ABIP CPAs & Advisors

09/25/2023

09/15/2023

In honor of National Thank You Day, we got the team treats and Thank You cards! Thank you everyone for working so hard!

09/07/2023

We would like to Welcome Heather as part of our Audit team this week! We are glad to have you and can't wait to see the work you do!

09/01/2023

Football season is here! The San Antonio office kicked off the start of the season with football-themed chocolate-covered strawberries!

08/30/2023

The rise of "ERTC Mills" has caused widespread confusion and increased the potential for fraud. These entities exploit the system, intensifying the risk of deception. https://zurl.co/NTr5

For tax professionals dedicated to offering their clients sound advice, ERTC mills present considerable challenges. Feedback from our clients indicates that these mills dangle enticing financial promises, making it hard for genuine tax consultants to compete with such attractive propositions.

08/23/2023

If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. https://zurl.co/O7DG

The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership....

08/18/2023

With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. https://zurl.co/80YW

1. Secure key documents and make copies. You should place original documents such as tax returns, birth certificates, deeds, titles, and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted person outside your geographic area....

08/15/2023

If you're self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. https://zurl.co/TPGS

Actual Expenses. To use the actual expense method, you must figure out the actual costs of operating the vehicle for business use. You are allowed to deduct the business-related portion of costs related to gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease p...

08/10/2023

Our staff attended the 2023 Goodwill Houston Moreton Achievement Awards Luncheon and heard incredible stories from people overcoming hardship and Goodwill becoming a part of their lives.

07/27/2023

Happy National Intern Day! Thank you to all our wonderful hardworking interns for everything that you do at our firm! We cannot wait to see what the future holds for all of you!

07/26/2023

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. https://zurl.co/xbsU

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.

07/20/2023

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home. https://zurl.co/2Zg4

Reverse mortgages operate like traditional mortgages, only in reverse. Rather than paying your lender each month, the lender pays you. Three types of reverse mortgage plans are available: