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REMINDER: Texas Taxpayer Amnesty Program Ends Aug. 17

REMINDER: Texas Taxpayer Amnesty Program Ends Aug. 17, here’s some news that is welcomed – help people pay taxes that are due.  Give them a reason to do it TODAY…

 

REMINDER: Texas Taxpayer Amnesty Program Ends Aug. 17

You have received this message because you subscribed to notifications from the Texas Comptroller of Public Accounts. This is not a notice regarding your account status or a notice of payment due.

There’s Still Time
for a Fresh Start!
If you find yourself with past-due reports or you’ve failed to register for a tax or fee you owe, you have until Aug. 17, 2012, to take advantage of Project Fresh Start. The Fresh Start limited tax amnesty program provides for the waiver of penalties and interest on eligible liabilities.

Mark your calendar and get started on your Fresh Start now! For full program details and restrictions, visit the Project Fresh Start website.

Project Fresh Start: Texas Taxpayer Amnesty Program 2012
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Posted by on August 1, 2012 in BLOG, Business, Entrepenuers

 

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Announcing Project Fresh Start: Texas Taxpayer Amnesty Program 2012

Announcing Project Fresh Start: Texas Taxpayer Amnesty Program 2012.

For everyone who puts off paying, for everyone who has Texas corporations, this is for you.

 
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Posted by on June 16, 2012 in BLOG, Business

 

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Federal Income Tax (invest now)

A friend and business associate, Jason Gay, came up with a Federal income tax item that everyone in the investing community needs to know.  I will give you all an excerpt from his e-mail here:

Something important came up in my Federal Income Tax class.  Section 1202(a)(4) of the Internal Revenue Code excludes 100% of the capital gain realized from the sale of stock acquired before January 1, 2012 from gross income for non-corporate taxpayers (up to a $10,000,000 gain under 1202(b)(1)(A), or 10 times the adjusted basis under section 1202(b)(1)(B) for a cash investor).

In other words, for sweat equity investors in a start up company, capital gains from the sale of stock issued between now and the rest of the year would be exempt from taxes for up to a $10,000,000 gain…

Of course I call on my other associates in the CPA community who came up with a blog link that really puts in perspective – here is the link. This friend, Steven Plumb at Clear Financials, had this to say:

The holding period is 5 years, so if you have something that qualifies for 5 years, it is helpful.  Must be a C corporation.  This credit has been on the books for a long time, but [Mr.] Obama reduced the tax rate from 14% to zero as a job creation incentive.  Unfortunately, a tax credit 5 years down the line doesn’t really provide much incentive to start a business today.

Bottom line, invest today as normal, but try to get the tax treatment if you can.

 
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Posted by on November 7, 2011 in BLOG

 

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Texas Online Franchise Tax Calculator

This came straight from Susan Combs, Texas Comptroller of Public Accounts – they are great about communicating with Texas corporations:

The new Online Franchise Tax Calculator (PDF, 263KB) is now available on Window on State Government.  This tool allows you to estimate your potential franchise tax liability for report years 2008, 2009 and 2010.  Your actual tax liability may differ from the estimate because of special provisions in the legislation.

You may also wish to visit our Franchise Tax Web page for answers to your other franchise tax reporting questions.

 
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Posted by on November 3, 2009 in BLOG

 

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How Wholesalers/Distributors can increase cash flow & reduce taxes

If you are a wholesaler, distributor or a company that has substantial inventory, you can improve cash flow by reducing the cost of your Closing inventory value.

Taken from our friends at GLO CPA’s Newsletter for August 2008

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Posted by on August 8, 2008 in BLOG

 

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Texas Franchise Tax, finally done

Since Rhodes Holdings LLC and most of our clients do business in the great State of Texas, we wanted to keep everyone up to date on information for Texas corporation.  Last year, the Texas legislature changed the franchise tax, or corporate income tax if you live in other states, so that it it could alleviate some of the high property taxes here in Texas.  It looks like it might have backfired, as the changes to the corporate tax might affect many small businesses negatively – like to the tune of increasing their corporate taxes 20 times in some cases. Read the rest of this entry »

 
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Posted by on June 27, 2008 in BLOG

 

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