Canyon Lake Income Tax (TX)

PROTECT YOURSELF! The IRS will never:
 Call to demand immediate payment, nor will the agency call about taxes owed without first having mailed a bill.
 Demand that payment of taxes without giving you the opportunity to question or appeal the amount he or she owes.
 Require you to use a specifi...

You may be able to take the energy credits if you made energy saving improvements to your home located in the United States in 2018.

A home is where you lived in 2018 and can include a house, houseboat, mobile home, cooperative apartment, condominium, and some manufactured homes. You must reduc...

Over the Road Truck Driver?
See some common deductions in our Owner Operator's deduction checklist!

Gifts:
The annual exclusion for gifts increased for tax year 2018 to $15,000, which is an increase of $1,000 from the exclusion for tax year 2017. What does that mean? You can gift individual relatives or friends up to $15,000 each without having to pay tax on that gift.

Need to make changes to tax declaration?
File Form 1040X only after you have filed your original return. Generally, for a credit or refund, you must file Form 1040X within 3 years (including extensions) after the date you filed your original return or within 2 years after the date you paid the ta...

Interest and Penalties Interest:
The IRS will charge you interest on taxes not paid by their due date, even if you had an extension of time to file. The IRS will also charge you interest on penalties imposed for failure to file, negligence, fraud, substantial valuation misstatements, substantial ...

Change in claiming property taxes:
Limitation on the deduction for state and local taxes. You cannot deduct more than $10,000 ($5,000 if married filing separately) of your total state and local taxes, including taxes (or general sales taxes, if elected instead of income taxes), real estate taxes,...

LLP or LLC?
A limited liability partnership (LLP) is formed under a state limited liability partnership law. Generally, a partner in an LLP isn't personally liable for the debts of the LLP or any other partner, nor is a partner liable for the acts or omissions of any other partner, solely by reas...

AMERICAN OPPORTUNITY CREDIT:
If you meet the requirements to claim an education credit, You may be able to increase an education credit and reduce your total tax or increase your tax refund if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships ...