Dodson & Pope CPA PLLC

Dodson & Pope CPA PLLC

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Thanks for all your little in the know on Tax’s. It’s good to know.

We offer individual and small business tax planning and preparation along with IRS tax resolutions for those in need. This page was created to help me keep my clients, colleagues and friends stay up to date with tax changes that may effect them.

Operating as usual

[09/15/21]   September 15th
Business Deadline Day
(Except C corps)

09/03/2021

[07/11/21]   Vacation Week
7/12-7/19
Office is Closed

[06/30/21]   Q: My loved one passed away. What do I do?

A: Call me and your attorney. If you need an attorney, I know some great ones.

[06/30/21]   Q: If I purchase a rental, I can deduct that right?

A: Not the way you think you can. #callme

06/27/2021

Here are the income limits for the Child Tax Credits

Here are the income limits for the Child Tax Credits

[06/26/21]   Q: I own my own business. Can I deduct my doctor’s bills.

A: Not usually. Depending on several factors, it may be possible. #callme

[06/26/21]   Q: Im self employed and I need to impress my clients. Can I deduct my hair, nails and clothes?

A: No, you cannot deduct those.

[06/25/21]   Q: I saw on Tik-Tok...

A: Stop right there. Whatever you saw was WRONG.

[06/25/21]   Q: My friend said to start a LLC to write off my car.

A: That is not your friend, but that may be your cell mate.

[06/25/21]   Q: I gave 1000.00 to a friends GoFundMe when her baby was sick. That’s a charitable deduction, right?

A: Not for tax purposes. The recipient must be a 501c3 recognized by the IRS.

[06/25/21]   Q: How much do I owe if I sell my home in this up market?

A: if you lived there for at least 2 years as your primary home, you can make up to 250k (500k if married)...TAX FREE

[06/25/21]   Q: Where is my refund?

A: If your refund included any Stimulus money, it is hung up in refund hell. You have to wait it out. 😩

[06/25/21]   Q: We moved and gave away a lot to Goodwill last year. Like 10k worth. Can I deduct that?

A: Nope. 1) It’s Craig’s List values, 2) you’d need an appraisal for more than 5k and that’s a little “extra”

[06/25/21]   Q: My neighbor makes more money than me and he always gets a refund. How?

A: That is not how this works. #applestoapples

[06/24/21]   Q: Do I really have to report my crypto sales? It’s not really money.

A: Yes, you do or you they will have an orange jumpsuit for you. #irshottopic

[06/24/21]   Q: My employer makes me drive for work but doesn’t pay me. Can I write that off?

A: No. Either the employer reimburses you or it’s lost money.
#newemployer?

[06/24/21]   Q: My employer makes me work from home. Can I deduct my home office?

A: No, if paid by a W2, you cannot.

Child Tax Credit Update Portal | Internal Revenue Service 06/22/2021

Child Tax Credit Update Portal | Internal Revenue Service

If you want to opt out of the advance Child tax credit payments, here is the link!

Child Tax Credit Update Portal | Internal Revenue Service View your eligibility and unenroll from advance payments of the Child Tax Credit.

06/16/2021

Tax Season is not done but we are closed to regroup and reenergize until 6/21

Tax Season is not done but we are closed to regroup and reenergize until 6/21

Your Account on IRS.gov 06/13/2021

Your Account on IRS.gov

If you have not set up your account, consider doing it! It is a great way to access the information the IRS has on your account without having to call.

Look up refunds, checks issues, stimulus payments, copies of W2s filed by employers and more.

Your Account on IRS.gov Find out how to view your IRS account information. For more information go to https://www.irs.gov/account. #IRS #tax #taxes #filingseason

05/16/2021
05/12/2021

Here’s a funny but kind of true.

Due date for TX, OK and LA is June 15. If your information is not in, I will extend you. If your information is in, I’m busting fingers to get it done.

Here’s a funny but kind of true.

