As April approaches, thousands of people and businesses across Texas are preparing to file their federal income tax returns, a prospect that leaves many stressed, intimidated and annoyed. However, tax experts stress the importance of filing accurate returns to avoid making tax season even more … [Read more...] about IRS red flags for tax season
The effects of failing to file taxes on time in Texas
Filling out and submitting a federal tax return can be an intimidating, confusing or a simply annoying endeavor for Texas taxpayers, but the Internal Revenue Service is not known for its leniency. Individuals who fail to file accurate returns or pay the taxes they owe face significant fines or … [Read more...] about The effects of failing to file taxes on time in Texas
Consider taxes before relocating your business
Congressional reformers passed a new set of tax provisions just before America plunged off the so-called fiscal cliff in early 2013. As a result, many high-wage earners found themselves overwhelmed by relatively large tax hikes. Especially affected were many U.S. businesses, whose owners now find … [Read more...] about Consider taxes before relocating your business
Tips for avoiding IRS audits
According to an official report from the Internal Revenue Service, an average U.S. taxpayer with an annual salary of under $200,00 has about a 1 percent chance of being audited in a given year. This is slightly higher than past years, when the audit rate hovered at around 0.98 percent amidst an … [Read more...] about Tips for avoiding IRS audits
Common IRS audit triggers
As the U.S. struggles to recover from long-lasting economic downturn and deal with a record-breaking national deficit, the Internal Revenue Service has become increasingly aggressive in pursuing audits against taxpayers suspected of misreporting on their returns in order to avoid taxes. While the … [Read more...] about Common IRS audit triggers
Estate tax changes could eliminate the need for trusts
New modifications to the estate tax law could make trusts unnecessary for many wealthy Texas residents, experts say. Because the new law makes estates of up to $10.5 million for couples and $5.25 million for single taxpayers exempt from federal estate tax in 2013, those with less than these sums in … [Read more...] about Estate tax changes could eliminate the need for trusts