Goss Bookkeeping & Payroll Services LLC

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Static budgets can quickly fall out of sync with reality in today’s volatile markets. Rolling forecasts offer a smarter,...
07/30/2025

Static budgets can quickly fall out of sync with reality in today’s volatile markets. Rolling forecasts offer a smarter, more flexible approach, updating your projections throughout the year to reflect real-time changes in your business, industry and market. They complement your annual budget and help you make better decisions, faster. Want to improve your forecasting and budgeting? Let’s talk. Call us at (443) 975-1560.

Mergers and acquisitions are often rife with pitfalls that can undermine a buyer’s return on investment or strategic goa...
07/29/2025

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 (443) 975-1560 with your M&A questions.

If you itemize deductions and your unreimbursed medical expenses exceed 7.5% of your adjusted gross income, you can dedu...
07/28/2025

If you itemize deductions and your unreimbursed medical expenses exceed 7.5% of your adjusted gross income, you can deduct the amount exceeding that “floor.” But many people don’t itemize, and the floor can be difficult to exceed. Fortunately, there may be another way for you to save taxes in relation to health care costs: Contributing to an HSA or an FSA. Wondering how you can maximize your tax savings? Call us at (443) 975-1560.

What should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’...
07/25/2025

What should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’re not entitled to? Handling these situations largely depends on the details. A paper check refund should be voided and returned within 21 days of receipt to the address in the link below. But suppose you cashed the check. In that case, submit a personal check within 21 days to that address. If the refund was by direct deposit, contact your bank to have them return the deposit. Also, contact the IRS at the phone number in the link. A check for an amount different than expected should include a brief explanation. For more information, contact us at (443) 975-1560 or visit: https://bit.ly/4bIFVXW

When planning your estate, start early and update often. It’s crucial to have a plan that grows with you because financi...
07/23/2025

When planning your estate, start early and update often. It’s crucial to have a plan that grows with you because financial landscapes shift, tax laws change and life circumstances evolve. Here are 5 quick tips. 1) Structure assets to minimize taxes and maximize wealth transfers. 2) Consider trusts to protect assets, control distributions and avoid probate. 3) Ensure accounts (bank, retirement, insurance) have up-to-date beneficiaries. 4) Use annual gift tax exclusions to reduce your taxable estate. 5) Update documents when life changes occur. Contact us at (443) 975-1560 for assistance.

Better business decisions start with better data, and accrual-basis accounting can be a game-changer! This bookkeeping m...
07/22/2025

Better business decisions start with better data, and accrual-basis accounting can be a game-changer! This bookkeeping method recognizes income when it’s earned and expenses when they’re incurred, not necessarily when cash changes hands. It gives you a true picture of profitability, cash flow timing and operational performance. As your business grows, accrual accounting facilitates budgeting, financial planning and loan approvals. Contact us at (443) 975-1560 to learn more and ensure your books support smart decision-making.

Struggling with tax debt? An Offer in Compromise (OIC) might be the solution if you’re eligible. The IRS allows qualifie...
07/21/2025

Struggling with tax debt? An Offer in Compromise (OIC) might be the solution if you’re eligible. The IRS allows qualified taxpayers to settle their debt for less than the full amount owed. If you're facing financial hardship, an OIC can help you get back on track while avoiding overwhelming penalties. The process requires proper documentation, negotiation and a $205 nonrefundable application fee. Be aware that most offers aren’t accepted. But in the right situation, it can significantly reduce an individual’s tax burden. Contact us at (443) 975-1560 to see if you’re a candidate.

The IRS Whistleblower Office (WBO) plays a key role in tax collection. The federal tax system relies on voluntary compli...
07/18/2025

The IRS Whistleblower Office (WBO) plays a key role in tax collection. The federal tax system relies on voluntary compliance, investigations, data analytics and information from people with knowledge of noncompliance. A tip that leads to the collection of proceeds may result in a valid claim for a cash award. What makes a claim valid? To qualify for an award, a claim must provide specific and credible information regarding tax underpayments or violations. Generally, an award ranges from 15% to 30% of the proceeds collected that are attributable to information from the tipster. Contact us with questions at (443) 975-1560 and learn more about the WBO claim process here: https://bit.ly/3RleVWh

Running a business is complex. We can make it simpler. Our team offers full-service accounting, bookkeeping, tax and adv...
07/16/2025

Running a business is complex. We can make it simpler. Our team offers full-service accounting, bookkeeping, tax and advisory services tailored to your business goals. Whether you're launching a startup or scaling an established company, we can help you plan strategically. Contact us at (443) 975-1560 to learn how we can be a partner in your success and provide you financial peace of mind.

Few estate planning subjects are as misunderstood as probate. It’s a legal procedure in which a court establishes the va...
07/15/2025

Few estate planning subjects are as misunderstood as probate. It’s a legal procedure in which a court establishes the validity of your will, determines the value of your estate, resolves creditors’ claims, provides for the payment of taxes and other debts, and transfers assets to your heirs. Depending on applicable state law, probate can be expensive and time consuming. There are strategies to avoid (or minimize) probate. For smaller estates, title assets in a manner that allows them to be transferred directly to your beneficiaries outside your will. Contact us at (443) 975-1560 with questions.

Supporting your favorite charities in 2025? Track and document your donations as you make them so you're not scrambling ...
07/14/2025

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 (443) 975-1560. We can help you assess the potential tax benefits in your particular situation.

Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of ...
07/11/2025

Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can take the standard deduction or itemize deductions depending on which strategy will most reduce your taxable income. Credits, on the other hand, reduce the actual tax due, dollar-for-dollar, generally making them more valuable than deductions. Certain credits, such as the Child Tax Credit, are partially or fully refundable. This means that if a taxpayer’s bill is less than the amount of the credit, he or she may receive the difference as a refund. Contact us at (443) 975-1560 with your tax questions.

Address

Fort Worth, TX
76177

Opening Hours

Monday 8:30am - 4:30pm
Tuesday 8:30am - 4:30pm
Wednesday 8:30am - 4:30pm
Thursday 8:30am - 4:30pm
Friday 8:30am - 4:30pm

Telephone

(443) 975-1560

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