Shelton, Mead & Shelton, PLLC is a full-service accounting firm serving clients throughout the Arlington, TX area. For years, Shelton, Mead & Shelton, PLLC has been providing quality, personalized financial guidance to local individuals and businesses. Our calculators have been provided as a resource for you to help plan your financial matters. Stay current with recent tax changes, news, and financial tips.
We provide a newsletter monthly here on our site and via email so you can stay in touch with changing regulation.
We provide a newsletter monthly here on our site and via email so you can stay in touch with changing regulation.
Services
Our roots go back to 1980 when Daniel Mead began his career in public accounting.
That same year, Kate Shelton opened her own CPA firm in downtown Arlington.
Mikel Shelton began working for Kate (his mother) nights and weekends while working in the corporate world as an internal auditor.
In 2004 Mikel acquired Kate's firm and in 2007 merged with Daniel Mead to create Shelton, Mead & Shelton.
In 2014 we became a Professional Limited Liabiality Company (PLLC) and Mikel became the firm's owner.
For years, Shelton, Mead & Shelton, PLLC has been providing quality, personalized financial guidance to local individuals and businesses.
That same year, Kate Shelton opened her own CPA firm in downtown Arlington.
Mikel Shelton began working for Kate (his mother) nights and weekends while working in the corporate world as an internal auditor.
In 2004 Mikel acquired Kate's firm and in 2007 merged with Daniel Mead to create Shelton, Mead & Shelton.
In 2014 we became a Professional Limited Liabiality Company (PLLC) and Mikel became the firm's owner.
For years, Shelton, Mead & Shelton, PLLC has been providing quality, personalized financial guidance to local individuals and businesses.
Shelton, Mead & Shelton, PLLC provides a wide range of services to individuals and businesses in a variety of industries.
At Shelton, Mead & Shelton, PLLC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Shelton, Mead & Shelton, PLLC, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At Shelton, Mead & Shelton, PLLC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Shelton, Mead & Shelton, PLLC, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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