Plano Business Law And Estate Planning Law Blog

What happens if you breach a contract?

There are times when a contract may not be something you can live up to. Whether it's because of outside forces or internal problems, it's an issue if you can't fulfill a contract. Contracts are normally legally binding, so failing to complete or fulfill a contract is a breach of contract that could be taken to court.

Any business contract creates obligations between parties. Legally speaking, any failure of either party to fully fulfill those obligations is a breach of contract. Depending on how serious the breach is, it could lead to a lawsuit.

Estate planning: Major mistakes will affect your family

Estate planning is not something that amateurs should do, even if there are websites that tell you that it can be done yourself. Why? There are far too many mistakes that can be made, and those mistakes can be extremely costly in the long term.

There are a few vital legal documents that will be included in your estate plan. These documents, if drawn up incorrectly, could result in your family having to deal with probate or going through long processes to fight for what you wanted.

Selecting an entity is an important step in business formation

If you are starting your own business, you must choose your business entity carefully. This decision is made early in the business formation process, but can have long-term consequences for the business, as well as you personally.

There are several different business entities available to choose from. Because each entity comes with its own tax obligations and debt liabilities, it is important to fully understand your options before making a decision.

Do these things to avoid a tax audit

When you file your tax return, you hope you never have to deal with it again. Instead, you either pay a few dollars or receive a refund. From there, it's time to move on to the next year.

Unfortunately, things don't always work out this way. It's possible you could receive the dreaded tax audit notice by mail. While there's no guaranteed way to prevent an audit, there are some things you can do to help:

  • Double check your figures: Any inaccurate or unrealistic figures are sure to stand out. Double check everything for accuracy.
  • It pays to be honest: Sure, you think you can stretch the truth just a bit, but it's never a good idea to do so. When you're 100 percent honest, you never have anything to worry about. Even if you are subjected to an audit, you can work through the process with nothing to hide.
  • Watch your deductions: Everyone is looking to use as many deductions as possible as a means of saving money. It's okay to do so, as long as you're realistic and honest. Don't stretch the truth just to qualify for a deduction. It could come back to harm you.
  • Rely on e-filing: The Internal Revenue Service strongly agrees that filing an electronic return greatly reduces the odds of a mistake, thus doing the same with an audit.

What can you do to prepare for tax season?

With the start of a new year just around the corner, it's important to start planning for your taxes. While taxes aren't due until mid-April, it's a good idea to begin planning for taxation now.

Knowing what you'll owe, paying taxes quarterly and preparing for taxation ahead of time can help you be better prepared and organized when tax time finally comes.

When online businesses decide to go the brick-and-mortar route

Some entrepreneurs, when starting a business, opt to go with an online-only business. However, just because a company starts as online-only doesn’t mean it will always stay that way. A business owner may later decide to expand his or her business into having a brick-and-mortar presence.

For example, there has recently been a trend of online retailers opting to move into physical retail spaces.

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The Hurley Law Firm

Starr Law Firm, P.C.
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Plano, TX 75093

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