Sign up for this event on Meetup.Com! Tom Umstattd,CPA will be holding this Question & Answer session to answer your questions about federal income taxes, accounting, or any other tax questions you may have. If you run a growing business, this is a meetup you may not be able to afford …
Recent Blog Posts
What is My Filing Status?
The below article is from the IRS. We thought it was helpful and decided to re-post it here for your convenience. Issue Number: IRS Tax Tip 2016-10 Inside This Issue: Choosing the Correct Filing Status It’s important to use the right filing status when you file your tax return. The status …
Donate the clutter. Reduce your tax bill.
One man’s trash is another man’s treasure. By Tom Umstattd, CPA There are many folks less blessed than we who would greatly appreciate the stuff in our garages & attics. Or perhaps we have moved, lost or gained weight, or lost a beloved family member and still have some of their …
Tax Discrimination against Car Donors
By Aaron Lerma, CPA February 10, 2016 If you’re thinking of donating your car to charity, consider the following: What’s Wrong? The organization that receives your car doesn’t usually want it; they want cash. When they receive your car, they sell it quickly. A quick sale generally means a bargain …
A Section 105 Plan Can Save You Thousands
By Aaron Lerma, CPA February 10, 2016 Tax Benefits of a Section 105 Plan A Section 105 plan provides medical benefits to an employee by allowing the business to pay for the employee’s medical costs. The payments are tax free to the employee. They are also tax deductible by the …
Tom speaks at May 2, 2015 PENCON
Tom Umstattd, CPA speaks to Authors and Editors with his son, Author and President of Castle Media Group, LLC Thomas Umstattd. They share the stage as they speak on a variety of subjects, such as how to open a bank account in the name of your business, what kind of deductions …
Tom speaks at March 26, 2014 Austin Entrepreneurs Group
In this recording Tom Umstattd, CPA speaks at a convention in Austin, TX. for Entrepreneurs and people seeking to start their own business. He addresses many questions related to business tax issues as well as tips for dealing with the IRS.
The Child Dependency Trap
By Cynthia Umstattd, June 25th, 2015 If your child claims himself on his tax return when he is still your dependent, you could be in for 9 months of tax return trouble and high CPA bills. It’s a trap! The Problem Many young adults who are filing their own …
Medical Expenses of CCRC Residents
Jun 19, 1998 GOLD AT THE END OF THE RAINBOW: MEDICAL EXPENSES AND BELOW-MARKET-RATE LOANS IN CONTINUING CARE RETIREMENT COMMUNITIES By Robert Atkins Walker, Ph.D., CPA and Chad E. Turner, CPA Published in 18 Virginia Tax Review 1 (Summer 1998: The University of Virginia School of Law) under the title …
Employee vs. Independent Contractor Classification
Apr 3, 1995 SO YOUR EMPLOYER MADE YOU AN INDEPENDENT CONTRACTOR AND DIDN’T PAY ANY FICA TAX: HOW TO HAVE YOUR CAKE AND EAT IT TOO by Robert Atkins Walker and Clifton L. Kling I. Introduction A. Purpose Continuing controversy surrounds the employee versus independent contractor classification issue.1 To date, …