Houston Texas CPA – Looking For An Houston IRS Representative To Plead Your Case Before The IRS? Need a Houston Texas CPA To Handle Your Tax representation? People search the Internet a lot these days. So it is not uncommon to search for a Houston Texas CPA. We can represent taxpayers no matter where you live, but our office is located in Houston, Texas. Houston CPA Specialties Many CPAs can perform the following basic services for their clients. Write up work – Bookkeeping – Internal Financial Statements. Tax Preparation – Personal and business returns. Audit Representation – Representing their client in a tax audit. Some IRS Representation Specialties Houston CPAs May Provide Legal Support Foreign Taxes Audited Financial Statements Not For Profit Accounting IRS Representation Beyond the basics, our specialty is “IRS Representation”. This includes most any matter before the IRS. You don’t have to hide from the IRS anymore. Contact Joe Mastriano P.C. today to see what options we have to help you start resolving your tax problem. With over 30 years of experience the knowledge that comes with that, we can handle anything the IRS has thrown your way. If you’re looking for an IRS representative or CPA in Houston, Texas please contact us. Visit our website or call us NOW at (713)774-4467. We have many local satisfied clients.

Taxation attorneys are lawyers who specialize in the complex and technical field of tax law. Tax attorneys are best for handling complex legal issues related to taxation. Tax attorneys must have a Juris Doctor (J.D.) degree and must be admitted to the state bar. Those are the minimum requirements for practicing law. Tax attorneys should also have advanced training in tax law, most of them having a master of laws (LL.M.) degree in taxation. Some tax attorneys also have a background in accounting. If you also need the services that involve complex accounting, you will want to enlist the services of a Certified Public Accountant. Selecting Taxation Attorneys For IRS Matters Selecting taxation attorneys should be taken into serious consideration and not taken lightly. Make sure you find a good tax attorney. The taxpayer should look for taxation attorneys with extensive experience in dealing with the IRS and in dealing with debt management cases. References should be requested, and the taxpayer should make sure his selected taxation attorney is a member of the American Bar Association and their respective state bar association. When a taxpayer finds himself in over his head with the IRS, and the matter involves complex legal issues (most don’t) then they should certainly consult a taxation attorney. Taxation fines tend to snowball, and it is in the best interest of the taxpayer  with complex legal problems to get them solved while they are still relatively small. Business Owners For many business owners a tax attorney can be as vital as their accountant, because good taxation attorneys can help head off tax problems before they even begin, and they can see potential trouble spots for a business and can advise the owner how to avoid them. U.S. tax law is not only complex in structure but also ...Continue Reading

IRS Tax Problems in Corpus Christi, TX? Back taxes, delinquent returns, unfiled tax returns? Let Houston Tax CPA, Joe Mastriano, help.

Balch Springs – Back Tax & Unfiled Returns by Houston Tax CPA, Joe Mastriano.

IRS Tax Problems in Abilene, TX? Back taxes, delinquent returns, unfiled tax returns? Let Houston Tax CPA, Joe Mastriano, help.

In order to lower income taxes, investors are interested in claiming capital loss on their tax returns. The IRS has specific rules on capital losses claims. You are not allowed to claim tax deduction on losses from sales or trades of stocks or securities in a wash sale. The profit you may obtain is subject to federal income tax. Wash Sales Rules – IRS A wash sale occurs when you sell securities at a loss, and within 30 days before and after the sale, you buy identical securities or stocks, or you acquire a contract to buy them. It is still considered a wash sale if, within 30 days before after the sale, you acquire identical securities or stocks for your Individual Retirement Account. The wash rule does not apply for losses from foreign currencies or sales or trades from commodity futures contracts. You may reinvest in securities that are not identical, or belonging to another company. Contact Joe Mastriano P.C. today to see what options we have to help you start resolving your tax problem. You don’t have to hide from the IRS anymore. With over 30 years of experience the knowledge that comes with that, we can handle anything the IRS has thrown your way. Visit our website or call us NOW at (713)774-4467. Professional assistance for wash sales from Joe Mastriano, CPA!

