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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
taxes on disability income

Disability Income: How Is It Taxed?

Many Americans receive disability income. You may wonder if, and how, this income is taxed. As is often the case with tax questions, the answer is … it

business-is-closing-amid-the-pandemic

Tax Responsibilities if Your Business is Closing Amid the Pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking

start-a-retirement-plan

New business? It’s a Good Time to Start a Retirement Plan

If you started a business recently, you may want to set up a tax-favored retirement plan for yourself and your employees. Several types of qualified plans are eligible

2021-Social-Security-wage-base

The 2021 “Social Security Wage Base” Is Increasing

If your small business is planning for payroll next year, be aware the “Social Security wage base” is increasing next year. The Social Security Administration recently announced that

Buying-and-selling-mutual-fund-shares

Buying and Selling Mutual Fund Shares: Avoid These Tax Pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of

tax-liability-for-innocent-spouses

There May Be Relief from Tax Liability for “Innocent Spouses”

If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know there may

passive-activity-loss

Understanding the Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive

What-tax-records-can-you-throw-away

What Tax Records Can You Throw Away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due

easiest-way-to-survive-an-IRS-audit

The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

IRS audit rates are at an historical low, but that’s little consolation if your return is among those selected to be examined. However, with proper preparation and planning,

income-taxes-as-part-of-your-estate-plan

Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate taxes. Before 2011,

tax-rules-for-deducting-the-computer-software-costs

The Tax Rules for Deducting the Computer Software Costs of Your Business

Does your business buy or lease computer software? Do you develop computer software for use in your business, or for sale or lease to others? If so, you

Can-investors-who-manage-their-own-portfolios-deduct-related-expenses

Can Investors Who Manage Their Own Portfolios Deduct Related Expenses?

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut

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