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Starting a business in Texas is an exciting venture, given the state’s robust economy, business-friendly environment, and diverse market opportunities. Texas consistently ranks as one of the best states for entrepreneurship due to its low taxes, minimal regulatory burdens, and access to a large workforce.

A total of 12 states plus the District of Columbia have their own estate tax laws, according to the Tax Policy Center. However, Texas is not one of them.

If you know anything about business, then you know the first year is the hardest. Many businesses fail within the first year. There is a lot of burden placed upon you in those first 12 months as you try to build a customer base and carve a spot out for your business within the economy.

One of the reasons why it is important to classify employees correctly is because of the tax consequences. For independent contractors, you will not pay the normal payroll taxes as the worker is responsible for them. If the worker should be an employee, though, you become liable for those taxes you did not pay, which can lead to a huge tax bill.

Texas entrepreneurs like you handle a lot when it comes to your business. You create everything from the ground up. You decide how your business will function. You choose the direction it goes in. Most importantly, you determine the successor.

Texas entrepreneurs may wonder whether to buy a franchise or an existing business. The Small Business Administration explains how you can evaluate your options when you are weighing the purchase of a franchise against an ongoing venture.

Many in Waco may simply assume that most adults have already seen to the creation of their wills. Statistics, however, suggest otherwise. Indeed, estimates indicate that less than half of American adults have any sort of estate planning instrument.

The estate administration process can be quite complex, with plenty of opportunities arising for disputes and amongst beneficiaries in Waco. To help ensure that it goes smoothly, one can work to be as transparent as they can be while mapping out their estate plans.

When Texans look into estate planning, one thing becomes clear: they need an executor. Not only that, but they need a reliable executor they can trust. Picking one can seem daunting. However, by knowing what to look for, you’ll have a better chance of choosing the best one.

Texas businesses are responsible for sending the appropriate amount of sales tax to the state. It is not always clear what goods or services require taxing and how much to collect.