In a short sales investment, your intention is to register profit by selling assets that you do not own, usually securities. Later, you will buy identical assets and return them to the lender. If the asset’s price declines, you will have profit because of paying less for the assets at the sale date. If the asset’s price rises, you will have to pay the difference between the price at the time you borrowed and the price at the time you actually bought them. Short Sale Investment - Capital Gain Or Loss Your profit becomes taxable when you deliver the securities you owe to the lender and close the sale. The loss or gain of capital on a short sales investment will be calculated considering the amount of time you held the securities you borrowed, before you closed the short sale. For example, you buy 10 securities from your brokerage firm and you hold them for more than a year. As the securities price goes up, you buy them and decide to return them immediately to your lender. In this case, the profit you might have registered is considered a capital gain on a short sale. There are particular rules regarding the capital gain or loss from securities, assets or stocks you held. This applies only if, at the moment you close the short sales, the property you return is identical with the property you held. Special rules apply, under certain circumstances, for gains and holding period. Since Joe Mastriano P.C. deals with the IRS every single day, and has been doing so for over 30 years, we know how to maximize your refund and lower your tax debt the legal way.  Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the situation ...Continue Reading

Many companies decide to grant their employees with the option to purchase shares of a stock. You may choose to exercise this option and expect a potential increase in value of the stock. Non-Qualified Stock Options Agreement The difference between the fair market value and the non-qualified stock option priced initially offered through your employer grant agreement is your profit. This taxable income for you, as an employee, is tax deductible for your employer. You have to report it as ordinary income. In addition, when exercising your non-qualified stock option you are subject to withholding from you wages. You have to satisfy these payments with cash. Since Joe Mastriano P.C. deals with the IRS every single day, and has been doing so for over 30 years, we know how to maximize your refund and lower your tax debt the legal way.  Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the situation and if necessary, we can manage the process for you. Visit our website for free advice or call us NOW (713)774-4467.

The market discount is the difference between the acquisition price and the accreted value of a bond. Usually it occurs when you buy a bond in the secondary market. Market discount Tax Deductions If the actual price of the bond is less than its par or accrued value (the value gained until maturity), you can claim a tax deduction for this market discount. Report Accrued Market Discount You can report the sale or the trade of a market discount using Schedule D, Form 1040. If you sell the bonds at a profit, you have to report the Accrued Market Discount as ordinary income, along with any loss registered. You may also report the amount of accrued market discount as interest income on Schedule B, Form 1040 or Form 1040 A. Since Joe Mastriano P.C. deals with the IRS every single day, and has been doing so for over 30 years, we know how to maximize your refund and lower your tax debt the legal way.  Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the situation and if necessary, we can manage the process for you. Visit our website for free advice or call us NOW (713)774-4467.

Incentive Stock Options Exercising Them Properly! With this incentive stock option, once your employer provides you with a summary plan and you sign the agreement, you are entitled, under the plan, to exercise your options and buy stock. In order to exercise your incentive stock option you must be an employee from the date the grant was offered until 3 months before the date of exercise. Incentive Stock Option- Tax Treatment The employee does not have to pay income taxes on the difference between the exercise price and the fair market value. If you decide to hold the stock for 1 year from the date of exercise and 2 years from the date of granting, your profit will be taxed as long-term capital gain. Since Joe Mastriano P.C. deals with the IRS every single day, and has been doing so for over 30 years, we know how to maximize your refund and lower your tax debt the legal way.  Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the situation and if necessary, we can manage the process for you. Visit our website for free advice or call us NOW (713)774-4467.

