Fulfilling tax obligations stands as a vital responsibility for individuals and businesses alike. However, neglecting tax payments can result in a series of consequences. What are the potential outcomes of not meeting your tax obligations? Financial penalties and...
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3 ways to help keep business and personal expenses separate
While owning your own business has become a dream come true, it comes with many financial aspects to consider. From taxes to building credit and getting the most out of your time, keeping business and personal finances separate tops the list of to-dos. Three ways to...
Consider the impact of a generation-skipping transfer tax
When you run a business, you can amass a significant number of assets over your lifetime. However, these assets could potentially be a hindrance to your family after your death. They may have to pay federal taxes because of the size of your estate. As you put together...
What makes a state “retirement tax-friendly?”
Many people plan to retire in their home states and towns, but if you are among the more money-savvy crowd, you know that doing so may not be in your best financial interests. You know that some states are more “retirement friendly” than others when it comes to taxes....
Some issues involving federal inheritance and gift taxes
The federal government may levy an estate tax on heirs based on the value of an estate at the time of the property owner's death. As reported by Kiplinger Personal Finance magazine, if a one-person estate holder dies in 2021, his or her heirs may expect a tax...
Does your online business need to collect Texas sales tax?
Most Texas businesses with brick and mortar locations and required to collect and submit state and local sales taxes on the sale of goods and services to Texas residents. However, Texas law has not always held online businesses to the same standards. The 2018 South...
How do I separate personal and business finances?
Keeping your business and personal finances separate is a golden rule of running your own business. It allows you to protect yourself and your business. Plus, it will pay off big time when you go to do your business taxes. Square explains that it is much easier to do...
What is generation-skipping transfer tax?
There are many taxes associated with estate distributions, depending on the specific situation. Proper estate planning crucial when it comes to easing the tax burden for your beneficiaries. There is nothing worse than leaving your heirs a huge tax bill that all but...