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
2015 tax law changes may provide some administrative relief
When compared to many other states in the country, Texas is often seen as a state that is friendly with regard to taxes for both businesses and individuals -- we often don't have to deal with taxes that residents of other states do. Some lawmakers are seeking to increase that benefit in 2015 by … [Read more...] about 2015 tax law changes may provide some administrative relief
Texas startups should never forget about the tax man
From the IRS to local tax agencies, Texas business owners can't forget about the tax man when starting a business. Launching a new company can be an exhausting, frightening and adventuresome time, especially for new entrepreneurs. It's easy to overlook what seem like tiny details, but those details … [Read more...] about Texas startups should never forget about the tax man
Texas man pays taxes, arrested anyway
Tax law is complicated, and most Texas residents would likely agree that many individuals who get in trouble with tax agencies may have done so out of ignorance of laws rather than intentional fraud. For one man who was arrested after paying his taxes, his intent appears to be to cause mischief … [Read more...] about Texas man pays taxes, arrested anyway