In a 2013 report from the Tax Foundation, Texas fell from a top-ten list of best states for business tax climates for the first time. In this year's report, the state regained its top-ten status by coming in at number ten. In explaining the reason for last year's drop, an economist from the Tax … [Read more...] about Texas is a top state when it comes to business taxes
Employment tax issues and the power of the IRS
For Texas businesses, one of the most serious financial problems that can be faced is employment tax issues. When a business fails to pay any or all of the required withholding taxes related to employee paychecks, the Internal Revenue Service may take very strong action. Understanding employment tax … [Read more...] about Employment tax issues and the power of the IRS
What is the IRS online payment agreement?
The Online Payment Agreement Application is a web-based process offered by the Internal Revenue Service for individuals and businesses that cannot pay all taxes owed on the due date. Though the agreement, which sets up an installment account for qualifying individuals, can be helpful in some cases, … [Read more...] about What is the IRS online payment agreement?
Texas corporation suffers for failure to pay franchise taxes
From individual tax payments due the Internal Revenue Service to a bevy of taxes levied on corporate entities, there is one thing all taxpayers can be sure of. Failure to pay taxes can eventually result in trouble for a person or company. Tax delinquency may cause collection activity, loss of … [Read more...] about Texas corporation suffers for failure to pay franchise taxes
Texas residants can appeal appraisals to reduce tax burdens
For residents and businesses of Texas, the changing value of property can impact tax burdens. During regular audits of property values, appraisers can adjust values of home and commercial buildings up or down. Though an upward adjustment can be good for resell value or equity, a large bump in … [Read more...] about Texas residants can appeal appraisals to reduce tax burdens
Extension on tax law for sales tax deduction still in question
For many residents of Texas, keeping good track of sales tax paid throughout the year usually results in a reduction of federal income tax burden. With the tax law that allows for a sales tax deduction on federal returns in question, however, residents don't know if they'll be able to take advantage … [Read more...] about Extension on tax law for sales tax deduction still in question