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When to Hire a CPA for Your Plumbing Business And What It Actually Costs

Not sure when your plumbing business needs a CPA, or what it should cost in Texas? Here's the honest breakdown by revenue stage, service level, and what you actually get for the money.

Tax Pros and Cons of Buying or Selling Businesses in Installments

Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. Consider installment sales, for example.

What the Self-employed Need To Know About Employment Taxes

In addition to income tax, Social Security and Medicare taxes are collected on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only

Are You Coordinating Your Income Tax Planning With Your Estate Plan?

Until recently, estate planning strategies typically focused on minimizing federal gift and estate taxes, such as by giving away assets during life to reduce the taxable estate. Today,

Are You Timing Business Income And Expenses To Your Tax Advantage?

Generally speaking, it’s always better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that

Help Retain Employees With Tax-free Fringe Benefits

One of the ways your business can find and keep valuable employees is to offer an attractive compensation package. Fringe benefits are an important incentive — especially those

Tax-smart Options For Your Old Retirement Plan When You Change Jobs

When you change jobs you have a lot to think about. It’s easy for your 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But

Prepaid Tuition Vs. College Savings: Which Type Of 529 Plan Is Better?

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes,

Businesses Can Also Be Disrupted By Tax Identity Theft

A lot of attention is paid to individual tax identity theft — when a taxpayer’s personal information (including Social Security number) is used to fraudulently obtain a refund

Time May Be Running Out (Again) For Tax-free Treatment Of Home Mortgage Debt Forgiveness

Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Because if a creditor forgives a debt, you avoid the expense of making the payments,

Documentation Is The Key To Business Expense Deductions

If your records are incomplete or missing and you get audited by the IRS, your business will likely lose out on valuable deductions. These two recent U.S. Tax

Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option

Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match

Are Frequent Flyer Miles Ever Taxable?

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume