Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return. The start date for individual tax return filers is determined by how much time the IRS needs to perform programming …
The 2022 Tax Filing Season: What You Need to Know Read More »
Success: It’s All in the Ears – Business Consulting of The Woodlands Coaches, books, seminars, podcasts, mastermind groups. They’re all wonderful ways of learning how to be successful in life, both personally and professionally. However, there’s one unbeatable tool that gives the best hints in every situation, and it’s already in your possession. Say hello …
Hurricane season is here, and with it the Internal Revenue Service offers the following advice to taxpayers who may be affected by storms and other natural disasters: Update Emergency Plans. A disaster can strike at any time, so be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. When employers hire new employees or when a company or …
What do we mean by “miscellaneous deductions”?Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions. To do that, they must itemize their deductions instead of taking the standard …
Houston Businesses Making the Most of Miscellaneous Deductions Read More »
According to a 2016 study by Experian, the average U.S. small business owner has $195,000 of debt. Some debt is a natural part of doing business. For example, a business loan, line of credit or business credit card can enable you to purchase equipment, hire employees, and finance growth. Too much debt, however, is risky business, especially when it strangles your cash flow …
Debt Management Tips for Small Businesses of Houston, Texas Read More »
One of the biggest mistakes small business owners make is commingling business and personal funds. They fail to set up separate business-only bank accounts. They may pay for business expenses out of a personal account, or vice-versa. When tax time rolls around, these entrepreneurs find themselves in a self-created mess trying to sort out personal …
Smart Businesses Separate Business & Personal Accounts Read More »
Looking to fund your retirement with an IRA? You should know that there are two types: Traditional and Roth. Which is right for you? Following are some important details to help you decide: Are You Eligible? Any person with income from wages or self-employment can contribute to an IRA – either traditional or Roth. That …
Traditional or Roth IRA: Which One to Fund Your Retirement? Read More »
This year some changes will be made to filing deadlines for IRS Form W-2 and some types of Form 1099. The changes are the result of The Protecting Americans from Tax Hikes (PATH) Act of 2015 signed by President Obama. If you’re an employer, you’re probably accustomed to a January 31st deadline by which to provide …
Congratulations, newlyweds! While it may not have been on your registry, we’re pretty sure you’ll appreciate the gift of these tips to help you avoid trouble at tax time: Has it Been a Year Already? If you were married anytime in 2017, the IRS considers you to be married for the full year, so you both …
Just Married or Re-Married? These Tax Tips Are For You Read More »
Are you a homeowner? Take a look at the following list of tax breaks. There may be some here that you don’t know about. Questions? Ask Every time you hire paid help in your business, you need to make an important distinction: is the worker an employee or an independent contractor? This classification is important …