Praetego Tax & Bookkeeping

02/24/2025

FYI on FINCEN

FinCEN Sets March 21 BOI Reporting Deadline

Most companies have until March 21 to file required beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) under new guidance issued by the agency. While a Texas federal judge’s order temporarily barred FinCEN from penalizing entities that did not file required BOI reports, that judge issued a new order Tuesday allowing the agency to enforce the reporting requirements under the Corporate Transparency Act (CTA).

To give entities time to comply with their BOI reporting obligations, the Treasury Department generally extended the filing deadline to 30 days from Feb. 19 for most companies. Additionally, as part of Treasury’s commitment to reducing the regulatory burden on businesses, FinCEN will continue assessing its options for further modifying the deadline during the 30-day period while continuing to prioritize reporting by entities that pose the most serious national security risks. FinCEN also plans to revise its BOI reporting rules to reduce the burden for lower-risk entities, including many U.S. small businesses, later this year.

The March 21 reporting deadline will apply to most reporting companies, but those entities previously given deadlines after that date should use the later deadline. For example, a business that qualified for disaster relief extension and was given an April deadline would not be required to file by the March deadline. Several court challenges to the CTA are currently being litigated, which could impact FinCEN’s enforcement of BOI filing requirements.

The reporting deadline could also be postponed beyond March 21 by bipartisan legislation (H.R. 736) to postpone BOI reporting until Jan. 1, 2026. The bill passed the U.S. House of Representatives Feb. 10 and has been referred to the Senate where it has not come up for a vote. We are closely monitoring the situation and will keep you updated as to any additional changes.

02/19/2025

Every year, taxpayers overlook deductions that could reduce their tax liability. Here are ten commonly missed opportunities:

1️⃣ Home Office Deduction – If you use part of your home exclusively for business, you may qualify.
2️⃣ Self-Employed Health Insurance – Premiums for yourself, your spouse, and dependents may be deductible.
3️⃣ Retirement Contributions – Contributions to traditional IRAs and self-employed retirement plans can lower taxable income.
4️⃣ Student Loan Interest – Even if someone else makes the payments, you may still be eligible to deduct up to $2,500.
5️⃣ State Sales Tax – Particularly beneficial if you live in a state without income tax.
6️⃣ Medical Expenses – If out-of-pocket expenses exceed 7.5% of your AGI, a portion may be deductible.
7️⃣ Business Mileage – Miles driven for business purposes (not commuting) can be deducted at the IRS standard rate.
8️⃣ Education Credits & Deductions – Expenses for higher education or professional development may qualify.
9️⃣ Unreimbursed Business Expenses – Some expenses incurred for work, if not reimbursed by an employer, may be deductible.
🔟 Energy-Efficient Home Upgrades – Tax credits are available for qualifying improvements like solar panels and energy-efficient HVAC systems.

A careful review of your tax situation ensures nothing is missed. Reach out if you need our help.

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
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02/18/2025

If you're looking for a 5 star experience this tax season, were here to help ⬇️

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
🌐praetegotax.com

02/17/2025

At Praetego Tax & Bookkeeping, we’re not just tax preparers—we’re Enrolled Agents with the IRS, meaning we are federally authorized tax practitioners with the expertise to handle even the most complex tax situations.

✅ Maximize your deductions
✅ Minimize your tax liability
✅ Stay compliant with confidence

Book a consultation today and let’s get your taxes done right.

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
🌐praetegotax.com

02/13/2025

Shoutout to our newest Bowling Sponsor, Praetego Tax & Bookkeeping. Thank you for your generous support in helping make the Class of 2025's Friday Night Fever fundraising event a rousing success!

Only TWO WEEKS left to get your team registered or become a sponsor! Join us on Friday, February 28, from 2 to 5 p.m. for cosmic bowling and fun team-building at Lane Glo Bowl South, with all proceeds benefiting Marjorie's Hope. A costume contest, trophies, food, raffle baskets, and more await those who attend! Don't miss out -- sign up today at https://form.jotform.com/243526804318154.

02/13/2025

Make sure you have all necessary documents and receipts organized ahead of time. Consider hiring a professional if you need help. Don't wait until the last minute to file, as this can result in costly penalties.

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
🌐praetegotax.com

02/12/2025

April will be here before you know it! Don’t wait until the last minute—our tax team is ready to help. Check out our pricing and book your spot online today!

