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...
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...
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...
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...
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...
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...
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...
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...
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...
