandsonline.com/spgs/bestof/, scroll down to #16, and select Woodlands Tax! We appreciate each and every vote, and we are grateful to serve this community!


Happy Valentine's Day from Woodlands Tax Advisors! We ❤️ being a part of and serving The Woodlands community. Thank you for your business and community!


Discounted Repayment Program for Invalid ERC Claims

Between now and March 22, 2024, businesses that received employee retention credit (ERC) funds but did not qualify for the credit may apply to repay the credit at a discounted rate. While the ERC program gave vital assistance to many employers during the pandemic, it also became a target of scammers, who lured ineligible business owners into falsely claiming the credit.

Under this new voluntary disclosure program, taxpayers whose applications are approved by the IRS will only have to pay back 80% of the credit amount. The remaining 20% will be forgiven without penalty, since many businesses lost a percentage of their credit to ERC promoters. Note that if a business uses a third-party payroll management service, that third party must submit the application to participate in the discounted repayment program.

The IRS also reminds businesses to act quickly to withdraw pending questionable ERC claims. Taxpayers whose ERC applications have not yet been processed, or who received an ERC refund check but not cashed it, may be able to withdraw their applications (and return the check) without penalty. A business tax professional can help determine whether an ERC claim was valid, and if not, what steps can be taken to try to resolve the issue.


Mardi Gras is tomorrow! To celebrate, join us at Fat Tuesday on The Plaza in Spring! This great event has live music, traditional King Cake, and a Louisiana-style gumbo food truck. What's not to love!

For more info, click this link: https://bit.ly/47SHLCG


Thanks to Governor Greg Abbott, we've been celebrating Enrolled Agent Week this week! Dana Jensen with Woodlands Tax is 1 of only 7 Enrolled Agents in The Woodlands. This is a tax advisor designation that allows us to represent you in front of the IRS. We advocate for you! If you need IRS representation, you know who to call!


Increased Additional Child Tax Credit Available for 2023 – Did You Know?

The maximum Child Tax Credit (CTC) amount remained at $2,000 per qualifying child for tax year 2023 and generally isn't a refundable credit. However, many taxpayers who qualify for the CTC are also eligible for the Additional Child Tax Credit (ACTC), which may make the CTC partially refundable. In other words, if your CTC amount exceeds the tax you owe, claiming the ACTC may enable you to receive part of the excess credit as an IRS refund.

Unlike the basic CTC, the ACTC gets adjusted annually for inflation. For 2023, the maximum ACTC amount rose to $1,600 per qualifying child. Therefore, those who qualify for the ACTC may receive up to $1,600 per qualifying child as a tax refund. However, you must file a tax return to claim your refund, even if you do not owe any tax.

A tax professional can help you determine whether you qualify for the 2023 CTC and ACTC, and if so, help you file a return electronically to get your refund as quickly as possible.


Read our NEW Woodlands Tax Monthly Newsletter - https://mailchi.mp/69e9fedc9554/woodlands-tax-monthly-newsletter


The Economic Outlook Conference hosted by The Woodlands Area Chamber of Commerce is a week from today! We'll be in attendance. Will you? We'd love to meet you and talk!

For more info and to purchase tickets, visit The Woodlands Area Chamber of Commerce's website!


The time to file your taxes has made its way around again. Not looking forward to it? Maybe it's to find a tax professional then! When you have an expert on your side, there's less stress on you, you can get your refund faster, and you get access to an advisor who can help you save as much money as possible!

Call Woodlands Tax Advisors today for a consultation at 281-214-2255.


Protecting Yourself from Tax Related Identity Theft - Did You Know?

Tax related ID theft is when someone uses your information (name, SSN, etc.) to file a false tax return and claim a fraudulent refund.

The number one thing you can do to prevent this type of ID theft is to file early and file electronically. The IRS is “first-come, first-served”, meaning whoever files first, electronically, will be the only electronic return accepted. All others for that SSN will be blocked and must file manually. This can lead to big delays for your refund. Filing season began January 29 this year.


