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Tax Scams: 2020 Edition
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Tax Scams: 2020 Edition

Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly. While tax-related scams usually increase at tax time, this year, scam artists are...

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03 Aug 2020
Tax Breaks for Teachers and Educators
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Tax Breaks for Teachers and Educators

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal,...

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02 Aug 2020
Protect Tax Records Before Disaster Strikes
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Protect Tax Records Before Disaster Strikes

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup Records Electronically.¬†Many people receive bank statements by email. This is a good way...

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01 Aug 2020
Filing an Amended Tax Return
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Filing an Amended Tax Return

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X,¬†Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax return should only be filed to correct errors or make...

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31 Jul 2020
Top 20 Largest Accounting Firm
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Top 20 Largest Accounting Firm

We are pleased to announce that ABIP has ranked as a top-20 largest accounting firm in the Houston and San Antonio Business Journals Book of Lists. The annual rankings are formulated based on the number of CPAs and accounting staff in each firm. Recently, the firm has been helping clients navigate the challenges associated with COVID-19, as well as the related deadlines and relief programs....

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13 Jul 2020
Here’s How to Pay If You Owe Money to the IRS
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Here’s How to Pay If You Owe Money to the IRS

Here’s How to Pay If You Owe Money to the IRS The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or...

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06 Jul 2020
July 15 Deadline for Reporting Foreign Income
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July 15 Deadline for Reporting Foreign Income

July 15 Deadline for Reporting Foreign Income If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal income tax return...

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05 Jul 2020
Small Business Financing: Securing a Loan
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Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many business owners fall victim to several common, but potentially destructive...

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04 Jul 2020
Paying off Debt the Smart Way
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Paying off Debt the Smart Way

Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you won’t have to shell...

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03 Jul 2020
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