Pharr CPA Articles

S-Corp Analysis

Date12 Nov 2020

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After sitting with clients the last few weeks, I realized I have been discussing the same topic over and over. The reoccurring topic, how to structure your business? After going over the pros and cons of most business structures with clients, we have found most businesses will benefit from an S-Corp the most.

Vacation Home Rules for Losses

Date22 Oct 2020

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Generally, if you rent out a vacation home to tenants while you’re not using it personally, you can deduct expenses to offset taxable income from the rental. This includes expenses such as mortgage interest, property taxes, repairs, utilities, insurance, etc. In fact, you may even be able to deduct a loss for the year if expenses exceed income.

Tax Tips for Those Affected By Hurricanes

Date25 Sep 2020

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Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters...

Protect Tax Records Before Disaster Strikes

Date24 Aug 2020

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It’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right...

Can Remote Work Change Your State Income Tax?

Date07 Aug 2020

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As many of us adjust to the reality of remote work, a new complication has set in: what to do about our state taxes. Many...

Filing an Amended Tax Return

Date07 Aug 2020

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If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file...

Miss the Tax Deadline? What to Do If You Forgot to File Your Taxes

Date21 Jul 2020

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Filing your tax return late (or never) can come with costly consequences. If you didn’t file your 2019 federal tax return or request an extension by July 15, don’t...

SBA provides safe harbor for PPP loans under $2 million

Date14 May 2020

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Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required...