There is a fine line between a small business cheating themselves on their taxes and the IRS. One is a misjudgment in claiming legal deductions while the other is a compliance issue that could result in an audit. Even small businesses must maintain a level of compliance regarding their taxes and, … [Read more...] about It’s tax season: Is your small business compliant?
When you are the target of an IRS audit, it is likely that you are going to have some strong feelings about it. Most of those feelings will not be good. Stress and worry are generally a big part of being audited, often because you really do not know what to expect, how to handle the questions you … [Read more...] about Hey IRS! You took it, but that money doesn’t belong to you
You took down the tree. You put the lights away. You made your 2016 New Year's resolutions. You have returned to your daily routine. The holiday season is long over, which means tax season has begun. While tax season can be stressful for anyone, it can be particularly nerve-racking for the many … [Read more...] about 5 steps taxpayers can take to protect against identity theft
Winning the lottery. It is something you probably dream about doing. You are certainly not alone. How would you feel if you walked into a casino, dropped your quarter in a machine and won the $8 million jackpot? Now, how would you feel if the casino took it back? That is exactly what happened to … [Read more...] about Casino takes back $8 million jackpot: do you ever keep it all?
Have you ever watched the television show Shark Tank and thought, "That could be me"? You are not alone. The show is a testament to the entrepreneurial spirit being alive and well in the United States. Investors on the show, including Dallas' own Mark Cuban, have helped many individuals find … [Read more...] about Use the power of the crowd, but don’t forget the tax implications
The 2016 presidential race is already well underway, and there are plenty of candidates to choose from this time around. In any major election, taxes are an important topic and a sensitive issue for many Texans. Regardless of your opinions, you are legally obligated to pay the taxes you owe under … [Read more...] about How contractors could end up owing the IRS more than they should