Vote now! Woodlands Online 15th Annual Best of The Woodlands Competition for 2024 is here! Voting begins February 1 and ends February 21. Haynie The Woodlands are proud recipients of Best of the Woodlands in previous years (2021 and 2022)…
If you’re self-employed or considering self-employment, you may be worried about handling your own retirement planning. In this article, we’ll explore the SEP IRA and the Solo 401(k), focusing on how these popular retirement plans can play a vital role…
If you work for yourself or are a sole proprietor, it’s generally well-known that you’re required to pay self-employment taxes. However, the scope of self-employment extends far beyond these obvious scenarios. For tax purposes, being self-employed can mean more than…
The Inflation Reduction Act (IRA) of 2022 ushered in an era of renewed interest in clean and renewable energy investments, earmarking $400 billion in federal funds for energy and climate projects. The IRA incentivizes a broad array of clean energy…
What does your CPA need from you? The following is a list of general information that should be gathered for your income tax returns. Tax Information Needed Individual income tax returns: If meeting with a new accountant, provide a copy…
© 2023 Individual taxpayers are potentially liable for the net investment income tax (NIIT) if their modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying widows or widowers; $125,000 for married taxpayers filing separately). This article…
© 2023 Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds are popular alternatives, but they also have potential drawbacks. This article compares the…
© 2023 Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value…
© 2023 Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in…
The IRS has recently issued a reminder to taxpayers about the upcoming deadline of January 16th for the final 2023 quarterly estimated tax payments. This is particularly important for those who may not have paid enough tax throughout the year…
