Tax Tips With Trish

With over 20 years of administration, project management & account support experience, Trish Patterson is no stranger to being part of organizations promoting & supporting women-led businesses. Throughout the years her foresight, strategic planning, and step-by-step plans have helped thousands in the DFW area meet their goals. She's a perfectionist that aims to be the hardest worker you'll ever meet! With a work-ethic as strong as Trish's you'll learn why so many women professionals and companies rely on her. Her exceptional client service, and ability to communicate with all levels of management make her an asset to any team and here at Dallas Professional Women, we are so excited to spotlight one of the key services offered by Trish; which is Tax Preparation Service with Bionic Tax Consulting.



A little more about Trish:

  • She's also an Educator and worked with Plano Independent Schools and inspired students to dream big! One of her students was Plano's favorite American-Idle celebrity Ron Bultongez!

  • She's a Philanthropist and in 2019 she was honored by the Junior League of Collin County as the Collin County Volunteer of the Year. This honor recognizes and celebrates an individual whose extraordinary hands-on volunteer service at nonprofits strengthens the Collin County community. Trish Patterson was cited as the driving force empowering others through collaboration to work together to support a collective mission. She is recognized for her contribution to The Source of Hope’s Holiday Feeding which served over 7,000 families in 2018.

  • She wears many hats! In addition to being a Professional and Philanthropist, Trish is a trusted advisor, survivor, think-tank, mom, mentor & friend to many in the North Texas area! Whenever you Trish, she has a smile on her face and ready to roll up her sleeves to help!


Now that you've learned about Trish, let's jump in with #TaxTipsWithTrish! For Small Business Owners (every season is tax season), but for employees/employed professionals this is the peak season to get taxes in order before filing. Let's learn about tax tips, tax myths, and other tax-related questions that Trish has received over the years!


What are some common myths about tax preparation you want to debunk?

  1. Filing is not voluntary; it is mandatory if you have income over the about of $600.

  2. If you work from home, you can claim part of your home as a deduction. However, if you generally have an office to go to and you just bring work home to complete, then you will not qualify for this deduction.

  3. Mileage logs should include date, to/from, mileage, and description of job. A total number of miles should be provided at the end of the year. When claiming mileage, you will also need to provide the year, make, and model of your vehicle along with the date you started utilizing the vehicle for business.

  4. There is no income bracket that guarantees an IRS audit. In fact, it is important that we know the IRS is not looking at income but looking for discrepancies or errors.

  5. If money is owed to the IRS, you still need to pay by April 17 to avoid penalties, even if you file for an extension.


What are some key filing dates that everyone should know about?

  • January 15, 2021- Estimated Income Tax Form Payment form due for Quarter 4 (Form 1040 ES)

  • January 31, 2021 – W2s and 1099 income and deduction related forms should be postmarked to employees or contract workers

  • April 15, 2021 – Tax Returns due, (Quarter 1) Payment due, Form 1040 ES needed only if there is an update

  • July 15, 2021 - (Quarter 2) Payment due, Form 1040 ES needed only if there is an update

  • September 15, 2021 – (Quarter 3) Payment due, Form 1040 ES needed only if there is an update

  • October 15, 2021 – If you filed an extension, all returns are due

  • January 15, 2022 – (Quarter 4) Payment due, Form 1040 ES needed only if there is an update


I've never had my Tax Prep completed. what should I expect?

Filing your taxes with Trish (or any reputable Tax Prep specialist) can be done remotely or virtually. Documents needed to file with IRS would be all your income documents (W2, 1099s), your legal full name, social security number, dates of birth of all dependents, all business expenses incurred, and mileage logs are some of the information to get started. You can even drop documents physically (social distancing). As Trish works through the Tax Prep process by completing your return, make sure to be available so that any open questions can be addressed. Trish keeps her clients updated every step of the way.


Since no returns are alike, the cost is different for each return. A complimentary 20-minute consultation will help determine the ballpark estimate since it depends on the type of filing that needs to be prepared. Please be open, honest, and available during this time since this is an important part of the process. After the consultation, Trish determines the level of effort along with which forms need to be filed along with your return. The quote is provided at this time. If you agree to the services, then I will then quote you a price. Payment can be paid in Cash or Check after the return is completed, or you can Efile the payment is automatically taken from your refund after it is filed. The process is quite easy!


What are some price-points and service costs associated with an independent Tax Prep Specialist?


How early should someone start tax prep?

I always say "Prior planning prevents poor performance!". One should start as early as possible with tax prep especially if you have personal or business exemptions or deductions. Things such as mileage, medical bills, items purchased for the business all play an important part in the process. If you take the time to work on those items throughout the year, you are not scrambling at the end of the year. I also help my clients understand how to build in a streamlined process so that tax-time isn't so stressful!


What is the best way someone can reach you for Tax Preparation Services?

As an authorized EFile provider, Trish can be reached at (972) 528 - 8966 or trish@bionictaxonsulting.com. You can also visit her on Facebook at Bionic Tax Consulting, (Make sure to LIKE her page so you can get notifications for upcoming Tax Tips!)



BIONIC TAX CONSULTING

972.528.8966

trish@bionictaxconsulting.com

Facebook: https:/www.facebook.com/BionicTaxConsulting

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