What Are Estimated Income Taxes?
The IRS deems that taxes must be paid ratably throughout the year as you earn or receive income, either through withholding or estimated...
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CPA SERVICES AND TAX PREPARATION
INDIVIDUALS / SMALL BUSINESS / EQUESTRIAN / EXPATRIATES
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- Sep 21
- 2 min
Can I Deduct Mileage Expenses?
Note: The information contained in this blog post applies for the 2023 tax year. The IRS allows mileage expenses to be deducted from your...
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- Aug 10
- 3 min
The Power of Accounting: Unleashing Entrepreneurial Opportunities
Accounting is a subject that may often be overlooked by students who are considering their future career options. The accounting industry...
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- Aug 10
- 1 min
Horse Depreciation by Age and Purpose
On a previous post, we talked about deprecation for horses that fit the 3-year property criteria for depreciation when they are used in a...
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- Feb 21
- 3 min
How do I Handle an IRS Audit?
Getting an IRS audit notification can be stressful. One thing we recommend is never tackling an IRS audit on your own. Keep in mind that...
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- Oct 31, 2022
- 3 min
Tax Law Changes 2022
Child Tax Credit - 2022 credit amount drops back down to $2,000 per child. Children who are 17 years old don’t qualify for the credit...
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- Sep 19, 2022
- 3 min
Common IRS Scams
With the 2021 extended tax filing deadline quickly approaching, it’s important to be aware of how the IRS may contact you so that you are...
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- Aug 25, 2022
- 3 min
What is a Traditional IRA and how does it work?
A Traditional IRA is an individual retirement account (IRA) that allows you to contribute pre-tax dollars that can grow tax-deferred....
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- Aug 18, 2022
- 3 min
What is a Roth IRA and how does it work?
A Roth IRA is an individual retirement account (IRA) that allows you to contribute after-tax dollars and withdraw them at retirement...
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- Jul 11, 2022
- 2 min
Form 1099-K: What You Need To Know
Note: 1099-K Requirement changes Effective 2022 Don’t be caught by surprise this tax year by the new IRS Form 1099-K requirements that...
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- Feb 2, 2022
- 1 min
What Is The Income Statement?
There are three main financial statements, the balance sheet, the statement of cash flows and the income statement. The income statement...
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- Jan 31, 2022
- 1 min
How Are Horses Depreciated?
Before starting, we recommend having a general idea of what is depreciation. Are you already familiar with the concept of depreciation?...
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- Jan 11, 2022
- 2 min
Marc Benioff: Entrepreneur Of The Month
Some people are born with the entrepreneurial spark in them and succeed in creating business opportunities from a very young age. This is...
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- Dec 7, 2021
- 2 min
Employee vs Contractor: Is Your Stable Hand Really a Contractor?
It is important to understand and correctly classify a worker as an employee or contractor. If the worker is classified as an employee,...
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- Dec 3, 2021
- 3 min
Entrepreneur Of The Month: Evann Wehman
As you know, once a month we feature an entrepreneurial story of a successful business owner. This month we bring you the story of Evann...
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- Nov 23, 2021
- 2 min
Can I Reduce My Taxable Income with 401(K) Contributions?
If your employer offers a 401(k) plan, you may want to take advantage of the tax benefit these plans offer. According to the IRS, "A...
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- Nov 2, 2021
- 4 min
Why Is Holly Parks The Best Option For Your Equestrian Business?
If you don’t personally know Holly Parks, you may not know her extensive experience in the equestrian industry. We'd like to share a...
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- Oct 26, 2021
- 1 min
What Is Form W-4 For?
An employer is required to obtain from each employee a completed Form W-4, Employee's Withholding Certificate, in order to determine the...
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- Oct 19, 2021
- 2 min
Xero: Uses and Benefits
Parks Tax & Consulting serves a wide range of small businesses. Our services are completely customizable to the level of help each...
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- Oct 12, 2021
- 2 min
What Is The Foreign Tax Credit?
Did you pay taxes in a foreign country but you are subject to US tax on the same income? If so, you may be able to claim a credit for...
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