Life events can significantly impact the way you do your taxes and the amount of taxes you owe. Texas residents do their taxes differently based on their marital status or other stages in life. Understanding how tax law works can help you manage your tax burden and...
An unfortunate aspect of living in Texas (or anywhere, really) is having to deal with all the myriad forms of taxation. From annual taxes like federal income tax to daily taxes like sales tax, the government finds numerous ways to take its cut. Navigating tax law and...
A tax bill could put an undue burden on residents of Texas, leaving some to wonder how they may reduce their tax bills. Federal law defines legal ways to reduce their obligations. Such tax avoidance steps do not involve anything illegal since the law provides for...
Each year, from January to mid-April, people across Texas prepare to file their annual taxes. However, for many reasons, not everyone can get their tax return mailed or filed before April 15th. Fortunately, the IRS allows late payers and filers to qualify for...
The more knowledgeable Texas resident might know that nonprofits don’t have to pay taxes. While this is true, there are certain requirements that nonprofits have to meet, as well as other terms and conditions that apply. Why don’t nonprofits have to pay taxes?...
A penalty isn't always imminent when you owe the IRS money in Texas and find it difficult to pay them right away. There are steps you can take to resolve your debt, one being to offer in compromise. Explaining an offer in compromise (OIC) An offer in compromise is an...
It’s becoming more common to use various cryptocurrencies as a form of payment. Some Texas residents like shopping online with cryptocurrencies while other people keep their crypto wallets as investments. There are even some employees who prefer to be paid in...
If you owe money to the IRS, the agency may take steps such as seizing a bank account or placing a lien on your Texas home. Fortunately, there are many actions that you can take to stay in the good graces of the federal government's tax collector. Let's take a look at...
If you're involved in a real estate business in Texas, there are a great many details that you will need to keep in mind at all times. One of them will be the payment for and transfer of property. Of the different means that you can use to facilitate this transaction,...
The Tax Cuts and Jobs Act, or TCJA, impacts taxpayers of all kinds. It's important to be prepared for the changes that come with this law come tax season so that you can better prepare for your financial future. A massive tax overhaul The TCJA was signed into law by...
