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Booth Renter or Employee? How Texas Salon Owners Should Classify Stylists

Texas dropped its booth rental license, but salon owners still have to decide if stylists are booth renters or employees. Here's what each option means for you.

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

It’s Possible (But Not Easy) to Claim a Medical Expense Tax Deduction

Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations making it difficult

Defer a Current Tax Bill With a Like-Kind Exchange

If you’re interested in selling commercial or investment real estate and it has appreciated significantly, one way to defer a tax bill on the gain is with a

Don’t Overlook Taxes When Contemplating a Move to Another State

When you retire, you may think about moving to another state because the weather is more temperate or because you want to be closer to family. Don’t forget