Benjamin Franklin famously wrote, "In this world nothing can be said to be certain, except death and taxes." More than 200 years later, those words remain true. While death is an emotional event for every family, it also triggers numerous legal and tax consequences that many people are unprepared to face. Understanding what happens after death can help families avoid unnecessary stress, delays, and costly mistakes. When a person dies in Texas, several legal and practical step

In previous article, Fundamentals of the U.S. Federal Individual Income Tax, we introduced the fundamental concepts of the U.S. federal individual income tax system. We learned how individuals calculate taxable income by determining gross income, subtracting allowable deductions, applying the appropriate tax rates, and reducing the resulting tax with available credits. Although the Internal Revenue Code contains thousands of detailed rules, nearly every individual tax return

In my previous article, Taxes and Living Expenses in the United States, I argued that every American should have a basic understanding of the U.S. tax system. Whether you are an employee, business owner, investor, retiree, or student, taxes influence many of your financial decisions. The question is: Where should you begin?

After spending more than a decade in the corporate world, I was given the opportunity to build something of my own—a small accounting firm. During my first year of running the business, I learned many valuable lessons. One observation, however, surprised me more than anything else: despite the significant cost of taxation in the United States and its importance to society, many of my clients knew very little about taxes. Most simply trusted their accountants to do the right t

Recently, there is a very interesting tax case within the Vietnamese nail salon business community. The case could lead to meaningful changes in how many nail salons operate going forward. While there has been extensive discussion and debate surrounding the matter, much of the commentary has been based on misunderstandings of the underlying facts and tax issues. I would like to share my perspective and hopefully provide some clarity regarding the case. Link to Case https://ww