The Internal Revenue Service provides a process by which tax payers can make corrections to a previously filed return, even if taxes have been paid or a refund made on that year's return already. Some minor mistakes on a return don't always require an amended return, however. For example, the IRS … [Read more...] about Is amending a federal tax return a good idea?
In the past, residents of Texas and all other states were able to deduct any state sales tax paid throughout the year on their state income tax. While taking the deduction does involve a bit of paperwork -- you have to keep all your sales receipts for an entire year -- the benefit is often worth it … [Read more...] about Keep an eye on possible sales tax deduction extension
One thing many people worry about when considering their estates is how much of their assets will be lost to estate taxes. Luckily in Texas, there isn't an estate or inheritance tax, but that doesn't mean federal taxes won't come into play. Chances are, you're in luck on the federal side too since … [Read more...] about Some surprising information about federal estate taxes
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
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?
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