Fund Investments – Mutual Funds If you decide to have your money invested in mutual funds, you may take into consideration the tax income you may pay for the transactions made inside the fund. The mutual funds has a fund manager, a professional, who trades the fund’s investments in accordance with the fund’s investment objective. The disadvantage here, is that each time a transaction takes place, buying shares from one fund and selling in another fund, you have to report each one of these transactions on your tax return. Usually the calculations of gain or loss are made by the fund company you elected. Exchange Traded Funds If you are looking to lower your expenses while managing fund investments, you may consider investing in exchange traded funds. Usually the shares are issued and redeemed by institutional investors in large blocks, approx. 50,000. ETFs don’t redeem shares or issue new shares depending on the buying or selling of individual investors, as it happens within traditional funds. Furthermore, you do not have to report gains or losses for each buying or selling transaction incurred inside the fund. We deal with the IRS everyday and know the steps that are needed to resolve your tax problem. Make sure you do the smart thing and hire professional representation to ensure you get the best resolution in place. With over 30 years of experience in this business, Joe Mastriano PC has the knowledge and passion to represent you. Visit our website by clicking the link below or speak to someone NOW, at (713)774-4467. Professional assistance for your fund investments and more, call our office now!

Tax Dividends – Guide On Dividends Taxation There are rules that reduce the tax rate applied on dividends. Usually, dividends are taxed as ordinary income. If an investor holds the stock for a long time, the dividends he receives are taxed as qualified dividends. Qualified Dividends Tax Rate There are certain situations when the dividends are taxed as qualified dividends. According to the IRS, the recipient of the dividend must hold the stock for more than 60 days during the 121 -day period that begins 60 days before the ex-dividend date. Capital gains tax rate applies for this type of dividends, which is usually lower than income tax rate. The tax rate on qualified dividends is 5%, for recipients with a lower tax bracket. It is 15% for those with a higher income tax bracket. You can report ordinary and qualified dividends on your tax return using Form 1099-DIV. You may also report these dividends on Form 1040, Schedule B. Make sure you do the smart thing and hire professional representation to ensure you get the best resolution in place. With over 30 years of experience in this business, Joe Mastriano PC has the knowledge and passion to represent you. Visit our website by clicking the link below or speak to someone NOW, at (713)774-4467. Near More Assistance With Your Tax Dividends, Contact Us Today!

This tax is intended to target individuals with a high gross income, usually higher than $75,000, who are subject to deductions from state and local taxes, incentive stock options, sales and property taxes, miscellaneous itemized deductions, etc. Alternative Minimum Tax Calculation The AMT has different tax rules for determining your income taxes and calculating your deductions. You may be held liable for the alternative minimum taxable income, if the amount calculated using the AMT rules exceeds your regular tax liability. If the amount determined through alternative minimum tax rules is smaller than the amount you initially calculated, you just have to pay your regular tax liability. In order to determine the alternative minimum amount of taxable income you may owe, fill out the Form 6251. You must report all the exemption deductions, standards deductions, certain exempt income, certain credits, etc. There are certain tax planning strategies to avoid the alternative minimum tax. We deal with the IRS everyday and know the steps that are needed to resolve your tax problem. Make sure you do the smart thing and hire professional representation to ensure you get the best resolution in place. For further assistance, call us now at 713-774-4467!

Income Tax Filing Status And How To Know Which Status To Use! When filing, marital status has a major impact on your income taxes. Your filing status for your tax return is based on your status on the last day of your tax year. Filing Status Determines Your Tax Rate The tax calculation is based on your filing status. You may be subject to a lower tax bracket, if you file jointly, than another taxpayer with the same income, who files single. If you are married and you are the only wage earner in your family, you will benefit from the tax reduction. If both spouses work and bring home good salaries, the taxes will go up. If you are unmarried and you claim a dependent on your tax return, you may claim the Head of Household filing status. If you qualify, you can benefit from a lower tax rate than single taxpayers. Contact Joe Mastriano, today and get started on resolving your tax problems. With over 30 years of experience and thousands of satisfied clients, we are willing to do the work for you. We will file your returns, meet with the IRS, handle revenue officers, represent you in audits, file for appeals and more. We’ll do whatever it takes to solve your tax problem. Call today to speak with a representative. 713-774-4467 Let Us Help You With Your Income Tax Filing Status, Contact Us Today!

