Are Texas Business Inventory Tax Changes Ahead?
We’ll soon find out if Texas lawmakers are on board with lowering the state’s notable inventory tax bill for small businesses. Texas lawmakers are contemplating a record-breaking budget surplus of nearly $33 billion. Most agree that tax cuts are in order—but now they must decide where those cuts should be focused. (Of course, they’re at […]
Don’t Leave R&D Tax Breaks on the Table
If you’re a business owner, there’s no doubt you’ve spent time and money creating better processes, materials, or solutions for your customers. Those activities can lead to big tax breaks, but the IRS won’t go out of its way to spell that out for you. For whatever reason, research and development (R&D) tax breaks are […]
Who Elects Married Filing Separately & Why?
Should you elect married filing separately on your tax returns? The truth is only about 2% of married couples do so. For a select few, however, the election can be quite beneficial. Most married couples can and should file jointly. The IRS itself states that “in almost all instances, if you file separate returns, you […]