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
🌐praetegotax.com

02/10/2025

Tax season is here, and we know it can feel a bit overwhelming. At our firm, our caring team is here to guide you every step of the way. With transparent pricing and easy online booking, you can get the help you need without any stress. Praetegotax.com

02/03/2025

Did you know? Unlike CPAs, who are licensed state by state, Enrolled Agents (EAs) are federally authorized tax practitioners with the IRS.

Whether you’re an individual, small business, or managing a trust or estate, Praetego Tax & Bookkeeping is here to help you navigate tax season with confidence.

We have transparent pricing listed on our website, and you can book an appointment directly through the link below.

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
🌐praetegotax.com

01/27/2025

Tax season is in full swing, and our team is ready to help! 📊

As a locally owned business here in the Trinity/ Odessa area, we’re proud to serve our community by making tax prep and filing as seamless as possible. Whether you’re looking for support in person or prefer the convenience of working virtually, we’ve got you covered.

✅ Virtual Capabilities: Wherever you are, our secure, full-service virtual platform makes it easy to share documents, communicate, and file your returns with confidence.

✅ Expert Guidance: With our team’s expertise in tax planning and preparation, we’re here to ensure your returns are accurate, optimized, and on time.

📍Trinity/ Odessa/ Virtual
📅 https://calendly.com/praetego-tax_appointments
📞727-777-4935
🌐praetegotax.com

01/25/2025

Just wanted to post this below for those that dont know.
Companies Not Required to File BOI Reports Despite Supreme Court Order
While the U.S. Supreme Court took action yesterday allowing the Financial Crimes Enforcement Network (FinCEN) to penalize entities for not filing required beneficial ownership information (BOI) reports, a separate nationwide federal district court injunction remains.
In a statement released today, FinCEN said a temporary injunction issued on Jan. 7 remains in place, barring it from enforcing BOI reporting requirements.
Due to the Jan. 7 order issued by the Eastern District of Texas in Smith v. U.S. Department of the Treasury, FinCEN says reporting companies are still not subject to liability for failing to submit timely BOI reports while the court considers the case. However, FinCEN notes that reporting companies may still voluntarily submit reports. It is not clear whether the U.S. government will appeal the Smith order or let the injunction barring BOI enforcement to remain in place.
The U.S. Supreme Court’s Jan. 23 order allowing FinCEN to move forward with enforcement of BOI reporting requirements under the Corporate Transparency Act (CTA) addressed a temporary injunction issued by the U.S. Court of Appeals for the 5th Circuit in a separate case. The Eastern District of Texas judge hearing the Smith challenge to the CTA and its BOI reporting requirements claimed a separate injunction was warranted due to the uniqueness of the parties and the different arguments presented in the Smith case.
As this situation evolves, we recommend that you evaluate your options accordingly:
Option 1: Prepare and voluntarily file BOI reports now to stay ahead of potential compliance deadlines and reduce future risks.
Option 2: Wait to file until the courts provide further clarity regarding the Smith case and the injunction. However, we recommend that you gather the information necessary to complete their BOI reports in the event the injunction is lifted.

Send a message to learn more

01/22/2025

Doctors save lives; accountants save businesses.

Let me explain what I mean.

Imagine a business’s financial statements are like lab results. A good accountant looks at them and sees the bigger picture. For example, if the average monthly expenses are $50K, net profit is $10K, and the cash balance is $70K, for most business owners looking at their cash balance only everything will seem fine, but an accountant can flag a major issue. They’d tell the business owner, "You’ve got less than two months of cash to operate unless we make changes." Whether that’s increasing sales, cutting costs, or injecting funds, those recommendations can mean the difference between survival and failure.

Here’s another example: A management company invests in multiple partnerships, with funds constantly moving between the parent company and subsidiaries. If those transfers aren’t properly categorized - i.e. mistaking management fees for loan repayment - it can snowball into years of inaccurate financials and incorrect tax returns. This can lead to penalties during an audit, wrong projections, and flawed tax planning.

Unfortunately, too many business owners don’t see the value of good accountants until it’s too late. Poor record-keeping or bad advice can result in denied bank loans, operational roadblocks, or even the collapse of the business. Ignoring these financial "symptoms" is as dangerous for a business as ignoring a doctor’s warnings is for your health.

Accountants aren’t just a cost on your income statement - they’re an essential part of keeping your business alive and thriving. Similar to having a Doctor taking care and guiding you on how to take care of your own health (Kinda).