Understanding the Basics of Texas Franchise Tax: A Guide for Business Owners

If you do business in Texas, you may have to file for and pay Texas franchise tax.  

The due date is May 15th.

It can be overwhelming if you are new to it. 

I will explain the basics you need to know about the Texas franchise tax, how to file, and how to avoid overpaying.

Tax-Saving Benefits of Hiring Your Child 

If you own a business, hiring your child or grandchild could be a great way to teach them valuable work skills and save thousands on taxes.  

Let me tell you why

If you are a rental house owner, you may be able to deduct up to $25,000 of losses from your rental real estate activity from your nonpassive income. 

If you're a golf enthusiast, you've likely heard of the Masters golf tournament, which takes place annually in Augusta, Georgia. During the tournament, many residents of Augusta rent out their homes to visitors as a way to earn extra income. But did you know that the IRS has specific rules about renting out your home?

If you're a small business owner, you may have heard about the Employee Retention Credit (ERC), but you may need clarification on what it is, who is eligible, and how to calculate it. Here is more information:

If you're a landlord, it's important to understand Schedule E income. It's a form that you need to fill out to report your rental income or loss, royalties, and other types of income or loss related to partnerships, S corporations, estates, trusts, and real estate mortgage investments.