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 […]
Michael Jackson’s Thrilling Tax Court Win
When Michael Jackson died in 2009, his estate was suffering, and he was deeply in debt. Among what was owed was millions in taxes, but exactly how much was anyone’s guess. Estimates from the IRS and his estate managers differed by more than $700 million. His estate finally had its day in court, and the […]
Divorce Gets Costly for Business Owners in 2021
The pandemic has complicated divorces. The number of official splits declined in 2020, likely for practical reasons. By now we’re seeing a sharp increase, and these divorces are among couples with conflict simmering much longer than usual. Entrepreneurs (and their legal representation) beware: these types of divorces can be disastrous for a small business. Bill […]
Estate Planning Lessons from the Queen of Soul
You gotta give estate planning a little respect for the sake of your heirs. When Aretha Franklin passed away in 2018, the singer’s legacy followed a path trod by all too many iconic musicians before her, including Prince and Tom Petty. That legacy includes courtrooms, IRS debts, and plenty of confusion on who will inherit […]
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 […]
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 […]
Tesla’s Texas Tax Incentives Your Business Can Get, Too
Tesla’s Gigafactory planned for the Austin area is big news. Elon Musk says it’ll bring over 10,000 jobs to Central Texas by 2022. The $1.1 billion plant will undoubtedly be a boon for the area, but it’s getting a sweet deal, too. That deal is in the form of tax breaks and incentives totaling at […]
Work-From-Home Data Leaks: A Huge Financial Threat
According to Deloitte, since the pandemic began, the number of spam, phishing, and fraudulent business emails employees receive while working remotely has increased by 25%. Weak home Wi-Fi security, unsecure passwords, and email phishing scams put work-from-home individuals at the most risk. We often talk about cybersecurity on our blog. Why? Because over the years, […]