The Texas Franchise Tax filing deadline is six short days away! Yes indeed, your business’s 2010 Texas Franchise Tax return must be postmarked or extended by Monday, May 17th.
Not sure if your business is required to file a franchise tax report? Check and see where your entity falls on the lists below- it will give...
Chief Executive Magazine has released the results of its annual CEO survey ranking the best and worst states for business development and job growth. Who tops the list? The great state of Texas, of course, for the sixth consecutive year!
The survey was conducted among 651 CEOs who were asked to rank each state and the...
Another week, another edition of our Starting a Business Series! This week we will cover the two basic accounting methods generally available to small businesses: cash and accrual.
Cash Method
You are probably already familiar with the cash method of accounting, even if you don’t know it. Most individuals use the cash method in their personal finances....
When you think of naming your business, what comes to mind? Catchy titles, alliteration, rhyme? Certainly, the most memorable business names have a level of cutesiness or cleverness to them, but being cute and/or clever is not the only thing that matters. In fact, naming your business may not be as easy as you might...
If you take a close look around the next time you’re out and about, you’ll notice that all the companies you pass have one thing in common: how different they all are! Every time someone starts a business, they must take many things into account – competition, the need in the area and how they...
Each year, the IRS issues optional standard mileage rates that taxpayers can use to compute the deductible costs of operating a vehicle for business, charitable, medical or moving expenses.
In 2009, the mileage rates were set as follows:
Medical & moving: 24¢
Charity: 14¢
Business: 55¢
On December 3, 2009, the IRS released the 2010 rates:
Medical & moving: 16.5¢
Charity: 14¢
Business: 50¢
So why did...
Earlier this week we took a look at the Residential Energy Property Credit for individuals that was created by the American Recovery and Reinvestment Act (ARRA), but did you know that ARRA created numerous tax incentives for businesses to become more energy efficient as well? Courtesy of www.IRS.gov, here are seven reasons your business could...
Why is it important to have a business plan? There are several reasons, but first and foremost is that it serves as your business’s resume. You wouldn’t hire an employee without checking out their resume, would you? So why would investors and customers get involved with your business without checking out your objectives and experience?
In...
So you’ve decided to start a business. You’ve come up with a great idea and you’re raring to go. You’ve got the drive, the time and the vision. You know you can make it a success. But, wait, there is one tiny problem: you’ve never run a business. Where do you begin?
Easy! You can begin...
26 USC §1402(b) defines self-employment income as “the net earnings from self-employment derived by an individual…during any taxable year” from the conduct of a trade or business which must be carried on by the individual. The trade or business can be operated either by the individual or through the employees or agents. That’s quite a...