This year's tax season features several improvements to IRS services! Two key upgrades relate to digital form submission and options for taxpayers to access their IRS account information online. For more information, check out our website at woodlandstaxadvisors.com!

A tax professional, like Woodlands Tax Advisors, can help you file your tax return and any other required forms electronically, to save resources and ensure the fastest possible refund delivery.


Potentially Taxable Events – Did You Know?

In addition to traditional income sources like employee wages and business profits, there are a number of other activities and transactions that the IRS classifies as potentially taxable. It is important to consider all of these “taxable events” for your tax return.

The most commonly overlooked taxable events include:

- Investment income, including receiving stock dividends or cashing in bonds
- Converting a traditional IRA to a Roth IRA
- Forgiveness (discharge) of a loan or other debt, including student loans
- Sale of assets such as vehicles, musical instruments, or a home at a gain (that is, for more than you paid to purchase the assets)
- Sale or exchange of cryptocurrency (like Bitcoin), or making purchases with cryptocurrency
- Withdrawing funds from a retirement plan (or from the cash value of a life insurance policy if you withdraw more than you have paid in premiums)
- Gifts and inheritances

A tax professional can advise you about which events in your life may have tax implications, and how to properly report those events. For example, in some cases, you may only need to declare the event to the IRS if the amount of money involved exceeds a minimum threshold, known as an “exclusion.”

There’s Still a Way to Double Your Retirement Tax Breaks Before Filing 02/02/2024

Still working? Here’s a strategy for using IRA & QCD

There’s Still a Way to Double Your Retirement Tax Breaks Before Filing Married couples can often chip in extra funds to a second retirement account—even when one of them isn’t working.


Happy Black History Month from Woodlands Tax Advisors! As we take this month to appreciate a rich culture and history, we remember to keep pushing forward for equality for all!


It's January 31st! This means you should have received your W-2 from your employer, which is important for filing your taxes. If you haven't received it yet from an employer that you worked for in 2023, then reach out to them first, and contact the IRS second if you can't contact your employer.

Keep an eye out for more from Woodlands Tax! We're keeping you ahead of the curve this tax season.


Tax season is starting soon! Do you know all the tax deadlines that apply to you? Check out our website's newsletter to read about important dates that you need to know!

Read here: https://bit.ly/3SeWtOD


Tax Filing Season Begins

The 2024 Tax Filing Season opens today, January 29th, 2024, for your 2023 returns. Here are some tips to make your tax filing season easier.

Gather Documents Showing Wage, Business And Other Income:
If you work as an employee, you should receive a W-2 from your employer(s) by early February, showing your earnings for the year and the total tax withheld from your paychecks. If you are self-employed (including gig economy work) or own a business, you may also receive 1099 forms from your clients showing fees paid to you.

Interest and dividend income, along with royalties from past work, are also reported on 1099 forms. Recipients of unemployment benefits and/or taxable Social Security benefits should receive a year-end statement detailing these payments as well. Store all of these documents with your tax records.

Organize Records Of Other Potentially Taxable Transactions:
The sale of major assets like stock, a house or any other “big ticket” item may yield a taxable capital gain. Many cryptocurrency transactions (such as buying and selling Bitcoin) also have tax implications, since the IRS classifies cryptocurrencies as property. Make sure you have complete records of all your significant financial and property transactions during 2023.

Start Early:
Assemble your records and file your taxes early. If issues come up, you'll have much more time to resolve them. A tax professional can help you with identifying and organizing your documents as well as filing your tax return.


Filing Deadline for W-2 and 1099 Forms

Taxpayers who paid employees or independent contractors in 2023 are reminded to file all required payment reporting forms by January 31, 2024.

If you operate a business and pay employees, you generally must file a Form W-2 for each employee with the Social Security Administration (SSA) by January 31. You must also send each employee a copy of their W-2

January 31 is also the deadline for 1099 forms if you are required to file 1099-MISC and 1099-NEC forms.

