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Think About Your Tax-Filing Status

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With tax deadlines looming, you and your spouse may have to answer the question, “Should we file together or separately?” Many tax professionals have differing opinions about the subject, so it probably helps to have a base of understanding before requesting tax preparation services in DeSoto, TX. Start with Tax Brackets One of the biggest factors affecting your decision will be tax brackets. Depending on the income level of the filer (or filers), the tax rate will change. Put simply, how much you make determines how much taxes you pay. A single person with an income of $40,000 will have a tax bill that is different from a married couple making the same amount. At the same time, married couples filing jointly have tax brackets different from singles and couples filing separately. Talking with your spouse about what your tax brackets might be as individuals might allow both of you to enjoy more savings compared to filing together. Consider Credits Another thing you will want ...
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Welcome to Our CPA Blog

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Tax preparation, payroll, financial planning, and small business accounting services are some of the drivers of our business at EG Fox & Fox, P.C. These are services that our CPAs take extreme pride in offering to our clients. We’ve decided to expand upon them and provide many pieces of useful information through our new blog. Welcome. We’re glad you are here and hope that you come back soon. Our goal is to deliver frequent posts that will educate and enlighten. This platform will serve as an avenue for us to clarify points you may have been unsure about while reinforcing others. With the explanations and examples we provide, you will gain insight on many CPA -related topics and realize that you’re on the right path with estate planning, for instance. We will use these posts to parallel our areas of expertise. They will also show that using a CPA to handle your personal and business financial and tax matters is a wise move that will pay off in the short- and long-term. Some...
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