Say Hello to Our New Family Members

Taylor Ruthven is a Unicorn and Hilltopper (native Austinite and St. Edwards University graduate).  She became interested in taxes one year when she didn’t want to pay for TurboTax and decided to do them herself with pencil and paper. She had so much fun doing it that she decided to change her career from performing arts to accounting. Now she …

Tax Brackets For 2021: Are You Withholding Enough?

If you are a W-2 employee, you can change the amount of your Federal withholding at any time to ensure you aren’t hit with a big tax bill when you file your return in April. For anyone who does contract work and receives a 1099-NEC, that income is subject to a 15.3% self-employment tax + Federal withholding. See the table …

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Add Your Spouse or Partner’s Email

As the IRS and other institutions allow for electronic signatures on many tax and legal documents, Next Step Enterprises LLC is collecting and updating all our clients’ and their spouses/partners email addresses.  Please send us your and your spouse’s preferred contact email address and phone number. Contact Ron to make sure your account has the correct email address for all …

discontinued support qbp desktop

Intuit to Stop Supporting Older Versions of QuickBooks Desktop

A QuickBooks Pro license is good for three years, after which Intuit drops support for the product. You can still use the software after the three years are up, but the Intuit team won’t be able to help you if you have any questions or run into any issues. Next Step Enterprises LLC can convert your books to Quick Books Online (QBO). Call us for a quote.


COLLECT W9s from contractors and vendors NOW

The start of a new year can be hectic for business owners. The last thing you should be doing in January is trying to collect W-9s from your contractors and vendors so you can issue them a 1099-NEC. The new 1099-NEC (non-employee compensation) must be issued by January 31, 2022 to any contractor or vendor to whom you pay $600.  …

capital gains - money in house sale

Lifetime Capital Gains Exclusion on Primary Residence

Everyone who owns a home that is their primary residence is entitled to a lifetime exclusion on taxable gains from the sale of their primary residence of $250,000 for individuals and $500,000 for a couple. The taxable gain exclusion requirements are: The home was your primary residence for two out of the last 5 years You’ve owned the home for …

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Home Improvement Tracking for Primary Residence

Reduce the taxable gains when you sell your primary residence by tracking your home improvements.  The improvements you make plus the purchase price (adjusted basis) will increase the cost basis of your home and reduce your taxable gain.  Home improvement tracking, along with the lifetime capital gains exclusion can save you a significant amount of money come tax time. The …