Timothy, DeVolt and Company, P.C.

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It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you...
08/14/2026

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you understand the tax impact. Federal tax law generally treats such winnings as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. For example, if you win more than $5,000, generally the payer (lottery agency, casino, etc.) will withhold 24% for federal tax purposes — which may or may not be enough to cover your tax liability — and send you and the IRS a Form W-2G showing the winnings paid and tax withheld. There also might be state tax consequences. Call us at (972) 980-4315 to learn more.

If you were born in 1960 or later, you can start taking “full” Social Security benefits when you turn age 67. But should...
08/12/2026

If you were born in 1960 or later, you can start taking “full” Social Security benefits when you turn age 67. But should you? It may depend on your health, retirement income and other factors. If possible, try to delay taking benefits until you’re age 70, when you’ll receive larger monthly payments. In fact, benefits increase by 8% each year you delay taking them! For more about Social Security and funding your retirement, call us at (972) 980-4315.

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid ...
08/11/2026

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid federal tax debts over $66,000 (adjusted annually for inflation) to the U.S. State Department, which may deny a passport application or renewal — or even revoke your current passport — until your tax issues are resolved. If you’re overseas, you might receive only a limited-validity passport to return to the United States. Unpaid federal tax debt includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Contact us at (972) 980-4315 for details.

If your estate might exceed the federal estate tax exemption ($15 million for 2026), you’re probably concerned about fut...
08/10/2026

If your estate might exceed the federal estate tax exemption ($15 million for 2026), you’re probably concerned about future estate tax liability. A spousal lifetime access trust (SLAT) may help. A SLAT can allow you to remove wealth from your estate tax-free while providing a safety net if your needs change in the future. Essentially, a SLAT is an irrevocable trust you establish for the benefit of your spouse plus your children or other relatives. Your spouse is granted limited access to the trust’s funds during his or her lifetime, giving you indirect access. Call us at (972) 980-4315 to discuss whether a SLAT makes sense for you.

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS wil...
08/07/2026

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions and credits between the two of you. You must also pay self-employment (SE) tax on your share of the net SE income passed through to you by the spousal partnership. Your spouse must do the same. The bottom line: Turn to us to keep your business in compliance with the IRS while you and your spouse keep the business running smoothly. Contact us at (972) 980-4315.

Your business can show a profit on paper and still face cash shortages because profit and cash flow measure different th...
08/05/2026

Your business can show a profit on paper and still face cash shortages because profit and cash flow measure different things. Profit reflects revenue minus expenses, while cash flow tracks the movement of cash in and out of your business. Cash shortfalls are especially common for growing businesses. That’s because you typically must pay suppliers, vendors and lenders upfront, and then wait for customers to pay you. Understanding the difference between profit and cash flow — and how to account for each — can help you make smarter financial decisions. Contact us at (972) 980-4315 to learn strategies for improving cash flow management.

You may be eligible for the Child and Dependent Care Credit if you pay for care so you can work. For 2026, the credit fo...
08/04/2026

You may be eligible for the Child and Dependent Care Credit if you pay for care so you can work. For 2026, the credit for lower-income taxpayers increases from 35% to 50% of the first $3,000 of qualified expenses for one child ($6,000 for two or more children). Some middle-income taxpayers may also qualify for a larger percentage than in prior years. Call us at (972) 980-4315 to learn how the updated rules may apply to your family.

Many small business owners find the concept of risk management intimidating. But essentially, it’s about identifying pot...
08/03/2026

Many small business owners find the concept of risk management intimidating. But essentially, it’s about identifying potential disruptions and making practical plans to guard against them. From cash flow slowdowns to staffing shortages, every business faces uncertainty. The key is being prepared, not overwhelmed. Call us at (972) 980-4315 for help reviewing your current risks, spotting emerging challenges, and making informed decisions that support long-term stability and growth.

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion...
07/31/2026

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total gifts to the child for the year don’t exceed $19,000. Note that contributions from most sources are limited to $5,000 per year (not including the initial federal government contribution of $1,000 if the child qualifies), per Section 530A account. Also, the recipient must be under age 18 at the end of the tax year. Have questions? Call us at (972) 980-4315.

If you have a traditional pension and are approaching retirement, get ready to make some decisions! Pension plans usuall...
07/29/2026

If you have a traditional pension and are approaching retirement, get ready to make some decisions! Pension plans usually give retirees a choice between receiving payouts as a lump sum or an annuity. A lump-sum distribution allows you to invest the money as you see fit. Annuity payments can provide guaranteed income for life. Call us at (972) 980-4315 to discuss the costs, risks and advantages of each option.

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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