Timothy, DeVolt and Company, P.C.

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Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of ...
08/22/2025

Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can take the standard deduction or itemize deductions depending on which strategy will most reduce your taxable income. Credits, on the other hand, reduce the actual tax due, dollar-for-dollar, generally making them more valuable than deductions. Certain credits, such as the Child Tax Credit, are partially or fully refundable. This means that if a taxpayer’s bill is less than the amount of the credit, he or she may receive the difference as a refund. Contact us at (972) 980-4315 with your tax questions.

Tax savings alert for employers: The Work Opportunity Tax Credit (WOTC) can help your business save thousands in taxes. ...
08/20/2025

Tax savings alert for employers: The Work Opportunity Tax Credit (WOTC) can help your business save thousands in taxes. It involves hiring individuals from targeted groups, including veterans, ex-felons, the long-term unemployed and SNAP recipients. The maximum credit is generally $2,400 per eligible adult employee. But it can be as much as $9,600 for certain veterans. It’s a win-win: You can support your community while improving your bottom line! Let’s talk about how your business can take full advantage of this powerful credit. Contact us at (972) 980-4315 to learn more.

If you're self-employed and use part of your home exclusively and regularly for business, you may qualify for home offic...
08/19/2025

If you're self-employed and use part of your home exclusively and regularly for business, you may qualify for home office tax deductions. You can deduct a portion of your rent, mortgage, utilities and more. There’s even a simplified option if you don’t want to keep track of all the costs. Don’t wait until tax time: Start tracking your expenses now. Questions? Contact us at (972) 980-4315 to see if you qualify. We’re here to help!

Struggling with the IRS? Dealing with back taxes, wage garnishments or threatening IRS letters can be overwhelming. But ...
08/18/2025

Struggling with the IRS? Dealing with back taxes, wage garnishments or threatening IRS letters can be overwhelming. But you don’t have to face it alone. We can help with tax resolution issues by negotiating with the IRS on your behalf. Perhaps you need to have a payment plan set up that works for you. In some cases, we can explore an Offer in Compromise to settle your tax debt for less. You deserve a fresh start. Contact us at (972) 980-4315 for help.

If the IRS has a question about your tax return, hasn’t received a payment due or has made adjustments to something you’...
08/15/2025

If the IRS has a question about your tax return, hasn’t received a payment due or has made adjustments to something you’ve filed, it will notify you with a letter or notice sent via the USPS. The letter will provide instructions on how to respond, which might include sending copies of records the IRS requires. But what if you disagree with the tax agency’s assessment of a situation? Follow the instructions included in the notice and keep copies of everything you mail to the IRS for up to three years. You can also contact us at (972) 980-4315 for help with any tax dispute.

Mergers and acquisitions are often rife with pitfalls that can undermine a buyer’s return on investment or strategic goa...
08/13/2025

Mergers and acquisitions are often rife with pitfalls that can undermine a buyer’s return on investment or strategic goals. The best way to avoid getting tripped up is thorough due diligence that includes a comprehensive business valuation. It can identify much more than just whether the deal price accurately reflects the company’s value. Contact us at (972) 980-4315 with your M&A questions.

Each year, some taxpayers file their tax returns and eagerly await a refund. But then they find out it’s been reduced or...
08/12/2025

Each year, some taxpayers file their tax returns and eagerly await a refund. But then they find out it’s been reduced or withheld. If a taxpayer has unpaid federal or state tax debt, including child support, the IRS can offset the debt by applying a refund toward it. For some taxpayers, a refund is essential for covering necessary expenses. Losing it can create a hardship. The National Taxpayer Advocate advises eligible taxpayers to document any economic hardship and seek an “offset bypass refund.” Note: this must be done before the IRS offsets the refund, so don’t wait. Contact us with questions: (972) 980-4315

Taxes don’t have to be stressful! Whether you're an employee, independent contractor, business owner or retiree, our tax...
08/11/2025

Taxes don’t have to be stressful! Whether you're an employee, independent contractor, business owner or retiree, our tax services are designed to minimize your tax liability, maximize your refund and keep you compliant with current tax laws. Contact us at (972) 980-4315 for professional support tailored to your unique situation.

Determining the correct tax filing status isn’t always straightforward. That’s especially true if the parents of a young...
08/08/2025

Determining the correct tax filing status isn’t always straightforward. That’s especially true if the parents of a young child live together and aren’t married. Can both parents claim the more favorable head of household (HOH) status? According to the IRS, the answer is no. Only one parent can claim HOH status for a qualifying child. To be eligible, a parent must furnish more than half the cost of maintaining a home for themselves and a child. If both parents contribute equally, the IRS applies a tiebreaker rule to determine who can file with HOH status. Learn more by visiting the IRS at bit.ly/3T5JUp5, or contact us at (972) 980-4315 with questions.

Fraud can drain your company’s assets and erode its value, often before you realize it’s happening. Protect your busines...
08/06/2025

Fraud can drain your company’s assets and erode its value, often before you realize it’s happening. Protect your business with strong internal controls, such as segregation of duties. This means dividing key responsibilities among different individuals. Take the petty cash drawer: One employee should authorize disbursements, another should have custody of the drawer and dispense cash, and a third should record and reconcile the transactions. These built-in checks can reduce the risk of any one person committing fraud. Need help reviewing your internal processes? Call us at (972) 980-4315.

Having the right estate planning documents in place gives you peace of mind and provides clarity for your loved ones dur...
08/05/2025

Having the right estate planning documents in place gives you peace of mind and provides clarity for your loved ones during difficult times. That should start with a will, which designates who receives your assets and who becomes guardian of your minor children. Without it, state law decides. Also, consider a financial power of attorney and a medical power of attorney. They authorize someone to handle financial matters on your behalf if you’re unable to do so and make medical decisions for you if you’re incapacitated. Contact us at (972) 980-4315 with questions.

Stay-at-home parenting can be a tough gig. But building your own retirement nest egg when you don’t work outside the hom...
08/04/2025

Stay-at-home parenting can be a tough gig. But building your own retirement nest egg when you don’t work outside the home doesn’t have to be. In 2025, spouses can contribute up to $7,000 to a tax-advantaged spousal IRA. Both traditional and Roth spousal IRAs are available, and if you’re age 50 or older, you can make an additional catch-up contribution of $1,000 in 2025. One caveat: If your spouse has a 401(k) plan through work, you may not be able to deduct spousal IRA contributions on your joint tax return (depending on income). Contact us at (972) 980-4315 to discuss options.

Address

4099 McEwen Road Suite 135
Farmers Branch, TX
75244

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+19729804315

Website

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