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Top Money Mistake Startup Businesses Make

Top Money Mistake Startup Businesses Make

About 50 percent of new U.S. companies fail in their first five years. According to the Small Business Administration (SBA), 34 percent close before their second year in business. Some of the worst performing companies are in the fields of transportation, communications/utilities, retail, construction and manufacturing. Starting a business in one of these industries is definitely an uphill battle. But it’s certainly a battle that can be won.

ACA and Your 2014 Tax Return

  • 24 March 2015
  • Author: Cari Holbrook
  • Number of views: 1466
  • 0 Comments
ACA and Your 2014 Tax Return

The Affordable Care Act is expected to complicate an already arduous tax season. Just how much it will complicate your own efforts depends on your situation. If you anticipate a tax credit like the IRS Small Business Tax Credit, you may not receive good news.

Texans: Don't Forget the Sales Tax Deduction

  • 10 March 2015
  • Author: Cari Holbrook
  • Number of views: 1619
  • 0 Comments
Texans:  Don't Forget the Sales Tax Deduction

If you file a Form 1040, the IRS is prepared to reward you for your purchases. However, it’s up to you (and your tax preparer) to not miss the opportunity. 

The federal sales tax deduction expired at the end of 2013 but was revived retroactively to cover 2014 returns. Despite this, it’s a deduction that’s often overlooked.

Texas Payday Law, Part 2: Rules for Bonuses, Commission and Fringe Benefits

  • 24 February 2015
  • Author: Cari Holbrook
  • Number of views: 1507
  • 0 Comments
Texas Payday Law, Part 2: Rules for Bonuses, Commission and Fringe Benefits

This month, we’re covering the most common mistakes when it comes to payroll; mistakes that can cost you and your business dearly. Once you overcome the hurdle of correctly classifying and compensating exempt versus nonexempt employees, you should turn your sights to supplemental compensation.  Are you handling bonuses, commission, fringe benefits and other payments within the law?

Texas Payday Law, Part 1: Is Your Exempt Staff Truly Exempt?

  • 10 February 2015
  • Author: Cari Holbrook
  • Number of views: 1711
  • 0 Comments
Texas Payday Law, Part 1: Is Your Exempt Staff Truly Exempt?
Let’s say today the Texas Workforce Commission (TWC) decided to investigate whether your exempt and nonexempt employees are being compensated fairly. Do you think you’d pass the test? Before you answer, consider this: Even the major accounting firms routinely run into problems classifying their own employees (see this latest ruling regarding entry-level associates).

Special Notice on ACA Changes to 2014 Tax Preparation

  • 28 January 2015
  • Author: Cari Holbrook
  • Number of views: 1456
  • 0 Comments
Special Notice on ACA Changes to 2014 Tax Preparation
The Affordable Care Act (ACA) affects all 2014 individual tax returns. In order to prepare your return, your tax preparer will likely need additional information this year

Four Important Estate Tax Rules for 2015

  • 27 January 2015
  • Author: Cari Holbrook
  • Number of views: 1580
  • 0 Comments
Four Important Estate Tax Rules for 2015

What’s the single best way to reduce estate tax in 2015? Don’t die. Aside from that, the following points are a few things you should know about leaving your hard-earned assets to loved ones this year. If it’s been a while since you’ve updated your estate plan (or you have yet to create one), pay attention to some big changes that have occurred in recent years.

Married in Texas: File Jointly or Separately?

  • 13 January 2015
  • Author: Cari Holbrook
  • Number of views: 4731
  • 0 Comments
Married in Texas:  File Jointly or Separately?

In Texas, determining whether married couples should file jointly or separately on federal income taxes can be fairly simple. Texas is a community property state, which means the earnings of each married spouse are considered “joint” by default. So, in most cases, filing jointly is the obvious path. But are there exceptions? Of course!



Early Tax Refund? Don't Count On It.

  • 16 December 2014
  • Author: Cari Holbrook
  • Number of views: 1594
  • 0 Comments
Early Tax Refund?  Don't Count On It.

You may have recently seen a viral news story claiming the IRS will be delaying refunds for the 2014 tax filing season until after October 15, 2015. That specific claim is false (it was posted on a fake news site).  But if you’re holding out hope for an early refund, don’t hold your breath. The reasons are, well, complicated.

Qualified Settlement Fund: Nirvana for Plaintiffs and Their Attorneys!

  • 10 December 2014
  • Author: Cari Holbrook
  • Number of views: 0
  • 0 Comments
Qualified Settlement Fund:  Nirvana for Plaintiffs and Their Attorneys!
A Qualified Settlement Fund ("QSF") is a powerful tax vehicle used to control the taxability of legal settlements. Properly done, an attorney can use a QSF to defer receipt and subsequent taxation of legal settlements or awards. 
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