Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: A self-employed individual with a net profit reported [...]

In the 2011 special session of the Texas legislature the $1,000,000 exemption from the Texas franchise tax was extended through December 31, 2013.  Without the extension, the franchise tax would have kicked in when annual gross revenues exceeded $600,000 beginning in January 2012.  Entities still need to file returns even if no tax is due.

Many of us think we pay a lot of income tax.  How does your bill compare to others?  Look at www.taxpolicycenter.org for details.  According to the Tax Policy Center (as reported by the Austin American Statesman), more than half of the nation’s tax revenue comes from the top 10% of earners.  Most of that comes [...]

On April 14, 2011, President Obama signed the repeal of the expanded 1099 reporting rules.  The 2011 reporting rules are now the same as they were before two 2010 laws greatly expanded the requirements. 1099 reporting is still extremely important.  A business which pays an unincorporated entity (an individual who is not employee, sole proprietorship, [...]