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Accounting for law firms can be intimidating, even for seasoned law practitioners. If you are like many, you’ve spent all your years sharpening your law skills, so accounting and bookkeeping are areas you are not skilled at. Still, you should employ legal accounting services to ensure your firm runs smoothly and you are on track with your growth goals. Why Legal Accounting Services? Ideally, all...

When planning your estate to transfer to heirs, you can choose between revocable and irrevocable trusts. It’s important to know the difference to understand if distributions from the trust are taxable to the beneficiary. Trusts are entities you set up to hold your assets during your lifetime and ensure they are used appropriately. Usually, the person that sets up a trust is known as a grantor....

A schedule K-1 is a commonly used Internal Revenue Service (IRS) tax form issued to individuals who have a beneficial interest in certain types of entities. If you’re the beneficiary of a trust or you have a trust as part of your estate plan, it’s important to understand your tax liability, including when you’re likely to receive a K-1 Trust Distribution Form and what to do with it. This simple...

Financial security is the cornerstone to achieving many of life’s goals – owning a house, retiring early, or taking a few years off work to travel and see the world. Learning how to be stable financially starts with financial literacy. The better you understand all aspects of money management, the better you’ll be at analyzing your income, debt, and expenses. So, if you’re looking to make better...

Trust funds can be a great way to provide ongoing support or to pass on wealth to spouses, family members, or charities while offering significant tax advantages to both the creator of the trust and the beneficiary. Many trusts can also avoid probate in the event of the creator’s death. But are trust funds taxable? Yes, they are, and here are the basic concepts you need to know about taxation...

Financial stability is a dream goal for many. While it may not necessarily translate to being rich, it means you can comfortably handle your bills, pay your debts and have savings for emergencies and future endeavors. To achieve financial stability and live the lifestyle you desire, you have to cultivate healthy financial habits and put in intentional efforts towards your financial goals. Whether...

Do you know how much the operations in your business are costing you? Are you sure that it’s actually making money for you? In order to answer these questions and more, your business needs a CPA. From sales and purchases to expenses and taxes, running a business can be an incredibly complex task. A certified public accountant (CPA) specializes in accounting, which is the practice of keeping track...

A 1099 form is an informational return that is used to report certain types of payments made by businesses to contractors and other unincorporated service providers. It is an informational return in the sense that third parties such as businesses and institutions use it to notify government agencies and taxpayers of the tax payable. The form is also used to report certain types of payments made...

Payroll processing is an essential part of any business. In this article, we will discuss what payroll processing is, steps it entails, and tips for effective payroll processing for your Dallas business. What is Payroll Processing? Payroll processing is the entire process of how a business compensates employees. It includes determining payroll scheduling, calculating employee wages, withholding...

Most business owners can benefit from working with a professional accountant, but if you’re in the construction industry, it’s even more important to make sure you’re getting great advice. Due to the nature of the business, construction accounting requires a unique approach. And since the rules are ever-changing, you need an expert who is well-versed in current best practices. When searching for...