If you are an employee, you should expect to receive your W-2 from your employer soon, if you have not received it already.


Tomorrow is the 48th Arbor Day Tree Giveaway at Rob Fleming Park! This is one of the longest standing traditions in The Woodlands. Attendees receive free seedlings to help plant trees that the community will enjoy for years to come. This is a FREE event for Woodlands residents! We hope you'll join us this year!

For more information, click here: https://bit.ly/3vabFVn


This week is the Taste of The Town at The Woodlands Marriott Hotel and Convention Center! For one price, you can sample food from over 40 local restaurants and eateries!

For more information and to buy your tickets, visit https://www.woodlandschamber.org/tasteofthetown/


Open Filing Season for 2023 Tax Returns (2/2)

When this year's tax season officially opens on January 29, it will feature several improvements to IRS services. Two key upgrades relate to digital form submission and options for taxpayers to access their IRS account information online.

Enhancements to IRS paperless processing systems include the addition of 20 more tax forms to e-filing platforms, and new ways to respond to IRS letters online. Taxpayers with online IRS accounts will also discover new account features, including options to schedule and cancel future payments, and to securely save bank information for greater convenience.

A tax professional can help you file your tax return and any other required forms electronically, to save resources and ensure the fastest possible refund delivery.


It's National Thesaurus Day! When you look up "Best Tax Practice in The Woodlands", the synonym is "Woodlands Tax Advisors"! Who would've guessed? We are grateful to serve the community of The Woodlands, and we're ready for the 2024 tax season!


We know it's only January, but the tax filing deadline is going to sneak up on you! Don't get caught off guard at the end of March. With Woodlands Tax, we'll get you filed early enough to avoid the stress. All you have to do is give us a call to get started! 281-214-2255


On Martin Luther King, Jr. Day, we honor a man who broke barriers and fought for equality. As we move forward together, we remember MLK Jr.'s dream and continue to pursue it.


Open Filing Season for 2023 Tax Returns (1/2)

The IRS will begin accepting and processing 2023 tax returns on January 29, 2024, marking the official opening of tax filing season.

After January 29, taxpayers who have filed their returns may use the IRS "Where's My Refund?" tool (link below) to check the status of their tax refunds. The newly updated tool now works seamlessly on mobile devices, and will provide clearer and more detailed information than past versions. For example, it will notify taxpayers if the IRS needs more information from them in order to process their returns.

Although the IRS will not confirm receipt of tax returns until January 29, you may file at any time. A tax professional can help you complete and submit your return electronically, so you get your refund as quickly as possible.

IRS Where's My Refund Tool: https://www.irs.gov/refunds


Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the September 1st - December 31st, 2023 quarter of year is Monday, January 15th, 2024.

For payments made using IRS Direct Pay, you can make payments until 11:45PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.


New Tax Credit Rules for a Clean Vehicle Purchase in 2024 - Did You Know?

Starting January 1, 2024, buyers of new and used electric (EV), plug-in hybrid (PHEV) and fuel cell vehicles may be able to transfer the Clean Vehicle Credit to a car dealer in exchange for a lower price. These new tax credit rules will make clean vehicles affordable for a wider range of taxpayers, who previously had to wait until the next tax filing season to get the benefit of the credit.

The amount of the Clean Vehicle Credit depends on a variety of factors, including battery size and the origin of critical components. The maximum credit is $4,000 for used vehicles and $7,500 for new vehicles. You can find a complete list of EVs, PHEVs and fuel cell vehicles that qualify for the credit at the U.S. Dept. of Energy website (link below). If you transfer a Clean Vehicle Credit to a dealer, the dealer must provide a financial benefit equal to the credit amount, such as a price reduction.

For both new and used vehicles, the Clean Vehicle Credit is subject to income limits. A tax professional can help you determine whether you qualify for the credit, and what the credit amount might be for a particular vehicle.

Search for Eligible Clean Vehicles: https://fueleconomy.gov/feg/tax2023.shtml

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The Woodlands, TX

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