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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.

The IRS Has Announced 2022 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for

Still Have Questions After You File Your Tax Return?

Even after you have successfully filed your 2020 tax return with the IRS, you may still have some questions about the return. Here are brief answers to three

An S Corporation Could Cut Your Self-Employment Tax

You’re subject to both income tax and self-employment tax if your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC). However,

Working in the Gig Economy Results in Tax Obligations

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy was already on the rise. Reductions in working hours during the pandemic

Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Many businesses use independent contractors to help keep employment costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If

Tax Filing Deadline Is Coming Up: What To Do If You Need More Time

“Tax day” is just around the corner. This year, the deadline for filing your 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual

Providing Education Assistance to Employees? Follow These Rules

Education is a fringe benefit many businesses provide so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up

Why It’s Important to Meet the Tax Return Filing and Payment Deadlines

The May 17 deadline for filing your 2020 individual tax return is coming up soon. (Note: Because Texas was declared a natural disaster area in February, Texas residents

Unemployed Last Year? Buying Health Insurance This Year? You May Benefit from Favorable New Changes

In recent months, there have been a number of changes that may affect your individual tax bill. Many of these were enacted to help mitigate the financial damage

Know the Ins and Outs of “Reasonable Compensation” for a Corporate Business Owner

Owners of incorporated businesses know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can

Home Sales: How to Determine Your “Basis”

The housing market is strong this spring in many parts of the country. If you’re buying or selling a home, you should know how to determine your “basis.”

Simple Retirement Savings Options for Your Small Business

Are you thinking about setting up a retirement plan for yourself and your employees? Are you worried about the financial commitment and administrative hassles involved in providing a