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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.

Protect the “Ordinary and Necessary” Advertising Expenses of Your Business

Businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This is a valuable tax deduction to help businesses cut

Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances

Generally, you must pay federal tax on all income you receive. However, there are some exceptions. For example, compensatory awards and judgments for “personal physical injuries or physical

Buying a New Business Vehicle? A Heavy SUV is a Tax-Smart Choice

If you’re buying or replacing a vehicle you’ll use in your business, a heavy SUV may provide a more generous tax break this year than you’d get from

There Still May Be Time to Make an IRA Contribution for Last Year

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, you may still have an opportunity to lower it.

Fort Worth City Council Passes New Regulations for AirBNBs

Fort Worth city council members have unanimously passed a new ordinance aimed at short-term rental properties. The new rules are designed to make it easier for the city

Child Tax Credit: The Rules Keep Changing but it’s Still Valuable

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the

Key Tax Issues in M&A Transactions

There was a dramatic drop in merger and acquisition activity last year due to rising interest rates and a slowing economy. The total value of M&A transactions in

Answers to Your Questions About 2023 Limits on Individual Taxes

Most people are more concerned about their 2022 tax bills right now than their 2023 tax situations. This is understandable because your 2022 individual tax return is due

Have Employees Who Receive Tips? Here are the Tax Implications

Businesses like restaurants, hotels, and salons employ individuals who receive tips as a significant part of their compensation. Tips are optional payments customers make to employees who perform

Retirement Plan Early Withdrawals: Make Sure You Meet the Requirements to Avoid a Penalty

Most retirement plan distributions are subject to income tax. They may also be subject to an additional penalty if you take an early withdrawal. What’s considered early? In

Do You Run a Business from Home? You May Be Able to Deduct Home Office Expenses

Many people began working from home during the COVID-19 pandemic. Many still work from home offices either all the time or on a hybrid basis. If you’re self-employed

Many Tax Limits Affecting Businesses Have Increased for 2023

A variety of tax-related limits affecting businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may