Tax Extension It’s nearly Tax Day. If you’re like me, you’re not ready to pop your return in the post just yet. That’s right: like more than 10 million other taxpayers, I file for an automatic extension virtually every year. Don’t get all judge-y. There’s no need. There are lots of legitimate reasons why taxpayers… Read More

Corporations are taxed differently than other business structures: A corporation is the only type of business that must pay its own income taxes on profits. In contrast, partnerships, sole proprietorship, and limited liability companies (LLCs) are not taxed on business profits; instead, the profits “pass through” the businesses to their owners, who report business income or losses… Read More

Whether you keep your small business accounting books on paper, through computer software, or hire an accountant or bookkeeping expert, proper bookkeeping practices are important to the operation and survival of any business. Without them, your business is susceptible to not only cash flow issues, but potential legal problems as well. Small business accounting and business bookkeeping serves… Read More

  An Answer for Houston Small Business! As a small business owner here in Houston, you are an expert in your field.  You know your industry, but you may have challenges with accounting issues. Financial statements such as balance sheets may be a little confusing. I hope you will find my blogs helpful. You may… Read More

  Understanding financial statements is essential to the success of any business, small or large. They can be used as a road map to steer you in the right direction and help you avoid costly breakdowns. Financial statements have a value that goes far beyond preparing tax returns or applying for loans. Balance Sheet The… Read More

  I find that many clients and potential clients in the real estate industry in Houston, along with others who have exchanged real estate in the past year, ask me whether or not their transaction is eligible for a 1031 exchange. The primary 1031 exchange rules and requirements are: 1) same taxpayer: the taxpayer who sells is the… Read More