Insights

Recovering After Disaster-Related Losses

Recovering After Disaster-Related Losses

Recovering after disasters such as weather events, fires, flood, or other unexpected calamities can be particularly challenging for businesses, as those affected by the recent tornado in Dallas know all too well.  You want to get back to business as soon as possible, but doing so after a catastrophic loss of data or property can seem nearly impossible. To claim losses – both for insurance and tax purposes – you will often have to prove those losses via data and...

Read More

Selecting a Business Entity

A business is an organization founded by one or more persons for the purpose of conducting business activities and trade.  When a business is starting up, one of the first (and perhaps the most important) decisions is the selection of a business entity.  The business entity type establishes the legal structure of your company and has a profound influence on many factors not the least of which are reporting requirements, liability considerations, protection of assets, and how income taxes are...

Read More

7 Facts You Must Know About Multi-State Tax Filing

If you earn money in a state where state income tax is applicable, you must file a tax return with that state even if you live in one of the states that do not charge income tax.  For instance, if you live in Nevada but generate income in New Mexico, you are liable for New Mexico taxes. That does not mean that you pay double the tax. You pay the non-resident tax only on the amount that you earned out...

Read More