Our Blog

Audit-Proof Your Business

Joseph A. Lux, C.P.A., PLLC

October 1, 2017

Small business and self-employed tax returns are more closely scrutinized, and always much more likely to be audited, by the IRS. Audits come in many sizes: correspondence audit, IRS office audit, taxpayer office audit, criminal investigations, etc. Being prepared for an audit is always your best defense.

Accurate record keeping is a fundamental requirement of running a profitable...

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YOUR RECEIPTS ARE IMPORTANT: SAVE THEM

Joseph A. Lux, C.P.A., PLLC

September 26, 2017

Deduction opportunities abound for people who know the importance of saving their receipts and keeping proper documentation. Make sure you're taking the right steps to make qualified deductions during filing season.

When it comes to taking qualified deductions on your federal tax return, three things must happen:
• Recognize that an expense might be deductible on your tax...

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ESTIMATED TAX DUE FOR BUSINESS OWNERS, INVESTORS, & RETIREES

JOSEPH A. LUX, C.P.A, PLLC

September 1, 2017

During the last several years I have seen a tremendous growth in the number of self-employed individuals. In addition, more baby boomers are now retiring from full-time work or taking required distributions from retirement plans. Not to mention investors who are currently enjoying one of the best stock markets in history. Many of these taxpayers are unfamiliar with the idea of paying...

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Home Office Tax Deduction – Don’t Miss Out

Joseph A. Lux, C.P.A, PLLC

August 1, 2017

The home office tax deduction is a tricky area of the tax code. Some taxpayers are so wary of the deduction that they simply opt not to take it. Don't miss out on this tax benefit if it applies to you. Several years ago the IRS loosened its position on home office tax deductions and gave a green light to qualifying home offices.


If you operate a business out of your home, you...

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Sell Your Home TAX FREE

Joseph A. Lux, CPA, PLLC

July 1, 2017

Yes, I said “TAX-FREE”! I am excited to say these words because “tax-free” opportunities are rarely available to everyday “Joe-Taxpayers” like us. With the real estate market looking up in many areas, money is out there to be made. Sellers, it's time to take a close look at the exclusion rules and cost basis of your home so that you can jump onto the...

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Tax Filing Responsibilities of Estate Executors

Joseph A. Lux, CPA, PLLC

June 1, 2017

The death of a parent or other loved one often places individual in the role of estate executor. An estate executor is the person(s) with the responsibility to settle the decedent’s affairs. This includes financial affairs and tax return filings.


Your role as an executor or personal administrator of an estate involves a number of responsibilities. Did you know that part of...

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How to Pay Yourself as Business Owner

Joseph A. Lux, C.P.A

April 1, 2017

Congratulations! Your small business has moved beyond the initial startup phase and is now a profitable venture. Although you may have worked for free in the early days, it’s time to pay yourself for your efforts. But now you are wondering: How do I pay myself? Am I an employee? As a business owner you generally have two options for taking home a paycheck: a salary and/or a profit draw...

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Dependents Save Taxes

Joseph A. Lux, CPA, PLLC

March 1, 2017

The real definition of "dependent" may surprise you. Many people think of a "dependent" as a minor child who lives with you. This is true, but it's important to remember dependents can include parents, other relatives and nonrelatives, and even children who don't live with you.


Exemptions and your taxable income: Each dependent deduction is worth $4,050 on your...

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Starting a Business? Careful Advance Planning Needed!

Joseph A. Lux, CPA, PLLC

January 1, 2017

Each year dozens of people come into my office to discuss a new business that they have started or are considering starting. There are a number of important decisions and steps that should be made by all new business owners. Careful consideration of the options prior to opening the doors of the business will significantly improve the business’s chances of success. This will require some...

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“Trump-Care” = Obama-Care on Steroids?

Joseph A. Lux, CPA, PLLC

December 1, 2016

Will “Trump-Care” resolve the problems associated with Obama-Care? One of the big issues of the election, and during the last 7 years, was the cost of health care. President Obama courageously enacted what is now known as “Obama Care”. It sounds like President-Elect Trump will eventually propose his own plan that will build upon Obama Care successes and eliminate its...