Due date for TX, OK and LA is June 15. If your information is not in, I will extend you. If your information is in, I’m busting fingers to get it done.

05/08/2021

And I thought I was behind...here is information from the IRS and what their current status is.

And I thought I was behind...here is information from the IRS and what their current status is.

[03/11/21]   The American Rescue Plan Act awaits President Biden's signature into law, which is expected later this week.

The big points:

- Filers who owe taxes from unemployment income will have a nice surprise as not all of it is taxable. I have advised waiting to file for this reason.

- Phase-out limits for the stimulus have changed. This is regarding the 1400.00 stimulus payments.

- Child tax credits have increased. 2000.00 is now 3000.00. Children under 6 goes from 2000.00 to 3600.00. This is on next years taxes!

[03/06/21]   Another Law Change coming now retro back to 2020 for unemployment.
This is why I’m moving slower this year.

[02/24/21]   In an effort to ensure our communities’ smallest businesses have access to PPP loans, beginning today (February 24) through March 9, the U.S. Small Business Administration (SBA) is accepting PPP applications exclusively from businesses with fewer than 20 employees.

Victims of Texas winter storms get deadline extensions and other tax relief | Internal Revenue Service 02/23/2021

Victims of Texas winter storms get deadline extensions and other tax relief | Internal Revenue Service

Victims of Texas winter storms get deadline extensions and other tax relief | Internal Revenue Service IR-2021-43, February 22, 2021 — Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Comptroller’s Office Extends Due Date for Taxes and Fees 02/17/2021

Comptroller’s Office Extends Due Date for Taxes and Fees

Sales taxes extended until 3/1

Comptroller’s Office Extends Due Date for Taxes and Fees Because of the winter storm and widespread power outages, the Feb. 22 due date for state taxes and fees to be reported and paid will be extended by one week, to March 1, Texas Comptroller Glenn Hegar announced today.

[02/16/21]   I stay up to date so you don’t need to.

Proposed 3rd Round Economic Impact Payments

If a 2020 tax return for a client (who had a 2019 AGI of $195,000) has an AGI that is $205,000...

If we hold on filing, they can potentially get a part of the proposed 3rd round economic impact payments in the pending legislation.
The payment/credit starts to phase out at $75k/$150k AGI and completely phases out at $100k/$200k AGI.
The provision looks first to 2019 if 2020 is not filed.

Don’t rush taxes this year.

New Bill Aims To Eliminate Taxes On Up To $10,200 Of 2020 Unemployment Benefits 02/04/2021

New Bill Aims To Eliminate Taxes On Up To $10,200 Of 2020 Unemployment Benefits

New Bill Aims To Eliminate Taxes On Up To $10,200 Of 2020 Unemployment Benefits Proposed legislation introduced yesterday would remove taxes on up to $10,200 in unemployment aid for the 2020 tax filing year.

02/04/2021

[02/04/21]   Turbo Tax is the worst video game Ever!

[02/03/21]   The Senate voted this week 50-49 to move forward with another COVID-19 relief bill.

Since the budget reconciliation process is being used, any final bill would only require a majority vote in the Senate (i.e. no filibuster).

Various members of the tax writing committees are trying to get some tax provisions in the new law. One almost certain provision is another round of economic impact payments/recovery rebate credits. We do not know if this will be based on 2020 or 2021.

Another proposal gaining a lot of talk is to create an exclusion for 2020 for the first $10,200 of unemployment benefits.

There is also talk of reinstating the §461(l) excess business loss limitation rule.

Takeaways...
Tax Season is going to be a fun one
We will be delayed

[01/15/21]   Efiling Opens 2/12.

It’s later than normal.

Videos (show all)

Business Meals Under the New Tax Laws

Telephone

Address


1095 Evergreen, Suite 200
The Woodlands, TX
77380

General information

I work with Individuals and Small Businesses who find themselves in need of accounting and tax help.

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm
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