Tax Dependents – How To Know Who You Can Claim! In order to reduce your taxes, you may claim a personal exemption. You are entitled to claim one exemption for your spouse too. You can claim tax dependents for each child you support. You are allowed to claim a tax dependents exemption only for qualifying children or relatives. Certain tests must be met. They are: a relationship of a dependent, support you provide, citizenship or residency, joint return, and dependent’s gross income. You cannot qualify for a personal exemption if another taxpayer claims you as a dependent. Claiming Exemption You And Your Spouse When filing a separate tax return, you can claim an exemption for your spouse if she had no gross income, even if she is not filing a tax return. She may qualify for an exemption, even if she is a nonresident alien. In order to claim the exemption she must not be claimed as a dependent by another taxpayer. The amount you can deduct for each exemption is $3,650 (for 2009). Exemption Phase-out The amount for your personal exemption begins to decrease if your adjusted gross income is higher than: $125,100 for married individuals filing separately. For singles, the phase out begins at $166,800. For heads of household, the exemption phase out starts at $208,500 and $250,200 for married persons filing jointly or qualifying widow/widowers. These limits apply for 2009. Since Joe Mastriano PC deals with the IRS every single day, we know what steps we need to be take to resolve your tax problem. With over 30 years of experience, we have the experience and a successful track record that will put you at ease. Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the situation and ...Continue Reading

Tax Deferral – What You Need To Know From Joe Mastriano, CPA! Tax deferral gives you the opportunity to pay your taxes sometimes in future. If you choose to pay later, you may be taxed at a lower rate. The income taxes may be deferred to future periods, usually at a lower tax rate. Tax Deferral Of Retirement Plans You may defer taxes by investing in a retirement plan. If you set up a retirement plan, you do not have to pay taxes on the contributions you make, until you start using your retirement funds. If you choose to invest in a 401(k) plan, tax deferral continues until the retirement distributions starts. In addition, the contributions you make are deducted from your ordinary income. A Keogh plan is another option you may consider for tax deferral. The amount of money you invest in this plan is tax deductible. Taxes are also deferred if you choose to invest in an Individual Retirement Account. The contributions you made to this retirement plan may be tax deductible, depending on your income or on your spouse retirement plan coverage. Here at Joe Mastriano P.C., we understand the entire IRS process and what it takes to get your problem resolved. We’ve been in business now for over 30 years and have the experiences you need to make sure we get your debt reduced as low as possible. Do yourself a favor and visit our website. If you like what you read and want to talk to a specialist, call us today at (713)774-4467. Professional assistance for your tax deferral, call our office today!

Accelerate Expenses – How To Plan And What You Need To Know From Joe Mastriano, CPA! You may reduce your tax liability, just accelerate expenses in a timely manner. In order to accelerate expenses, you may be able to plan tax payments for state and local taxes, real estate taxes, mortgage interest, margin interest, and charitable contributions. Income from bonuses, real estate sales, other self-employment income and retirement plan distributions may be used to accelerate expense or tax deferral. Timing Itemized Deductions You may strategically choose to itemize deductions in order to reduce your taxes. For example, medical expenses are deductible only if they exceed 7.5% of your AGI. You now may consider paying most of your medical expenses in the same year to get a tax deduction. If you are having difficulties determining which expense may be deductible for your tax return, visit our website and help yourself to our FREE ADVICE tab. We offer all the information you may need, so you can handle your tax problem on your own. If you would like professional assistance and need to speak with someone, call us today at 713-774-4467. We’ve been in business over 30 years and we have the knowledge and experience to help anyone in need.

