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How to Lower Your Tax Bill If You Made Over $150K in Texas

Lower tax bill over $150K revenue with smart tax strategies for Texas business owners. Learn proven and legitimate ways to reduce taxes and keep more of your income

Taking Your Spouse on a Business Trip? Can You Write Off the Costs?

A recent report shows post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according

If You Didn’t Contribute to an IRA Last Year, There’s Still Time

If you’re gathering documents to file your 2023 tax return and you’re concerned your tax bill may be higher than you’d like, there might still be an opportunity

Get Ready for the 2023 Gift Tax Return Deadline

Did you make large gifts to your children, grandchildren, or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax

What’s the Best Accounting Method for Business Tax Purposes?

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The

Filing Jointly or Separately as a Married Couple: What’s the Difference?

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax

9 Tax Considerations If You’re Starting a Business as a Sole Proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues

Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit Claims

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash to enable struggling businesses to retain employees. Even though

If You Gave to Charity in 2023, Check to See You Have Substantiation

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive

IRAs: Build a Tax-Favored Retirement Nest Egg

Although traditional IRAs and Roth IRAs have been around for decades, the rules for them have changed several times. The Secure 2.0 law, enacted at the end of

Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety

The Kiddie Tax Could Affect Your Children Until They’re Young Adults

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the

Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security