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.

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.

Business owners and self-employed individuals who use their vehicle for business may be able to deduct auto-related expe...
07/28/2026

Business owners and self-employed individuals who use their vehicle for business may be able to deduct auto-related expenses. But if a vehicle (including a car, van, pickup or panel truck) is used both for business and personal purposes, the expenses must be split based on mileage. These rules apply to both owned and leased vehicles. There are two methods for calculating auto expenses: actual expenses and the standard mileage rate. Both require careful recordkeeping, though using the mileage rate is generally easier. Contact us at (972) 980-4315 to determine which method makes sense for your situation.

If you’re thinking about financing a new vehicle, you may be able to deduct up to $10,000 per year of interest paid. The...
07/27/2026

If you’re thinking about financing a new vehicle, you may be able to deduct up to $10,000 per year of interest paid. The deduction is available for certain personal auto loans originated after Dec. 31, 2024 — even if you don’t itemize deductions. Modified adjusted gross income (MAGI) limits apply, and only qualifying vehicles assembled in the U.S. are eligible. Before purchasing, consider whether eligibility for the deduction should factor into your vehicle choice. We can help run the numbers. Call us at (972) 980-4315.

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide ...
07/24/2026

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Call us at (972) 980-4315 to talk taxes before or after a home renovation.

Many tax law changes went into effect this year. So it’s important to evaluate where your business stands — and where it...
07/22/2026

Many tax law changes went into effect this year. So it’s important to evaluate where your business stands — and where it’s headed — before year end. Tax planning opportunities may still be available, but they’ll become more limited as the calendar winds down. Whether you’re considering equipment purchases, compensation strategies, retirement plan contributions or other tax-saving moves, now is the time to look ahead and review your options. Call us at (972) 980-4315 to bring your 2026 tax strategy into focus.

You’ll probably owe tax on your retirement income — how much depends on factors such as the types of retirement accounts...
07/21/2026

You’ll probably owe tax on your retirement income — how much depends on factors such as the types of retirement accounts you own and your other income sources. In general, retirees should withdraw funds from any taxable accounts first, tax-deferred accounts second and tax-free accounts last. But different withdrawal strategies may benefit you. The important thing is to start planning before you retire. Call us at (972) 980-4315 for help.

Avoid underpayment penalties by staying on top of estimated tax payments and paycheck withholding. If you expect to owe ...
07/20/2026

Avoid underpayment penalties by staying on top of estimated tax payments and paycheck withholding. If you expect to owe at least $1,000 in taxes after subtracting credits and withholding, quarterly estimated payments may be required. Withholding and estimated payments must generally cover 90% of this year’s tax or 100% of last year’s tax (or 110%, depending on your income). Unsure if you’re on track? Let’s review your situation now to help avoid surprises when you file your 2026 return next year. Call us at (972) 980-4315.

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. ...
07/17/2026

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. Starting Jan. 1, 2026, corporations can only deduct charitable gifts in excess of 1% of the company’s taxable income, with a 10% of income cap. Amounts exceeding the 10% cap can be carried forward — as can amounts that aren’t currently deductible due to the 1% floor — for up to five years. You may want to execute a multiyear charitable deduction strategy if your company’s income varies from year to year. Contact us at (972) 980-4315. We can help by projecting income and other deductions so you can support your community while maximizing long-term tax benefits.

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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