Operating a business in Texas is ideal because there are no income taxes. Employers are required to withhold payroll taxes from their employee's paychecks. Texas mainly follows the federal laws about business taxes and fees. There are certain guidelines to help new...
Year: 2022
Take advantage of these deductible donations
Keeping in mind the ways you can give to charity is a way to protect your estate. The amount you give is a real tax incentive in Texas. You might have used deductions before, but if you error here just a bit, you’re sure to get penalized. There are only a few ways to...
How can Texas taxpayers challenge comptroller rulings?
Governor Greg Abbott has signed a number of significant bills. These concern taxpayers in the Dallas and Fort Worth area. SB 903 will allow people claiming a tax refund to go to district court without an administrative hearing. HB 2080 lets them file suit without...
Preparing for a business audit in Texas
No one ever wants to face an audit of their company tax returns, but it's a reality that many business owners must face at some point. If you're about to get audited by the IRS, don't panic. There are things you can do to prepare yourself and make the process as...
When business owners deal with back taxes
Owning a business comes with many responsibilities, including financial ones. Texas business owners might find themselves overextended with loans or other debts, and limited or decreased cash flow could undermine the ability to make payments. Some may choose to cover...
Facts about tax audits in Texas
Chances are that you dread the idea of a tax audit. What is it exactly, and what can you expect if your returns get selected for review? Tax audits Tax audits refer to an examination by the Internal Revenue Service of a taxpayer's tax return to determine if the...
Avoiding tax debt for the self-employed
Many people leave their jobs to work for themselves by starting a business or becoming freelancers or independent contractors. Although someone's employment status may change, obligations to pay federal income tax do not go away. Self-employed Texas professionals may...