Castro Accountancy

Is Hiring a CPA Worth it? 5 Tips for Getting Your Money’s Worth

Often when people find out I’m a tax accountant, I get asked, “How much does a CPA cost?” It’s like me asking “How much does a home cost?” We all understand that a 1,000 square-foot home in Kansas has a different cost than a 1,000 square-foot penthouse condo in New...

What Can a CPA Do that a Regular Accountant Can’t?

What can a CPA do that a regular accountant can’t? That’s what we’d like to address today.

10 Questions To Ask Your CPA

If you are hiring an accounting or tax and business firm, it should go without saying that you have a CPA involved in looking over all of the work. However, not all accounting firms are created e…

New W-4 Creates Questions for Human Resources

With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice t…

IRS Tax Tip: Ten Tax Tips For Individuals Selling Their Home

The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.Read more →

5 Tax Tips for Millennials

Winging it on your taxes? You could be missing out on significant savings or worse yet, be endangering your finances and freedom by not knowing the basics.

What's Your Financial Plan?

What Happens if You File a Tax Return Late?

Being late with a tax return has financial consequences whether you owe or are owed money. Read on to learn more.

What Are the 7 Steps of Financial Planning?

What are the seven steps of financial planning? When you follow these simple guidelines, you can use the same planning steps as professional planners.

What Your Accountant Needs to Prepare Your Tax Return

Get a list of the general information we need to prepare your personal and business income tax returns.

Do You Pass Inspection as a Tax Return Preparer?

The IRS has specific criteria for qualified tax return preparers.

Do I Have to File a Tax Return?

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals' BENEFIT to file a return even if they are not required to file.

Oops, Did You Forget Something on a Tax Return?

If you have already filed your tax return and overlooked an item of income or forgot to claim a deduction or credit, it is not too late! An amended return can be filed to correct an already filed tax return. Failing to report an item of income will most certainly generate an IRS inquiry, which typically happens a year or more after the original return was filed and after the interest and penalties have built up. Therefore, it is best to file an…

Must I, or Should I, File a Tax Return?

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals' BENEFIT to file a return even if they are not required to file.

Forgot Something on Your Tax Return? It's Not Too Late to Amend the Return

If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can be because of:

Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return

If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can be because of:

7 Financial Planning Mistakes Special Needs Families Should Avoid

As the sibling of a brother with Autism and other developmental challenges, and a career financial advisor who focuses on working with families with special needs members, I have seen a number of common financial planning mistakes made by families all of whom had the best intentions. Even when attorneys and other specialists are included... View Article

Do college students have to file a tax return? See if you're required, and why you may want to...

College students who don't earn enough money may not be required to file a tax return, but you could be missing out on a refund if you don't.