Timothy, DeVolt and Company, P.C.

Timothy, DeVolt and Company, P.C. Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Timothy, DeVolt and Company, P.C., 5525 N MacArthur Boulevard Ste 940, Farmers Branch, TX.

No two taxpayers are exactly alike — so your tax strategies shouldn’t be either. Our firm provides customized tax planni...
04/13/2026

No two taxpayers are exactly alike — so your tax strategies shouldn’t be either. Our firm provides customized tax planning for individuals and businesses. We can identify opportunities to reduce taxes in your specific situation while helping you stay compliant with changing tax laws. Call us at (972) 980-4315 to get started.

You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from wha...
04/10/2026

You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from what you originally claimed. This often happens because the IRS corrected a math error, applied a payment or credit differently, or offset a refund to pay another tax liability. The notice explains what changed and how the refund was calculated. Generally, no response is required if you agree with the adjustment; your adjusted refund will be issued automatically. But if you disagree or don’t understand the change, it’s important to review the notice carefully and respond by the deadline. We can help you determine whether the IRS adjustment is correct and advise on next steps. Call us at (972) 980-4315.

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, w...
04/08/2026

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, when your loved one inherits an asset, its tax basis is “stepped up” to its fair market value at the time of your death. If the heir later sells the asset, he or she will owe capital gains tax only on any appreciation after your date of death, rather than on the entire gain since you acquired it. Investment accounts, business interests, real estate and personal property are among the assets affected by the stepped-up basis rules. Call us at (972) 980-4315 for details.

When you’re busy running a business, it’s easy to overlook or dismiss the warning signs of financial distress. Rising em...
04/07/2026

When you’re busy running a business, it’s easy to overlook or dismiss the warning signs of financial distress. Rising employee turnover can signal internal strain. Cash flow issues may indicate slow collections or weak working capital practices. And sudden external shifts — such as interest rate volatility, cost increases or supply chain disruptions — can take a toll on otherwise healthy businesses. Supplementing your company’s year-end financial statements with interim reports or targeted agreed-upon procedures can help you spot problems early and take prompt corrective action. Contact us at (972) 980-4315 to learn more.

Starting in 2026, the tax rules for the personal casualty loss deduction are changing. While the deduction remains limit...
04/06/2026

Starting in 2026, the tax rules for the personal casualty loss deduction are changing. While the deduction remains limited mainly to disaster-related losses, eligibility is expanding beyond federally declared disasters to include certain state-declared disasters. Because the rules are complicated and additional limits apply, review your situation with us. We can help determine whether you’re eligible for a casualty loss deduction. Contact us at (972) 980-4315.

The IRS issued interim guidance on the new special depreciation allowance for qualified production property under tax le...
04/03/2026

The IRS issued interim guidance on the new special depreciation allowance for qualified production property under tax legislation signed into law in July of 2025. The guidance defines qualified production property and activities (such as certain manufacturing, chemical production and agricultural production), explains how to determine the allowance, and outlines how and when to elect it. It also addresses depreciation recapture if the property no longer meets the requirements. Eligible taxpayers can deduct up to 100% of the unadjusted basis of qualified production property placed in service after July 4, 2025, and before Jan. 1, 2031. Contact us at (972) 980-4315 if you have questions.

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to ...
04/01/2026

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to assess additional tax, starting from the date the return was filed or due, whichever is later. For example, if you filed your 2022 return by the April 18 deadline in 2023, the IRS generally has until April 18, 2026, to assess a tax deficiency. So you potentially can discard records related to that return after April 2026. But records should be held longer in certain situations. And you should keep copies of your returns forever. Call us at (972) 980-4315 with questions.

Credits provide powerful tax savings potential because they reduce taxes dollar for dollar. (By contrast, deductions onl...
03/31/2026

Credits provide powerful tax savings potential because they reduce taxes dollar for dollar. (By contrast, deductions only reduce the amount of income subject to tax.) A wide variety of credits are available to businesses. You may be eligible to claim some on your 2025 tax return. And you can take steps this year to increase your eligibility for credits when you file your 2026 return next year. We can help identify the credits you’re entitled to for 2025 and plan your business’s tax strategy for 2026. Call us at (972) 980-4315 to set up an appointment.

When you file your 2025 income tax return, you can deduct your charitable donations only if you itemize deductions. But ...
03/30/2026

When you file your 2025 income tax return, you can deduct your charitable donations only if you itemize deductions. But beginning with donations made in 2026, people who take the standard deduction instead of itemizing can claim a charitable deduction of up to $1,000 ($2,000 for married couples filing jointly). Only “cash” donations qualify, but the definition may be broader than you think. It includes gifts made by debit or credit card, check, ACH, online payment platform and payroll deduction. Call us at (972) 980-4315 to discuss what you can deduct on your 2025 return and your donation strategy for 2026.

Choosing the head of household (HOH) tax filing status may reduce your 2025 tax bill. HOH status offers a higher standar...
03/27/2026

Choosing the head of household (HOH) tax filing status may reduce your 2025 tax bill. HOH status offers a higher standard deduction, and in some cases, more favorable tax brackets than if you were to file as single. To qualify, you must have been unmarried (or considered unmarried) on Dec. 31, 2025; have paid more than half the cost of maintaining your home; and have had a qualifying dependent living with you for more than half the year. If you’re living with the other parent of your child but not married, only one of you can claim HOH status. The rules for HOH status can be complex, especially for divorced or separated parents. We can help you determine if you qualify. Contact us at (972) 980-4315.

In a divorce, a qualified domestic relations order (QDRO) allows retirement plan assets to be transferred to a spouse wi...
03/25/2026

In a divorce, a qualified domestic relations order (QDRO) allows retirement plan assets to be transferred to a spouse without dire tax consequences. A court issues a QDRO, which states a dollar amount or a percentage of assets that belongs to the spouse. It also specifies the number of payments to be made (or the length of time for the terms to apply). Contact us at (972) 980-4315 for details.

You may have heard you need at least $1 million (or $750,000 or $3 million or another number) saved before you retire. T...
03/24/2026

You may have heard you need at least $1 million (or $750,000 or $3 million or another number) saved before you retire. The truth is, “your number” is specific to you. How much you need for a secure and fulfilling post-work life depends on factors such as your current income, your desired retirement lifestyle and whether you hope to leave a legacy to heirs. Contact us (972) 980-4315. We’ll review your situation together and come up with a retirement savings plan — including a number.

Address

5525 N MacArthur Boulevard Ste 940
Farmers Branch, TX
75038

Opening Hours

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

Telephone

+19729804315

Website

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