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...
Statistics show that the IRS audits one out of 250 returns. Most audits happen for a reason and involve unintentional mistakes, but it helps Texas taxpayers to know what may trigger the IRS to audit a return. Reasons for personal audits Tax law allows taxpayers to...
Taxpayers might find themselves owing significant sums of back taxes. Failing to file tax returns, not making estimated payments or forgetting to report all income could lead to several years of debt. Texas taxpayers might wish to pay off their debt, but taking such...
Texas business owners have a lot on their plate. When it comes to taxes, you may be running behind on paying yours. While it may feel like the end of the world, you do have various options out there to remedy the condition. File for an extension When it comes to...
Many Texas residents strive to set aside at least some money each year for future purposes, including retirement. If you contribute to an individual retirement account, you may wonder whether your contributions are tax deductible pursuant to applicable tax law. In...
Bring up the word audit, and many Texas residents' minds jump to picturing an IRS agent at their front door. This isn't always the case. Rather, there are various types of audits that the IRS can perform, and understanding what these are can help to put your mind at...
It's unlikely that the IRS will audit more taxpayers in 2021 because audits are trending downwards since 2010. In 2010, the IRS audited about 0.9% of tax returns, and in 2019, the IRS audited around 0.4% of tax returns. Whether you live in Texas or another state, you...
If you meet certain qualifications, you may be able to deduct your transportation expenses when you file your taxes in Texas. To ensure that the rates are accurate, the mileage rates are adjusted slightly each year. Here are the mileage rates for 2021. How much can...
Not everyone who works looks at the itemized breakdown of taxes and withholdings on their paychecks. Many will likely notice when their weekly payment amount increases or decreases, though. Workers in Texas might wonder why their paychecks appeared to reflect a raise...
Unfortunately, many unscrupulous operators seek to take advantage of others when it comes to tax time. The pandemic of 2020 has created some additional issues that make it easier for scammers to target Americans. It's important for the people of Texas to be aware of...
