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Your Year-End Tax Planning Checklist for 2026: Built for DFW Trades Businesses

Year-End Tax Planning Checklist

Pocket a Tax Break for Making Energy-Efficient Home Improvements

An estimated 190 million Americans have recently been under heat advisories, according to the National Weather Service. If you’re one of them, it may have spurred you to

Top Advantages of LLC for Your Business Growth and Protection

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re

Moving Mom or Dad Into a Nursing Home? 5 Potential Tax Implications

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there

A Tax-Smart Way to Develop and Sell Appreciated Land

Let’s say you own highly appreciated land and now it’s ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty

Retirement Account Catch-Up Contributions Can Add Up

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules

Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. If you don’t take the proper steps these

Inheriting Stock or Other Assets? You’ll Receive a Favorable “Stepped-Up Basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under

That Email or Text from the IRS: It’s a Scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages,

Use an S Corporation to Mitigate Federal Employment Tax Bills

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed

Starting a Business? How Expenses Will Be Treated on Your Tax Return

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports business applications are still increasing

The Best Way to Survive an IRS Audit is to Prepare

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined compared to prior years. But even though a small

The Trust Fund Recovery Penalty: Who Can It Be Personally Assessed Against?

If you own or manage a business with employees, there’s a harsh tax penalty you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP)