It’s that time again when individuals and business gather their documents and head off to an accounting firm to get help in preparing their Houston tax return. And while we’ve previously discussed tons of bookkeeping tips, we decided to give a little tutorial for those of you who use any schedule forms when filing taxes. We are focus on Houston, although many of these forms are used on a national basis.
Houston Tax Schedules
- Schedule A -Those of you who benefit from itemizing deductions are familiar with this form. It allows you to deduct more rather than taking the standard deduction when having your taxes prepared.
- Schedule B – If you have earned interest in a taxable amount or dividends that exceed $1,500, this schedule might come up. It is also used to report any income from a seller financed mortgage.
- Schedule C – Business or corporate owners who have profit and/or loss to report will use this schedule. There is even a Schedule C EZ for simpler tax returns.
- Schedule D – This form is where you report the amount of capital gains or losses from stock sales or similar transactions.
- Schedule E – The form is used to report additional supplemental income and/or losses. This includes income from items such as rental property, royalties, partnerships, trusts, S-Corps, etc.
- Schedule F – Ironically enough, the F in this form stands for farming. Use this tax form to report profits and losses.
- Schedule SE – This commonly used tax form is used for those who are self-employed and do not have a corporation. We advise you to consult with a Houston bookkeeper on the costs vs. benefits of setting up a corporation given the costs.
Texas Tax Schedules
strong>Tax Free Days Did you know you can buy some items without paying sales tax during during certain periods of time in Texas? You don’t even need a special exemption to take advantage of this little Lone Star State perk. Tax-free goods are charged at only their sticker price that meet specific guidelines for each tax holiday. The tax-free holidays include:
- April 28 through 30 – Emergency Preparation Supplies Sales Tax Holiday.
- May 26 through 28, aka Memorial Day Weekend – Energy Star and Water-Efficient Products Sales Tax Holiday.
- August 10 through 12 – Back-to-School Sales Tax Holiday.
Help With Houston Taxes
And there are far more schedules and forms to know about during tax time. Their complexity leads many turn to a Houston accountant or bookkeeper to help them navigate tax preparation and make recommendations on how to save the most money. If you need to find a particular form or schedule before coming in for tax preparation, you can find the entire IRS database by clicking here.