EG Fox & Fox, P.C

EG Fox & Fox, P.C Most Sought After CPA Firm in DeSoto Texas

Grabbing lunch with a client doesn’t just build rapport. It can also trim your tax bill. Under tax law, you can generall...
09/02/2025

Grabbing lunch with a client doesn’t just build rapport. It can also trim your tax bill. Under tax law, you can generally deduct 50% of qualifying business meal costs. Whether you're dining with clients, partners or employees, these deductions can reduce your taxable income. Keep detailed records of the expenses, including receipts. Document the business purpose of each meal and the business relationship of the people you dine with. Contact us at (972) 224-8381 with any questions about this deduction.

Expense reporting isn’t just paperwork; it’s key to controlling costs, ensuring accuracy and preventing fraud. Follow th...
09/01/2025

Expense reporting isn’t just paperwork; it’s key to controlling costs, ensuring accuracy and preventing fraud. Follow these six best practices for reimbursable expenses. Need help setting up your expense reporting system? Let’s talk. Contact us at (972) 224-8381.

As you likely know, marital status affects many federal tax filing requirements, including your standard deduction, cred...
08/29/2025

As you likely know, marital status affects many federal tax filing requirements, including your standard deduction, credit eligibility and tax owed. However, you may not know that informally separated couples are considered married by the IRS. Unless you became divorced or legally separated by Dec. 31, you must file as married filing jointly or married filing separately for the tax year. If, on the other hand, you finalized a divorce or legal separation during the year, you should file as single or head of household (if eligible) for the entire year. Annulments may be subject to different filing rules. Contact us at (972) 224-8381 with questions about your situation.

Having the right estate planning documents in place gives you peace of mind and provides clarity for your loved ones dur...
08/27/2025

Having the right estate planning documents in place gives you peace of mind and provides clarity for your loved ones during difficult times. That should start with a will, which designates who receives your assets and who becomes guardian of your minor children. Without it, state law decides. Also, consider a financial power of attorney and a medical power of attorney. They authorize someone to handle financial matters on your behalf if you’re unable to do so and make medical decisions for you if you’re incapacitated. Contact us at (972) 224-8381 with questions.

Probate can be expensive and significantly delay the distribution of assets to your loved ones. But you can sidestep it ...
08/26/2025

Probate can be expensive and significantly delay the distribution of assets to your loved ones. But you can sidestep it on your bank, brokerage and other eligible accounts by converting them to payable-on-death (POD) accounts. How? Simply complete a POD designation form naming one or more beneficiaries. At your death, the financial institution will transfer any balance directly to the named beneficiaries, outside of probate and usually within a few days of receiving a death certificate. Looking for more ways to reduce expenses and achieve your estate planning goals? Call us at (972) 224-8381.

Do you use a vehicle for business purposes? You may be able to deduct related expenses using one of two methods: the sta...
08/25/2025

Do you use a vehicle for business purposes? You may be able to deduct related expenses using one of two methods: the standard mileage rate or the actual expense method. The standard mileage rate offers simplicity: You just multiply business miles driven by the IRS rate, which is 70 cents per mile in 2025. Prefer tracking every cost? Use the actual method to deduct gas, oil, maintenance, insurance and more. Choose the method that saves you the most time and money! Contact us at (972) 224-8381 to help decide what's best for your situation.

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. ...
08/22/2025

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic violence can withdraw the lesser of $10,000 or 50% of an account balance. Also, you’re allowed one $1,000 “emergency” distribution annually to pay unexpected costs. For a complete list of exceptions that would enable you to take penalty-free early withdrawals from IRAs and 401(k)s: https://bit.ly/4c4JAyT. Questions? Contact us at (972) 224-8381.

Stay-at-home parenting can be a tough gig. But building your own retirement nest egg when you don’t work outside the hom...
08/20/2025

Stay-at-home parenting can be a tough gig. But building your own retirement nest egg when you don’t work outside the home doesn’t have to be. In 2025, spouses can contribute up to $7,000 to a tax-advantaged spousal IRA. Both traditional and Roth spousal IRAs are available, and if you’re age 50 or older, you can make an additional catch-up contribution of $1,000 in 2025. One caveat: If your spouse has a 401(k) plan through work, you may not be able to deduct spousal IRA contributions on your joint tax return (depending on income). Contact us at (972) 224-8381 to discuss options.

Supporting your favorite charities in 2025? Track and document your donations as you make them so you're not scrambling ...
08/19/2025

Supporting your favorite charities in 2025? Track and document your donations as you make them so you're not scrambling at tax time. But charitable deductions might not provide the tax savings you expect because of the various rules and limits that apply. Contact us at (972) 224-8381. We can help you assess the potential tax benefits in your particular situation.

If you’ve received a large inheritance, it may be tempting to view it as “found money” that can be spent freely. But it’...
08/18/2025

If you’ve received a large inheritance, it may be tempting to view it as “found money” that can be spent freely. But it’s in your best interest not to make quick purchases or financial commitments. Wait until you know what your net proceeds from the estate will be. Once all fees and taxes are accounted for, the final settlement may be less than you expect. What if you’re receiving your inheritance through a trust? Learn the trust’s terms and understand the timing and amount of distributions and any conditions that must be satisfied to receive them. Contact us at (972) 224-8381 for assistance.

What does it mean if you receive a CP24 notice from the IRS? Don’t panic. It’s probably not bad news. The IRS sends this...
08/15/2025

What does it mean if you receive a CP24 notice from the IRS? Don’t panic. It’s probably not bad news. The IRS sends this notice when the amount of tax paid on a taxpayer’s return doesn’t match its records of estimated tax payments posted. A CP24 generally will inform you that the IRS has corrected your return and will be refunding the overpaid balance, usually in four to six weeks. If you already qualify for a refund and haven’t yet received it, the overpayment will likely be added to your refund. However, if you owe other tax, the IRS will apply the balance to that debt first. Contact us at (972) 224-8381 with questions and to help avoid errors in the future.

Mergers and acquisitions are often rife with pitfalls that can undermine a buyer’s return on investment or strategic goa...
08/13/2025

Mergers and acquisitions are often rife with pitfalls that can undermine a buyer’s return on investment or strategic goals. The best way to avoid getting tripped up is thorough due diligence that includes a comprehensive business valuation. It can identify much more than just whether the deal price accurately reflects the company’s value. Contact us at (972) 224-8381 with your M&A questions.

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1801 North Hampton Road Suite 424
DeSoto, TX
75115

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Wednesday 9am - 6am
Thursday 9am - 6am
Friday 9am - 6am
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