Cypress Tax Solutions

02/07/2020

An identity protection best practice to follow:

Protect your passwords. The longer the password, the tougher it is to crack. Use at least 10 characters; 12 is ideal for most home users. Mix letters, numbers and special characters. Try to be unpredictable – don’t use your name, birthdate or common words. Don’t use the same password for many accounts. Don’t share passwords on the phone, in texts or by email. Keep your passwords in a secure place, out of plain sight.

02/06/2020

Not sure if you should file a tax return this year? Here's how to find out...

Broad City image via Giphy.com Do you have to file a return? Sorry to be the bearer of bad news, but the answer usually is yes. Believe it or not, some people make it through tax-filing season without any hassle. That's because the Internal Revenue Service doesn't require them to file taxes. Unfortu...

02/05/2020

Deducting mileage for business driving is a handy way to save money on your business tax filings, but sometimes the definition of which drives are deductible can be confusing.

If you are at work (whether you work from a tax-deductible home office or at an outside location) and drive to another location for business, those miles are deductible. On the other hand, commuting from home to work is NOT deductible.

02/04/2020

Business owners, we are now into February, meaning all your 1099's and W-2's should have already been sent out to pertinent contractors and employees. If you had problems and you need help with this process, this is something we *routinely* do, even for previous or non-clients. Give us a call before this week is over.

02/03/2020

Okay, Super Bowl fans. We know you watched it. We know you have a favorite.

What's your vote on the BEST Super Bowl commercial this year?

01/31/2020

Don't just take the standard deduction because it's easier. If you've got the write-offs, use them.

The Standard Deduction for 2020 The size of the standard deduction you are allowed to take will depend on the filing status of your tax return for the year.

01/30/2020

Because all you need is a book to become a millionaire, right?! 😉

Okay, maybe not. But it is interesting to note what financially successful people are reading and thinking about.

So you want to be a millionaire? Start reading like one.

01/29/2020

Childcare: employees need to find it, and employers want their employees to be able to get reliable providers. If your business pays childcare costs for your employees, you very well may be eligible to receive a valuable tax credit on your business taxes (up to 25% of what you pay). This one truly can be a win-win for everyone involved.

01/28/2020

It would be nice to live in a bubble and believe we had no competition, but we're realists - we understand that this is the point in the year when you're trying to decide whether to try to do your taxes yourself or hire a professional. Allow us to humbly put forward a few of what we see as the major advantages of choosing to let us dig through the tax code for you, rather than trusting a software:

#1 - Hidden Details: We can't tell you how many "side" conversations have clued us into details about a client's life that actually translated to more deductions (think: mileage for running to the store to get supplies for your home office). We can give you a list of documents to bring to our tax preparation meeting, but there's always more to the story.

#2 - Understanding the Verbiage - The plain truth of it is that there are many pieces of the tax code that are nuanced. A software can present you with your choice between Single and Head of Household, but when it gives you the list of 6 ways to decide which one to choose, doesn't it get a bit daunting? Especially when it follows up the list with "In some cases..." but doesn't specify what those cases are. We can tell you what the choices ACTUALLY mean -- and help you pick the right one.

#3 - More Money in Your Pocket - We are convinced we can find you more tax savings than an algorithm can. It's the personal touch, the getting to know you. It makes all the difference in the world.