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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.

Accrual-Basis Taxpayers: These Year-End Tips Could Save You Tax

Tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, making 2017 an especially good year to accelerate deductible

You May Need to Add RMDs to Your Year-End To-Do List

From shopping for gifts to donating to our favorite charities to making New Year’s Eve plans, most of us have a lot of things on our to-do lists

Getting Around the $25 Deduction Limit for Business Gifts

This is the time of year when it’s common for businesses to make thank-you gifts to customers, clients, employees, and other business entities and associates. Unfortunately, the tax

Reduce Your 2017 Tax Bill by Buying Business Assets

Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire (and place in service) qualifying assets by the end of the tax year. Tax

Why You May Want to Accelerate Your Property Tax Payment Into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea because it will defer tax, which usually is beneficial.

Could the AMT Boost Your 2017 Tax Bill?

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there

2017 Might Be Your Last Chance to Hire Veterans and Claim a Tax Credit

Veteran’s Day is November 11th, so it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One

The Ins and Outs of Tax on “Income Investments”

Many investors, especially those who are more risk-averse ones, hold much of their portfolios in “income investments.” These are investments that pay interest or dividends, with less emphasis

Retirement Savings Opportunity for the Self-Employed

If you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or

Which Tax-Advantaged Health Account Should Be Part of Your Benefits Package?

An executive order was signed on October 12th that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you

“Bunching” Medical Expenses Will Be a Tax-Smart Strategy for Many in 2017

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a

Timing Strategies Could Become More Powerful in 2017, Depending on What Happens with Tax Reform

Projecting your business income and expenses for this year and the next allows you to time when you recognize income and incur deductible expenses to your tax advantage.