Tax & Accounting Services

Individual

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

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

BOI Reports (FinCEN)

FinCEN - Beneficial Ownership Information (BOI) report.

This only effects companies that filed with the Secretary of State to form the business. If unsure, please contact me at your earliest convenience.

*New law became effective Jan. 1, 2024

*Companies formed before Jan. 1, 2024 have until March 21, 2025, to file the report.

*Companies formed after Jan. 1, 2024 have 90 days from effective date

*Failure to file penalty $10,000 for each violation and possible 5 years imprisonment.

BOI Reporting Compliance Guide, learn more

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.

Income limits (Modified AGI): Married-Filing-Joint $300,000, Head-of-Household $225,000, and Single $150,000. If dealer credit is taken, claw-back provision (pay back dealer credit) will apply.

Maximum EV Purchase Price $55,000.

Learn More

Standard Mileage Rates for 2024

Mileage Rates for 2024

Business 67.0 cents for the full year

Medical or moving purposes 21.0 cents

Charitable purposes 14 cents

These rates apply to EV's, hybrid's, gasoline and diesel-powered vehicles.

Employers will be able to use the fleet-average valuation rule or the cents-per-mile valuations rule.

Learn More

Mission Statement

Our mission is to stand true to our values, morals, and ethics. As an Accountant, I understand and appreciate your trust in my firm. We will dedicate ourselves to ensure that our services are the most accurate, organized, and time efficient as possible. Thank you in advance for your trust in us.

Why specialize in small business?

We believe that small business owners are unique and require expanded services to ensure compliance with federal and state laws. Filing requirements for BOI, foreign investors, and increases in penalties has made it impossible to continue with the traditional accounting firm services. We know and understand that small business owners are extremely busy and require additional help in daily operations in the form of communications, administrative duties,

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

Tax & Accounting Services​Est. 1997