• Welcome
     Est. 1997

     Tax & Financial Services  

    Start here

Bundle & Save 50% off Bookkeeping Services

Income Tax Preparation     -    Payroll    -    Bookkeeping    -   Quickbooks Online


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

Partnerships, S-Corporations, and Form 8865 big changes! From a single paragraph to 19 pages. 

Schedule K-2 and K-3 

The new forms will create more clarity for shareholders and partners on how to calculate their U.S. income tax liability when considering potential international-related deductions, credits, and miscellaneous items. Although these forms contain a new level of detail, most of this information was already required to be included with previous Schedules K-1 as white paper attachments. With the Schedules K-2 and K-3, the information is now being required in a standardized format with an additional level of detail.

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 Expansion 

First and foremost, for EVs placed into service after December 31, 2022, the Inflation Reduction Act extends the up to $7,500 EV tax credit for 10 years—until December 2032

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.