Shelli R. Dodson CPA PLLC

So many of my friends and clients are starting day six with no power. Many of them have been unable to work. If that is the case, look into unemployment benefits through Texas workforce commission.

Disaster Unemployment Assistance Available in 15 Counties Impacted by Hurricane Beryl - Texas Workforce Commission Secure .gov websites use HTTPS A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

If you file and pay the IRS quarterly, this is great news.

Because of the Texas storms, the IRS may have postponed your obligation to make the next two IRS quarterly tax payments (those due June 17 and Sept. 16). Instead, you’ll get to file on Nov. 1 (with those two quarters’ penalties abated). See if you are in an impacted county using the link below.

IRS announces tax relief for taxpayers impacted by severe storms, straight-line winds, tornadoes and flooding in Texas | Internal Revenue Service TX-2024-13, May 28, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in Texas that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 26, 2024. These taxpayers now have until Nov.1, 2024, to file various fede...

Tomorrow I start a certificate program with UT Austin to expand on my tax planning skills. It’s hard getting old but my clients and I can’t seem to stop the process so let’s face it head on!

Due to school closures, the office is closed today. Each team member has children who are too young to stay at home alone. We appreciate your support of our small business and, in turn, our families.

Extension Day!

It’s almost the 15th, here’s what to expect.

This week I am working on estimates and finalizing a few remaining returns.

Extensions will be filed for any return not completed and approved.

Extensions are not BAD. They allow us time to process and review more complicated returns or returns we simply did not have time to process.

I realize some of the returns we are still working on are quite straightforward. However, this is a profession that sees the bulk of its work in a six week span. It cannot all get done. But, the IRS realizes this and allows extensions to be filed easily. I’m on extension myself. 

If you still think there is a “long form” or you need to “roll old house money to a new house to avoid tax”…we need to talk.

It’s tax season! Here we go!

We are starting to send engagement letters via the portal. My mom even signed up for the portal. Now you know why it’s so cold…she said it would be a cold day before she’d use the portal!

And any eyerolls, sighs, squints, confused looks, etc.

When your friends say it better than you can.

Since tax season is here I wanted to share 10 tips on the DON’Ts when choosing a Tax Preparer.

1. Don’t use a Tax Preparer who does not have a PTIN — just ask them if they have one. If they don’t know… run fast in the other direction.

2. Don’t use a Tax Preparer who does not sign the return. Not only must your preparer have a PTIN, he or she must sign the return (electronic signatures count). If the preparer doesn’t sign your return, he or she is not allowed to submit the return. Look out for the words “self prepared” on the 2nd page of your 1040. You can actually look the specific preparer up to see if they are authorized to e-file returns.

3. Don’t use a Tax Preparer who insists that you mail in your own tax return, however, there are a few situations that do require mailing. If those few situations don’t apply, electronically filing is always best and heavily recommended.

4. Don’t use a Tax Preparer who promises a higher refund than last year when your situation didn’t change. How could someone know what your situation is without looking at what you’ve got?

5. Don’t use a Tax Preparer who wants you to sign a blank tax return. Again, run like the wind!

6. Don’t use a Tax Preparer who wants you to direct deposit your refund into an account that doesn’t belong to you. Fun fact to clear some confusion: If you utilize a bank product, a temporary account is created for you by the bank specifically for the disbursement of funds- tax prep fees to your preparer and your remaining refund to you by your initial choice of receiving funds (direct deposit, check, or debit card). Your preparer should be showing you every bit of this on paper so that you understand.

7. Don’t use a Tax Preparer who bases their fees on a percentage of your refund—that’s illegal!

8. Don’t use a Tax Preparer who promises refunds by a certain date. Everyone has learned over the last few years that nothing with the IRS is a fluid movement anymore.

9. Don’t use a Tax Preparer who guarantees a refund (or that you won’t owe) even before seeing your tax documents. (See #4)

10. Don’t use a Tax Preparer who implies endorsement by the IRS. The IRS doesn’t actually endorse any individual preparer. You can be authorized to practice before the IRS as a CPA, EA, or attorney and authorized e-file provider, but no single person endorsement.

A question I get often: Should I pay down loans to save taxes.
No! Repayment of loans does not create a deduction.

We have a new team member. Her role will be focused on bookkeeping which is the foundation of good taxes. I’m super excited for her to meet our clients! Stay tuned.

If you did not know...your Medicare Premiums are based on income! Here is a table of premium adjustments for 2024 (based on 2022's return).

Great news for some of you!

Did you know?
It’s a common misconception that your mortgage is part of the equation of gain/loss when you sell your home. It’s not. Your basis is what you purchased the home for plus major improvements.

Reasons I may miss your text…🤣. Parents, kids, clients, car warranties, coupons of the day, Amazon notifications, credit card payments…it’s a lot.

Bass v. Commissioner
T.C. Memo 2023-41

This case basically says if you donate more than $5,000.00 of 'like kind' items (think clothing or furniture, to Goodwill, for example), you need an appraisal.

Let me just say..."I told you so".

Hey tax family! We have some subtle changes coming. Nothing crazy. A little refresh and rebranding but same great team!