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Individual tax returns can be very complex depending on source of income.  Income falls under three categories.  Active income which is earned income (wages).   Portfolio income which is dividends, interest, and sale of stock.  Passive income which is  rental real estate, business income that you don't materially participate.  The sources of income have different tax challenges.   We can help navigate and create a positive outcome. 

Partnerships and PLLC

Partnerships are created with a minimum of two or more people agree to start a business together.  Another way is a partnership by default.  This happens when two or more people create an LLC.   Exception: Married couples that are residence of a community property state (Texas) can choose between a partnership or disregarded entity. If partnership, each partner will receive a schedule K-1 which provides a break down of income, losses, and deductions.


Corporations can be taxed in two different ways.  C-Corporation are taxed at the corporate level with  a flat tax rate of 21%.  S-Corporations are taxed at the individual rate.  Individual stockholders will receive a schedule K-1.  The K-1 provides a breakdown income, losses, and deductions.

Additional Services: 

All inclusive Payroll includes processing, direct deposit, quarterly, and annual reporting for a monthly flat rate. (restrictions apply)

Bookkeeping- Includes Quickbooks Online and setup

Financial News

Answers to 15 Common Tax Questions

Ref. US News 

This is the time of year when people’s minds are filled with tax issues – whether they’re searching for free tax help they can trust, trying to squeeze out more valuable deductions, hoping to avoid penalties or audits, eagerly awaiting their refunds or wanting to make sure they aren’t victims of tax scams.

Form 1099-K delayed a year. 

The IRS announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form 1099-K, Payment Card and Third-Party Network Transactions, to the IRS or the payee for the lower, $600 threshold amount.

EV Tax Credit Rules 

People who buy new electric vehicles may be eligible for a tax credit as high as $7,500, and used electric car owners may qualify for up to $4,000 in tax breaks as of 2023.

Standard Mileage Rate increase 

The standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022.

Greg Dunavant, Tax Accountant

Greg T. Dunavant, MSA

Greg T. Dunavant founded the company in 1997 to provide tax preparation, payroll, and other accounting services. He earned his Bachelor of Science in Accounting and a Master of Science in Accounting with a focus in taxation.