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
Common filing mistakes can lead to IRS audits
The American Taxpayer Relief Act of 2012 was passed in order to ease the financial burden federal taxes pose for U.S. citizens, but finding the best way to reduce the amount of taxes one pays can still be difficult. Many Texas taxpayers are likely preparing their financial documents and developing … [Read more...] about Common filing mistakes can lead to IRS audits
New tax estate rules raise questions for wealthy families
When Congress settled on a new set of generous estate tax regulations that benefit wealthy taxpayers far more than older rules, some Texas residents are unsure of how best to take advantage of the available perks. The new rules allows one to exclude millions of dollars from their estate taxes, but … [Read more...] about New tax estate rules raise questions for wealthy families