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We are often asked about the best way to document the deductible amount for goods donated to organizations such as Goodwill, Salvation Army and the like. First, to clear up some common misconceptions: Myth: The maximum amount I can deduct for non-cash contributions each year is $500. Fact: You can deduct the fair market value [...]

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.