When you hear the word audit, you likely envision the federal tax process and an audit on your federal tax return. While a federal tax audit is always a possibility -- and some entities and returns are more likely to trigger one -- you or your business may also be at risk for a sales tax or use … [Read more...] about Audits don’t just come from the IRS
When will you receive your federal refund?
As many people file federal returns in the first half of April -- and many more have already filed -- individuals and families across the state are likely waiting to receive their refund. According to the Internal Revenue Service, refunds on clean returns are generally issued within 21 days of the … [Read more...] about When will you receive your federal refund?
Texas Senate passes $4.63 billion in tax cuts
A few weeks ago, we posted about four bills being considered in the Texas Senate. Those bills dealt with several tax cuts, one of the most notable being a large property tax cut that would save homeowners in the state around $200 every year. The tax cut was passed by the state Senate on March 25 and … [Read more...] about Texas Senate passes $4.63 billion in tax cuts
What happens if Texas residents don’t file federal returns?
The Internal Revenue Service doesn't require Texas residents -- or residents of any state -- to file federal tax returns if their income falls below a taxable threshold. Since so many factors come into play with determining taxable income, it's still a good idea for all individuals to complete … [Read more...] about What happens if Texas residents don’t file federal returns?
Lack of Texas estate taxes doesn’t mean don’t plan
It's true that Texas doesn't levy an estate tax on its citizens, and most individuals will not meet the high valuation requirements for the federal estate tax. This doesn't mean, however, that you should ignore the estate planning process. Asset protection can help your heirs avoid other taxes and … [Read more...] about Lack of Texas estate taxes doesn’t mean don’t plan
4 ways you might trigger an IRS audit
No Texas resident wants to face an IRS audit, which is why it pays to be careful on your tax return. Some mistakes -- or even situations -- can put you at higher risk for triggering an audit. One of the top flags that triggers an audit, according to Intuit, is simply earning over $200,000. In … [Read more...] about 4 ways you might trigger an IRS audit