Why File a Business Tax Return If I Didn’t Make Money?
There’s much more to lose than gain when failing to file a business tax return. You must file if you make money, of course, but it’s also essential to file when you break even or when you lose money. The rules on filing taxes depend on how your business is structured. Corporations, including LLCs treated […]
Why the IRS Isn’t Taking Your Call
Although our Texas Tax Day was delayed an entire month longer than the rest of the country, it has still been a chaotic mess for those needing answers from the IRS. The agency is backlogged so severely that help or swift refunds shouldn’t be expected anytime soon. How dire is the situation? About 29 million […]
Lowering Texas Inventory Taxes
Texas is one of only a handful of states that fully taxes business inventory of both raw materials and finished goods as part of what’s known as business personal property. Since there’s no state income tax, the business property tax in Texas is one of the highest in the nation. According to Texas Taxpayers and […]
Taxes on Collectibles
Did you know many valuable coins, stamps, artwork, cars and other collectibles are considered alternate investments by the IRS? With the pandemic reportedly sparking new interest in memorabilia and the trading of collectibles going digital–some using online tokens as payment–it’s time to brush up on what that means for your taxes. What Happens When You […]
Which Business Meals Qualify for Temporary 100% Deduction?
Business owners were thrilled to find out that the latest relief bill included a temporary 100% business deduction for restaurant meals through January 1, 2023. But that doesn’t mean all meals are fully deductible and, until recently, the criteria remained murky. In early April, the IRS released guidance to further explain which meals are fully […]
For Aretha Franklin’s Estate, the Hits Keep Coming
One week after Aretha Franklin’s estate settled with the IRS for $7.8 million, a new unsigned will emerged. This new (and, if you can believe it, fourth) document mentions a trust, but is it too late? When Franklin passed away in 2018, the singer’s legacy followed the path trod by all too many iconic musicians […]
Turn More Time for Taxes into More Money Saved
It’s normally time for Texans to wrap up their tax returns, but not this year. Delayed tax deadlines and additional relief are welcome, but they also mean a longer and more complicated tax season. If you’re a Texas business owner, timing is still critical. Your Timing Matters on 2020 Taxes First things first, let’s talk […]
Stock Trading Apps: The Taxing Truth
A lifetime of events has happened since, but do you remember the GameStop stock trading fiasco mere weeks ago? The event held several financial lessons, but let’s focus on just one: Brokerage digital apps like Robinhood have famously made trading stock an everyday man’s game. But it’s leaving many new investor hobbyists with shocking tax […]
Texas Storms Bring Federal Disaster Tax Relief
Texas has received a disaster declaration issued by the Federal Emergency Management Agency in the wake of the catastrophic winter storms that struck the state in mid-February. The declaration opens the door for several valuable tax relief measures, including tax filing and payment deadline extensions as well as other tax relief opportunities. Tax Deadlines Extended […]
Tax & Accounting Tips for Federal Government Contractors
If you’re a small business owner interested in government contracting, it’s essential to understand the unique accounting and tax considerations that can come with those types of arrangements. Be mindful of deadlines, for instance, and what taxes you are and aren’t responsible for paying. Your accounting system matters more than ever, too. Below are some […]