Ask any new parent, and they will tell you that the costs associated with a new baby are many, everything from bottles to diapers to cribs, strollers, and high chairs, and all of this before the child even learns to walk and talk and beg you for a pair of $500 designer jeans. Parenting is […]
Taxes The Texan Way
There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person stops breathing and his brain stops functioning, he’s dead. However, this is not the case with taxes. There is […]
The Importance Of Having A College Education With Accountancy
As with many fields, having a college education can drastically affect the kind of success you have with accountancy. Everything from salary, position, and company you work for can be impacted by the amount of education you have under your belt. This does not mean you cannot succeed without a masters degree, but it will […]
The Internet Tax Man Cometh
Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase, I thought you could buy things online tax free, — Charlie B. […]
Three Dumbest LLC Formation Mistakes
I see a lot of dumb llc formation mistakes. Maybe more than most people because I occasionally teach a graduate tax class on LLC formation. Some of the mistakes are made by entrepreneurs and investors trying to save money on accountants and attorney fees. And I guess thats okay–albeit penny-wise and pound-foolish. But you know […]
Understanding Marketing Tax Deductions
Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns. Ordinary Marketing Expenses Marketing […]
Using Mortgage Interest as an Itemized Deduction
What is mortgage interest, It is any interest you pay on a secured loan when you bought your first or second home. The loans include the mortgage to buy your home, a second mortgage, a line of credit or a home equity loan. The loan must be secured debt or it will be considered a […]
Using This Years Taxes to Save On Next Years Taxes
You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year. Using This Years Taxes to Save On Next Years Taxes For most people, preparing and filing taxes is the equivalent of sticking a pin in […]
What to Do If You Cant Pay Your Taxes
The end of tax filing extensions is quickly approaching. What do you do if you cant pay the amounts you owe, You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help. Credit Cards You can charge your taxes on your […]
Will the Estate Tax Ever Go Away,
The Estate Tax is the tax that the government puts on the assets that are transferred to your beneficiaries when you die. Taxable assets can include real estate, stocks, money in a bank account, and other valuable belongings. It does not look like the estate tax will permanently go away. However, with careful planning, you […]