Services We Offer
  Tax Preparation and Filing

Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

  IRS Tax Problems Resolution

Whether you’re facing tax levies, liens, or garnishments, don’t face the IRS alone. We may even be able to arrange a reduced payment. (Get More Info)

  Business Registration

Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

  ITIN Application

Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

  Accounting and Bookkeeping

If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

  Payroll Processing

Payroll is a hassle and a huge time drain for small businesses. Let us help with all aspects of your payroll processing (Get More Info)

  Notary Services

When you need notary services, we’re your trusted partner. We provide fast service for your notary needs. (Get More Info)

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Streamline your filing process and avoid the risk of process glitches. We can help you.

Contact Information
KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

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5 Little Known Factors that Could Affect Your 2015 Income Tax Bill

Posted by kftaxaccounting2014 on December 1, 2014 in Uncategorized | 0 comment

It’s hard to believe, but 2015 is rapidly coming to a close!

Besides holiday parties and lots of good food, it also means that tax time is right around the corner. Are you going to end up with a nasty surprise come tax time?  Here’s 5 things you’ll want to consider before the year comes to an end.

1.     Is your withholding correct?

Think about how you filled out your W-4 and make sure you’re having the proper amount of taxes withheld. If you’re having too little tax withheld, you can get a shocking tax bill in April! And if you’re having too much tax withheld, while it’s nice to have a large refund, it’s better to adjust your withholding to the proper levels.

2.     Did your health insurance circumstances change?

If your eligibility for tax credits in the Marketplace changed because of a change in income, family size, or other qualifying event, you need to report it. Reporting changes to your circumstances can help prevent you from receiving too little or too much advanced premium assistance.  

3.     Did you have a life event that changes your tax liability?

Whether your marriage status changed or you had the birth of a child, you can submit a new W-4 to adjust your withholding (or change your estimated tax payment if you’re self employed or have other non reported income).  

4.     Is your most current W-4 accurate?

Each time you change jobs, you complete a new W-4. If it’s incomplete or inaccurate, it could affecting your withholding (leaving you with an unexpected and larger tax bill). Double check to make sure you’ve done this correctly, or file a new one with your employer if you need to update it.

5.     Do you owe estimated tax payments?

Estimated taxes are due if you receive income that isn’t subject to withholding (such as if you’re self employed, or you receive interest payments or rent from a property you own).  If you will owe $1000 or more for such income, you should check to see if you need to make these payments (usually they’re made quarterly throughout the year).

Tax time can be scary, but with proper guidance and planning, you can minimize your liability and maximize your refund. Contact us to see how we can help!

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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