If you own a small business and you are planning to sell the company, you must understand the financial implications of the sale before doing so. Failure to plan for the tax-related impact of the sale can result in an unexpected bill, while careful consideration can minimize your tax burden.
The business world can be a highly competitive environment, but it is no excuse for another party to interfere with your business. Unfortunately, some Texas business owners experience sudden interruptions in their business contracts or operations that are caused by improper behavior on behalf of another party.
When you start a business, you want to find ways to maximize the potential upside. Find a good location. Find a good price. Do your research. Match your business to the interests of a growing community.
Although tax filing season in Texas is over for another year, it is never too early to start planning for next year. Business owners face unique challenges when it comes to filing taxes and even the smallest mistake can lead to lost income or an audit by the Internal Revenue Service.
The end of the year is a great time to take steps to ensure you are ready to file taxes in the new year. Getting everything together and organized will make things a lot easier once you begin filling out tax forms. Like every process, though, there is always room for improvement.
One of the most important decisions to make when starting your own business is choosing the legal structure. This choice will impact a wide variety of things, including taxes, personal liability, paperwork and the ability to raise funds.
While Texas does not assess its own estate or death taxes, Texas residents who have especially high-value estates can still anticipate having their estates taxed after their deaths, which can substantially reduce what they are able to leave behind for loved ones. At Pakis, Giotes, Page & Burleson, P.C., we recognize that the overall value of your estate will ultimately determine whether it is subject to estate tax.
When you begin estate planning, you may first think about creating a will to describe how you want your possessions to go to your heirs. However, you may also want to create advance directives that cover your wishes in terms of medical treatments and end-of-life care.