How to build your business credit

Whether your firm has been operating for years, or you decided over last night's coffee to start a new venture, you're sure to face the need for business credit. Entrepreneurs often ask friends and family to invest in their start-up businesses, and many draw on personal funds to launch new firms. But to address ongoing business needs – such as requirements for inventory, equipment, and real estate – most firms seek additional help from credit card companies and banks. Unfortunately, today financial institutions are more wary than they used to be about extending credit to small companies. And with many business revenues faltering because of market pressures, even well-established companies ha

Considering paying for your child's college education?

Should you pay for your child's college education? Or should your child find the financing? There are compelling arguments for both sides, but ultimately, your family needs to do what's best for your financial situation. Most families find that a combination of both works the best. Should parents pay? Arguments in favor of shelling out your hard-earned cash for a son's or daughter's higher education can be compelling. For one thing, college is a very expensive proposition these days. A year of undergraduate study at a private university can easily top $30,000 and public in-state schools can run over $12,000. Of course, if your student decides to get an advanced degree or go to medical or law

Answers to common questions after you file your tax return

Many taxpayers have questions after they file their tax returns. The IRS provides answers to many of them. These are a few of the most common. * How can I check the status of my refund? You can go online to check on your refund if it has been 24 hours since the IRS would have received your e-filed tax return or four weeks after you mailed your paper return. Go to www.irs.gov and click on "Where's My Refund?" You will need your Social Security number, your filing status, and the amount of your tax refund. * What records should I keep? Keep receipts, canceled checks, or other substantiation for any deductions or credits you claimed. Also keep records that verify other items on your tax return

Tax filing responsibilities of estate executors

Your role as an executor or personal administrator of an involves a number of responsibilities. Did you know that part of your responsibility involves making sure the necessary tax returns are filed? And there might be more of those than you expect. Here's an overview: Personal income tax. You may need to file a federal income tax return for the decedent for the prior year as well as the year of death. Both are due by April 15 of the following year, even if the amount of time covered is less than a full year. You can request a six-month extension if you need additional time to gather information. Gift tax. If the individual whose estate you're administering made gifts in excess of the annual

WHY MARY M. HUDGENS, PLLC?

WANT TO GROW?

WANT TO TALK

Call us at 817.405.3374

Email us at contactus@maryhudgenscpa.com

STAY IN TOUCH

Sign up for Alerts, Notices, and Updates.

Mary M. Hudgens, PLLC. Proudly created with www.panopticapps.com