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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

You Can Only Claim a Casualty Loss Tax Deduction in Certain Situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires, and other disasters. No matter where you live, unexpected disasters may cause damage to

Want to Find Out What IRS Auditors Know About Your Business Industry?

In order to prepare for a business audit, an IRS examiner generally does research about the industry and issues on the taxpayer’s return. Examiners may use IRS “Audit

Does Your Employer Provide Life Insurance? Here Are the Tax Consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there

Getting a Divorce? Be Aware of Tax Implications if You Own a Business

If you’re getting a divorce and you’re a business owner, tax issues can complicate matters. In many cases your business ownership interest is one of your biggest personal

ABLE Accounts May Help Disabled or Blind Family Members

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without them losing eligibility for government benefits to which

Possible Tax Consequences of Guaranteeing a Loan to Your Corporation

What if you decide, or are asked, to guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation

Scholarships Are Usually Tax Free but They May Result in Taxable Income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students

Large Cash Transactions with Your Business Must Be Reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person

Is an LLC the Right Choice for Your Small Business?

Maybe you are launching a new business and want to know your options for setting it up. Or, perhaps you operate your small business as a sole proprietorship

You May Have Loads of Student Debt, but It May Be Hard to Deduct the Interest

More than 43 million students are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Do you play a major role in a closely held corporation and sometimes spend your personal money on corporate expenses? These costs may wind up being nondeductible both

There’s Currently a “Stepped-Up Basis” If You Inherit Property — but Will It Last?

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