Get Tax Resolution

08/04/2023

Here is a fun fact for your Friday from Tim Thompson CPA PLLC.

08/03/2023

The recipient of inherited property generally pays no tax when the property is received. However, tax may be owed when the property is subsequently sold. Gain from the sale of inherited property is measured according to the value of the property at the date of the decedent's death. In some cases, the computation will result in a loss, particularly when dealing with real property on which large selling expenses are paid. In some circumstances, these losses may even be deductible.

If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received.

08/02/2023

Tap into your full potential. Wednesday Wisdom from Tim Thompson CPA PLLC

08/01/2023

Grandparents rearing grandchildren may qualify for a variety of tax breaks. They include head of household filing status, child tax credit, earned income tax credit, childcare credit, education credits, and medical expense deductions.

More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent, accounting for approximately 9% of all children nationally and more than half of....

07/31/2023

If you realize that you have made a mistake on your tax return or receive a correction notice from the IRS, watch this video for a brief guide on how to proceed.

07/31/2023

Tax Policy: The further we get from the pandemic, we believe the percentage of legitimate claims coming in is declining. Update via

Scrutiny of a pandemic-era tax credit intensified this week for the employee retention tax credit. Here's what it means for small businesses.

07/31/2023

Here's some motivation for your Monday from Tim Thompson CPA PLLC

07/30/2023

Here are the August 2023 business due dates

Here are the August 2023 Business Due Dates

07/29/2023

Here are the August 2023 individual due dates

Here are the August 2023 Individual Due Dates

07/29/2023

Learn about business from your friends at Coppell based Tim Thompson CPA PLLC.

07/28/2023

For those who love learning: here's a tax fact from Tim Thompson CPA PLLC.

07/27/2023

Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. You may be able to take steps to mitigate the impact of certain events on your taxes and, thus, avoid unpleasant surprises before it is too late to address them.

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them.