Pass-through taxation is a major benefit for Texas S-corporations. This tax structure allows business income to "pass through" directly to the shareholders, avoiding the double taxation that C-corporations typically face. In Texas, this system helps small businesses...
Tax Law
Could you lose your S corp status by accident?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Jul 24, 2024 | Tax Law
S corporations have a lot of tax benefits since the company’s income and losses are “passed through” to the shareholders’ personal tax returns, avoiding the double taxation loop that affects corporate income. However, S corps have to meet specific requirements with...
Will the Sirius MX franchise tax amendment affect your business?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | May 13, 2024 | Tax Law
The Texas Comptroller of Public Accounts has proposed amendments to the state's franchise tax apportionment rule in response to the Sirius XM case. These amendments, published in the Texas Register on January 20, come after the Texas Supreme Court unanimously...
Why choose an S corp in Texas?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Jan 3, 2024 | Tax Law
In Texas, you're required to form an LLC or C corporation before electing to operate as an S corporation. Many people opt to form an LLC instead of a C corporation because it is less formal and provides more flexibility. The main differences between the S corporation...
Understanding S corporation tax rules
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Dec 5, 2023 | Tax Law
Businesses of almost any size can qualify to operate as a corporation in Texas. However, smaller companies may benefit from operating as an S corporation instead of a traditional C corporation. While the S corporation structure does provide an owner with limited...
How to file taxes for a deceased individual
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Jun 28, 2023 | Tax Law
In Texas, it is essential to understand the complexities and challenges of filing taxes for a deceased individual. Specific laws and regulations apply to the filing process, and the following key points can provide insight into navigating the process. Filing deadline...
Tax-related changes to be aware of after getting divorced
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | May 31, 2023 | Tax Law
The divorce process can cause lots of changes for formerly married adults in Texas. These changes can involve last names, financial accounts and living situations. The divorce process can also modify how you prepare and file your taxes. Your filing status Before...
Can my parents claim me on their tax return?
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | May 16, 2023 | Tax Law
Texas adults can be claimed as dependents on their parents' federal taxes at any age if they meet specific criteria. They may also be claimed on another person's taxes but can only be claimed once. Adults claimed on parents’ taxes An adult can be claimed on their...
Tax deed sales process in Texas
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | May 2, 2023 | Tax Law
A tax deed is a legal document granting property ownership to a Texas county if the owner fails to pay the property taxes. For the document to be issued, the county places a tax lien on properties with unpaid taxes on January 1st of each year. Then, the county can...
A brief look at like-kind property trades
On Behalf of Blazier, Christensen, Browder & Virr, P.C. | Mar 20, 2023 | Tax Law
Trading property of a similar kind for business purposes between people is common among Texans. The advantage of making a like-kind trade is that you do not have to pay capital gains taxes. However, there are a few things to consider. The properties do not have to be...