dnataxes

  •  Tax & Accounting Services
    ​Est. 1997

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Individual

Individual tax returns can be very complex depending on source of income.  Income falls under three categories.  Active income which is earned income (wages).   Portfolio income which is dividends, interest, and sale of stock.  Passive income which is  rental real estate, business income that you don't materially participate.  The sources of income have different tax challenges.   We can help navigate and create a positive outcome. 

Partnerships and PLLC

Partnerships are created with a minimum of two or more people agree to start a business together.  Another way is a partnership by default.  This happens when two or more people create an LLC.   Exception: Married couples that are residence of a community property state (Texas) can choose between a partnership or disregarded entity. If partnership, each partner will receive a schedule K-1 which provides a break down of income, losses, and deductions.

Corporations

Corporations can be taxed in two different ways.  C-Corporation are taxed at the corporate level with  a flat tax rate of 21%.  S-Corporations are taxed at the individual rate.  Individual stockholders will receive a schedule K-1.  The K-1 provides a breakdown income, losses, and deductions.


Additional Services: 

All inclusive Payroll includes processing, direct deposit, quarterly, and annual reporting for a monthly flat rate. (restrictions apply)


Bookkeeping- Includes Quickbooks Online and setup


Tax News

FinCEN extends BOI reports deadline for Certain Companies


Ref. Journal of Accountancy 


Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

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1031 Like-Kind Exchange. 

Financial and investment advisers should seek to understand the implications of a legislative proposal originally set forth in the American Families Plan that would severely limit benefits historically provided by Sec. 1031 of the Internal Revenue Code. Under the proposal, the deferral of capital gains from the exchange of real property used in a trade or business, or of investment property, would be limited to $500,000 ($1 million for married individuals filing jointly)

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EV Tax Credit Rules 

People who buy new electric vehicles may be eligible for a tax credit as high as $7,500, and used electric car owners may qualify for up to $4,000 in tax breaks as of 2023.


Income limits (Modified AGI): Married-Filing-Joint $300,000, Head-of-Household $225,000, and Single $150,000.  If dealer credit is taken, claw-back provision (pay back dealer credit) will apply. 


The car sale price cannot be over $55,000. 

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Standard Mileage Rates for 2023

Mileage Rates for 2023

       Business 65.5 cents for the full year

       Medical or moving purposes 22 cents

       Charitable purposes 14 cents


These rates apply to EV's, hybrid's, gasoline and diesel-powered vehicles.


Employers will be able to use the fleet-average valuation rule or the cents-per-mile valuations rule. 

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Greg Dunavant, Tax Accountant

Greg T. Dunavant, MSA

Greg T. Dunavant founded the company in 1997 to provide tax preparation, tax planning, payroll, and bookkeeping. He earned his Bachelor of Science in Accounting and a Master of Science in Accounting with a focus in taxation.

 

Copyright © 2019  Greg T. Dunavant, MSA, LLC