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5 Red Flags of Tax Identity Theft

5 Red Flags of Tax Identity Theft

Tax season – a time for potential refunds, but also a prime target for criminals. They see an opportunity to exploit the flurry of tax filings by stealing your Social Security number (SSN) and filing a fraudulent return to claim your hard-earned refund. The worst...
Understanding Key Tax Changes for 2024

Understanding Key Tax Changes for 2024

As we step into the new tax year, the Internal Revenue Service (IRS) has unveiled a series of modifications that will influence various aspects of your tax planning. From standard deductions to marginal tax rates and an array of credits, here’s a breakdown of...
Tax Implications of Owning Rental Property in Texas

Tax Implications of Owning Rental Property in Texas

Owning rental property can be a lucrative venture, providing a source of passive income and potential long-term financial growth. However, along with the rewards come responsibilities, and one significant aspect that landlords in Texas must be mindful of is the tax...
Can You Claim Your Parents as Dependents in Texas?

Can You Claim Your Parents as Dependents in Texas?

Supporting your parents as they age is a common situation, and sometimes, that support extends to their finances. If you live in Texas and provide significant financial assistance, you might be eligible to claim them as dependents on your federal tax return. This can...
Texas Franchise Tax: What You Need to Know

Texas Franchise Tax: What You Need to Know

When it comes to taxes, businesses operating in Texas have more than just federal income tax to consider. The Texas Franchise Tax, sometimes referred to as the “margin tax,” is a key component of the state’s tax system. Understanding this tax is...