Taxes

Taxes

Written by Staff Thursday, 07 February 2008

Tax preparation

The Internal Revenue Service offers tips for early tax preparation:

• Get the right forms — Forms are available at multiple locations and online at www.irs.gov.
• Take your time — Rushing through a return may result in errors, which can cause refunds to be delayed.
• File online — It’s quick, easy and even catches math errors. E-filing also provides delivery confirmation and speeds up refunds.
• Direct deposit — Taxpayers who choose direct deposit over a check receive refunds quicker.
• Ask an expert — For complex returns, call a CPA or tax preparer. Hiring help could actually save time and money.

Margin tax

On May 2, 2006, the Texas State Legislature passed House Bill 3, which replaced the franchise tax with a margin tax. It affects nearly every legal entity doing business in Texas and is calculated as follows: Tax margin = total revenue - the greater of: cost of goods sold or compensation

Self-employment tax

The maximum amount of net earnings subject to the social security part of the self-employment tax for tax years beginning in 2007 has increased to $97,500. All net earnings of at least $400 are subject to the Medicare part of the tax.

Dates to Know

• March 15 — Business returns due, last day to file an extension form
• April 15 — Income tax returns due, last day to file an extension form
• Sept. 15 — Business returns due for those who extended their deadline
• Oct. 15 — Income tax return due for those who extended their deadline

Where to pick up tax forms

• 1. Cedar Park Public Library, 550 Discovery Blvd., 259-5353
• 2. Leander Public Library, 1011 S. Bagdad Road, 259-5259
• 3. U.S. Post Office — inside Cedar Perk, 200 Buttercup Creek Blvd., Ste. 123, 257-7088
• 4. U.S. Post Office, 500 E. Whitestone Blvd., Cedar Park, 260-7585
• 5. U.S. Post Office, 801 S. US 183, Leander, 259-1965

Important forms

• 1040 Standard tax return form allows users to itemize deductions
• 1040EZ The most simple tax form; can only be used by those under 65 with no dependents and an income under $50,000
• 1040A Can be used to report other types of income such as dividend interest
• 4868 Application for automatic extension of time to file; moves due date back six months
• W-4 Withholding allowance certificate; determines amount to be deducted from employee’s paycheck

Local tax preparers

• C.W. Haynes III, CPA P.C., 1525 Cypress Creek Road, Ste. H 250-5360, www.cwhaynescpa.com
• Charles Schneider, CPA, 1806 Lobelia Drive, 346-8483
• DB Consulting, Inc., 715 Discovery Blvd., Ste. 201, 259-5241, www.123accountants.com
• Debra Todd, 1001 Cypress Creek Road, 250-8344
• Gary L. Annis, CPA, 805 Mountain Ridge Drive, 259-3737
• H & R Block Services, 651 N. US 183, Ste. 235, 259-5317
• H & R Block Services, 202 Walton Way, Ste. 168, 260-1094
• H & R Block Services, 11220 Lakeline Mall Drive (in Sears), 219-2400
• Instant Tax Service, 251 N. Bell Blvd. , Ste 108, 356-9125
• Jackson Hewitt Tax Service, 605 S. Bell Blvd., Ste. 108, 335-4411
• Jackson Hewitt Tax Service, 303 S. US 183, 260-8833
• Jackson Hewitt Tax Service, 201 Walton Way (in Wal-Mart), 335-4411
• Jackson Hewitt Tax Service, 13201 N. FM 620 (in Wal-Mart), 249-5887
• James R. Kay, CPA, 201 Industrial Blvd., 260-1919
• Liberty Tax Services, 111 N. Bell Blvd., Ste. C, 535-1824, www.libertytax.com
• Mark R.P. Watson, CPA, 1108 Stillwell Ridge, 219-9387, www.penawatson.com
• Mary J. Edwards, CPA, 2805 Great Valley Drive, 258-8649
• Michael J. Bushkuhl, CPA P.C., 4300 CR 278, 260-3362
• Preston Singleton, CPA, 930 S. Bell Blvd., 310-5600
• Rebecca Cooper, CPA, 7201 Marywood Circle, 928-9828
• Rebecca L. Fischer, CPA, 661 Columbine Avenue, 259-7831, www.cpaincedarpark.com
• Tom Burt, CPA, 19022 Venture Drive, 267-6816
• Whitney A. Walsh, CPA, 109 N. Bell Blvd., 258-0668