In the dynamic business landscape of Katy, Fulshear, and West Houston, TX, every decision and action impacts your business's trajectory. Among these, maintaining accurate and comprehensive financial records might be one of the most crucial. This blog explores the pivotal role that quality bookkeeping and accounting play in ensuring your business's success and growth.   1. Informed Decision-Making: Bookkeeping, Tax Strategies, and Accountant Insights for Enhanced Financial Management Quality bookkeeping and accounting provide a clear picture of your business's financial health. Accurate re ..read more

U.S. citizens and resident aliens use one of three different forms for filing individual federal income tax returns: 1040EZ, 1040A, or 1040. If you're wondering which form you should use, keep reading. FORM 1040EZ Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents, is the least complicated federal tax form. however, if you file Form 1040EZ, you should be aware that you can't itemize deductions or claim any adjustments to income or tax credits other than the earned income credit. Use Form 1040EZ if: Your filing status is single or married filing jointly, you claim no ..read more

FORM W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. FOR ..read more

When you decide to start a business, one of the most important decisions you'll need to make is choosing a business entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it's more important than ever to choose the business entity that benefits your business. FORMS OF BUSINESS The most common forms of business are Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), and Corporations (C-Corporations ..read more

The Form W-2 scam has emerged as one of the most dangerous phishing emails in the tax community. During the last two tax seasons, cybercriminals tricked payroll personnel or people with access to payroll information into disclosing sensitive information for entire workforces. Last year, more than 200 employers were victimized, resulting in hundreds of thousands of employees with compromised identities. The scam affected all types of employers, from small and large businesses to public schools and universities, hospitals, tribal governments, and charities. What is a Form W-2? Employers engaged ..read more

DURING JANUARY All employers - Give your employees their copies of Form W-2 for 2017 by January 31, 2018. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31. All Businesses - Give annual information statements to recipients of certain payments you made during 2017. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. JANUARY 10 Employees - who work for tips. If you received $20 or more in t ..read more

Many people often miss out on tax claims or are unable to take their business to the next step as they lack adequate information. If you’re one such individual who has accounting and tax-related questions but finds answers difficult to come by, Terry L. Barker, CPA, PC, understands the stress that you may feel. To ensure you have all your doubts cleared and are armed with the most accurate information, I have answered five of the most frequently asked questions about dependency claims, filing taxes, and proprietorship. 1. Is there an age limit on claiming my child as a dependent? To claim ..read more

Thanks for stopping by our blog. If you’re looking for more information about Terry L. Barker, CPA, PC you’ve come to the right place. About Terry L. Barker, CPA, PC I am a certified public accountant, specializing in preparing tax returns. I have been in the accounting industry for over thirty years and have extensive experience in helping my clients find the best solution to save tax. Over the last three decades, I have journeyed from learning the ropes in an accounting firm to starting a partnership with a former colleague. I then successfully branched out on my own and began Terr ..read more

Certified Public Accountants perform several duties. On the one hand, they analyze and record your financial data and on the other, they act as tax accountants wherein they prepare tax returns and devise strategies to minimize tax liabilities. Unfortunately, there are tax-related myths that have been floating around. This has continued to persist due to misinformation about taxes and often negligence on the part of the taxpayer. Listening to bad advice or believing misconceptions without any clarification can end up costing you thousands of dollars. To help you avoid falling prey to these misc ..read more

Excellent bookkeeping, smart tax filing, and accurate financial statements are all paramount to a business’ bottom line, and one of the most efficient ways of achieving cohesive financial management is by hiring a Certified Public Accountant (CPA). While accountants will ensure you, or your business is legally compliant with financial policy, a CPA is licensed by a state and is more familiar with tax laws. Besides, a CPA can provide ‘assurance of certification’ and can even represent you before the IRS; something an accountant can’t do. With the ability to help you save on your personal and co ..read more