The strategy of shifting income from higher tax brackets (tax rates) to lower tax brackets allow many taxpayers to reduce their tax liability. You may be able to save taxes transferring income to your children or other family members that you are supporting financially. Kiddie Tax Form 8615 - Eligibility The IRS imposed new rules concerning income shifting within the family. The kiddie tax is available only for an unearned income child, who receives income-producing property (including cash, stocks, bonds, mutual funds, real estate, etc.). Wages, salaries or professional fees for services rendered are not included. The kiddie tax applies only if: Your child is under age 19, unless his earned income is more than half his support. Your child is a full-time student, unless his earned income is more than half his support. In this case, the kiddie tax applies up to age 24. In order to qualify, he must attend school full time for at least five months during the year. Parents can elect to claim a child’s income if the child is not married, and does not file a joint return. Kiddie Tax Limits The kiddie tax applies as is follows: The first $950 of unearned income is tax-free. The next $950 of unearned income is taxed at the child’s tax bracket. The amount that exceeds $1.900 of unearned income will be taxed to the child at the parent’s tax rate. If you choose to claim your child’s income on your tax return, you need to attach Form 8814 with your tax returns. You must file Kiddie Tax Form 8615 for your child tax return, if you do not qualify to claim their income on your tax return. Certain rules apply when filing your tax return for your child. As advice, you may transfer investments that increase in ...Continue Reading

Tax Deduction For Business – Most Effective Way For Claiming Car Expenses! You may deduct the cost of using your vehicle for business travel purposes. The transportation expenses are allowed if they are incurred in the course of your business. For example, travel at a business meeting away form your work place, within the city limits, or the area you live, is considered a tax deduction for business car. Work-Related Car Expenses Calculation In determining the amount deductible for your car expenses, you may choose the standard mileage rate method or the actual expense method. The rate for 2010 is 50 cents per mile. When calculating your deduction you can include the parking fees, and taxes and tolls incurred in your business travel. There are certain requirements imposed by IRS, if you choose to use the standard mileage rate method: You must own or lease the car. You are not allowed to use the car to transport people or property for compensation. You cannot use five or more vehicles at the same time. You must not have claimed a depreciation deduction (using the Modified Accelerated Cost Recovery System) or a special depreciation allowance on your car. If you own a car, you must use the standard mileage rate in the first year of use. After that, you have the option to choose between standard mileage rate and actual expenses. The actual expenses method includes the cost of gas, oil, licenses, registrations fees, tires, leases payments, etc. You can deduct separately the parking fees, tolls or other taxes incurred in your business travel. Claiming A Tax Deduction For Business Car Expenses If you receive reimbursement for your transportation expenses and those are paid by your employer under an accountable plan, you will not receive tax deduction for business car expenses. If ...Continue Reading

Home Office Deduction And Why This Deduction May End Up Costing You In The End! If you own a business, you have great chances of converting your personal expenses into allowable business deductions. Claiming Deductions For Home Office In order to claim a tax deduction for home office expenses, a taxpayer must use that part of the home only as the principal place of business, and on a regular basis. A taxpayer can deduct home office expenses, if a part of his home is designated as a place of business used by patients, clients, or customers in connection with the course of his business. You may be allowed to deduct expenses related to a storage unit annexed to your home, if this space qualifies for a home office deduction. The space must be used regularly for business purposes, even if is not used exclusively. Tax Deduction Limits In order to qualify for a home office deduction, the total amount of home office expenses you claim must not exceed the gross income from your business in that year. You may include in your home office expenses, rent, utilities, depreciation on your office furniture and equipment, phone, and insurance costs. You can claim your home office deduction on your tax return using Form 8829. You may report these on Form 1040, Schedule C under Profit or Loss of Business. Since Joe Mastriano PC deals with the IRS every single day, we know what steps we need to be take to resolve your tax problem. With over 30 years of experience, we have the experience and a successful track record that will put you at ease. Contact us today to setup your consultation. We will discuss your options, explain to you how to handle the home office deduction situation and if necessary, we ...Continue Reading