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Year-End Tax Planning Tips for Individuals & Small Businesses

Joseph A. Lux, CPA, PLLC

November 1, 2016

Although tax day may seem like it’s a long time from now, the clock is ticking and now is the time to evaluate your 2016 tax situation and plan accordingly. Doing so can enable individuals and businesses to take steps that may save big when tax day arrives. However, now is also the best time to start to plan for the upcoming year’s taxes. Waiting until late in 2016 to plan will...

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Form 1099 Filing Requirements: What you need to know (and do NOW)

Joseph A. Lux, CPA, PLLC

October 20, 2016

Form 1099 is an IRS form used to report amounts paid to individuals and businesses for services provided. Now is the time to start accumulating information needed to complete this important income reporting obligation at year-end. Call me today if you have questions or concerns about form 1099.

Your business (no matter...

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AUDIT PROOF YOUR BUSINESS

Joseph A. Lux, C.P.A, PLLC

October 1, 2016

Small business and self-employed tax returns are more closely scrutinized, and always much more likely to be audited, by the IRS. Audits come in many sizes: correspondence audit, IRS office audit, taxpayer office audit, criminal investigations, etc. Being prepared for an audit is always your best defense. However, staying low on the IRS audit radar will help to avoid an audit in the first...

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COMMINGLED PERSONAL AND BUSINESS FINANCES - A BAD IDEA

JOSEPH A. LUX

August 11, 2016

Maintaining records for your small business that are separate from your personal finances is highly recommended by most CPA’s and pretty much required by the IRS. Commingled business and personal records is a recipe for disaster. Administration and management are the first things that suffer when business and personal financial records and finances are commingled. Managing a business...

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Middle-Income Estate Planning

Joseph A. Lux

July 14, 2016

Too often, middle-income individuals fail to seek the advice regarding estate planning because they’ve been taken in by two common myths:

Myth No. 1: Only the very wealthy have assets significant enough to really benefit from the services of an estate planning professional.
Myth No. 2: Since estates valued as less than $5.5 million are...

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Hire Your Children To work In your Business This Summer

Joseph A. Lux

June 14, 2016

As the school year winds down, students who are off from school often have a lot of free time on their hands. How about turning that time into profit? Profit for them and for you as a parent. Did you ever consider hiring your child to work in your business? This strategy is perfectly legal and may have a significant impact on the family’s 2016 taxes. And, if the child continues working...

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2015 Form 1099 Filing Requirements

Joseph A. Lux, CPA

December 28, 2015

Form 1099 Filing Requirements: What you need to know

The IRS works constantly to improve income reporting by taxpayers. One tool they employ is requiring businesses to file “information returns” that tell the IRS about amounts the business paid out that should be reported by the recipients as income.

Probably the most familiar of these...

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Tax Deductions for Charitable Donations

Joseph A. Lux, CPA

December 22, 2015

Charitable donations are a great way to help out your favorite charities and to save taxes at the same time. Lets revisit the rules just in time for your 2015 tax return.

For all cash (or check) contributions taxpayers must have a statement (receipt) from the charity showing the name of the charity, the date of the contribution, and the amount given. There is NO...

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Year-End Tax Planning For Individuals & Small Businesses

Joseph A. Lux, CPA

December 1, 2015

Although tax day may seem like it’s a long time from now, December is your last chance to evaluate your 2015 tax situation. Doing so can enable individuals and businesses to take a few last-minute steps that may save big when tax day arrives. However, December is also the best time to start to plan for the upcoming year’s taxes. Waiting until late in the year significantly reduces...

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Year-End Tax Planning For Individuals & Small Businesses

Joseph A. Lux CPA

November 13, 2015

Although tax day may seem like it’s a long time from now, December is your last chance to evaluate your 2015 tax situation. Doing so can enable individuals and businesses to take a few last-minute steps that may save big when tax day arrives. However, December is also the best time to start to plan for the upcoming year’s taxes. Waiting until late in the year significantly reduces...

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10 Things You Should Know About Identity Theft

Joseph A. Lux, CPA

May 11, 2015

In our latest info sheet, we highlight 10 things that can help you avoid becoming a victim of identity theft.

Download Here

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It's a New Brand Day

Joseph A. Lux, CPA

September 15, 2014

Joseph A. Lux, CPA, PLLC is excited to announce the recent launch of our firm’s new brand and website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look...

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