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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...
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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...
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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...
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The IRS just made it easier to respond to a handful of tax notices online, which presents an excellent opportunity to review what a letter from the IRS could mean and how you should respond to each. Hint: You should always give your CPA a heads-up before responding....
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If you got used to receiving a tax refund in recent years, don’t hold your breath for the same this tax season. While the IRS is better staffed and equipped this year for prompt refunds, pandemic benefits that sweetened the deal have now expired. CBS News reports that...
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The federal government is again working on final changes to its independent contractor guidelines. Getting this sticky area wrong can hold dire consequences with potential litigation, fines, fees, and, of course, back taxes. Employee classification can be a...
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