Tag Archives: taxes

Tax Rules for Deducting Interest Payments

It’s common for businesses to borrow money for various reasons … to start up, expand to new locations, buy equipment, launch a marketing campaign. But borrowing usually isn’t without cost: interest payments. To the extent interest payments are tax deductible, they reduce the cost of borrowing. But tax rules on deductibility can be confusing. Business interest is broadly interpreted Business interest is treated differently than other types of interest. For…

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Tax Made Easy: Business with Pleasure

tax calculator

Attend this Tax Made Easy for Small Businesses workshop to learn: Difference between business vs. pleasure Guidelines for claiming business expenses How vacations can be tax deductible Get answers to all of your tax questions at the end of the workshop by a tax expert. Presenter for the event is entrepreneur Christopher Wycoco. Register online or by contacting the chamber.

Tax Made Easy: Home Office Deductions

Tax Made Easy for Small Businesses workshop includes: What is considered a home office Difference between exclusive and regular use Limitations to the deduction Attendees can also get answers to all of their tax questions at the end of the workshop from tax expert Christopher Wycoco. No cost to attend with RSVP. Registration is available online and also by contacting the Brownsville Chamber.

Tax Tips for Small Businesses

tax tips

Topics include small business tax forms and deadlines, and methods on filing and paying taxes. Attendees also learn personal verses business expenses and more. The free session is presented by tax experts at CAS CPA, LLC in McAllen. “It’s tax time again, and many business owners may have concerns over their small business taxes. Minimizing tax liabilities and taking advantage of tax incentives are vitally crucial to business success, especially…

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VITA Assists With Free Tax Returns

The VITA program will be at STC until March 8 to assist with tax returns.

The Volunteer Income Tax Assistance program is currently offering free income tax service at South Texas College. VITA works in cooperation with United Way of South Texas and the Internal Revenue Service. The program offers free tax assistance to people who make approximately $55,000 or less. The VITA office is open from 11 a.m. – 5 p.m. until March 8 at the Pecan campus portable building #27B on the west side of…

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Choosing the Right Business Structure

Choosing which business structure is right for you is a crucial step when starting a business. The entity you select has legal, financial and operational implications. Here are three factors to consider when choosing a business structure. Business Taxes Business owners must meet all federal, state and local tax obligations to stay in good legal standing. The type of business structure you choose impacts your personal liability and which taxes your…

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How to Calculate Taxes on IRA Income

calculating taxes on IRAs

Calculations vary with contributions and earnings In last month’s article, I wrote about the mistaken idea some people have that they earn too much to benefit from a Roth IRA.  The Tax Increase Prevention and Reconciliation Act, passed by Congress in 2005, effectively opened up a legal avenue to make contributions to a traditional IRA, and then convert all or part of the funds to a Roth. Let’s dig a…

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Don’t Think You Earn Too Much For A Roth IRA 

When Roth IRAs were created in 1997, they were an exciting new idea. They provided a way to make after-tax contributions that could, under certain conditions, grow entirely free of federal income taxes. Prior to that, traditional IRAs worked basically the other way around — you could make deductible contributions, but distributions would be fully taxable. The law also allowed taxpayers to “convert” traditional IRAs to Roth IRAs by paying…

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