A trustee has authority over the assets that someone uses to fund a trust. They take over the management and distribution of those assets, often for a small amount of compensation for the services that they provide. Although family members of the person who created...
San Antonio Tax Law Blog
What the IRS does when someone doesn’t file or underpays
Most people resent the obligation to pay federal income tax, but doing so is a legal and social necessity. The desire to minimize taxes and even to avoid them is perfectly normal. Quite a few people wait until the very last moment to file their tax returns or pay what...
What do you need to know about tax liens and levies?
Tax liens and levies are legal actions taken by the government to collect unpaid taxes. Although both are used to enforce tax collection, they function differently and result in distinct consequences for taxpayers. Anyone who’s facing the possibility of these serious...
What should you put in a partnership agreement?
Creating a partnership agreement is one of the best steps you can take when you launch a business with someone else. You don’t want to just agree on things verbally or assume that you’re both on the same page. A partnership agreement allows you to get everything in...
5 income tax issues that are actually fraud
Keeping up with current tax laws is challenging, but it’s necessary for those who plan to do their own taxes. Even if you use a professional tax preparer, you must still ensure the information you provide to them is accurate. There are some tax issues that are...
4 common estate planning myths
Estate planning is the process of documenting your assets and last wishes in anticipation of your passing. This way your assets can go into good hands and your beneficiaries can benefit from your estate. However, many people put off estate planning. This likely...
Naming a guardian for your child can prevent court battles
Many people are spurred to start their estate planning when they have a child. They want to designate a legal guardian who will step in and raise them should something happen to both parents. Unfortunately, not everyone does this. They assume that because they have a...
How does the Paycheck Protection Program work?
In 2020, the CARES Act created Small Business Administration’s (SBA) Paycheck Protection Program (PPP) , which provides short-term and low-interest loans for eligible small businesses to cover business-related costs such as payroll expenses and certain operating...
Don’t make these estate planning mistakes
Estate planning is a task that many adults overlook, but it’s one that’s critical. There are many things to consider when you’re creating your estate plan. Creating your estate plan will take time, but it isn’t something you should rush through. Making mistakes as...
What if you owe more in taxes than you can pay?
Maybe you earned a very competitive salary at the height of your career and employed an aggressive accountant who claimed to legally minimize your tax obligations. You felt pleased with the results of their work, and you had no reason to question their professional...