The Internal Revenue Service (IRS) published its cost-of-living adjustments for the 2024 tax year that will affect dollar limits for pension plans and other retirement-related taxes.  To learn more about the pension plan limitations, please see the table below. You can also visit the IRS website for more information. If you have any questions, please contact us and we will help you navigate your situation.    The post 2024 IRS Pension Plan Limits first appeared on Melton & Melton ..read more

The Texas construction industry is a vital economic force, generating billions of dollars in revenue and creating countless jobs. In 2023 alone, the industry’s output is projected to reach a staggering $152 billion, contributing significantly to the state’s GDP and employment. However, the unique challenges inherent in managing construction projects necessitate specialized construction accounting practices to ensure sustainable success.   Why Construction Accounting Matters? General accounting principles often fall short when applied to the complex world of construction. Unique project l ..read more

Houston, a key player in the economic fabric of Texas, operates within a unique sales tax framework that is integral to its financial ecosystem. For both individuals and businesses, a thorough understanding of Houston’s sales tax is not just a regulatory necessity but also a strategic component in financial decision-making. This article delves into the nuances of Houston’s sales tax, offering a detailed guide for navigating this crucial aspect of the city’s economic landscape. Decoding Houston’s Sales Tax Structure Total Sales Tax Rate In Houston, the total sales tax rate stands at 8.25%. T ..read more

Estate planning is the strategic process of arranging the management and disposal of a person’s estate during their life and after death. In Texas, where property rights and inheritance laws have unique characteristics, having a clear plan is not just a legal formality—it’s a strategic step for asset protection and family members’ peace of mind. This guide is crafted to demystify estate planning for Texas residents, providing you with the knowledge to make informed decisions about your legacy and other assets. Why You Need a Will in Texas In the Lone Star State, your last will is the foundat ..read more

Texas, the Lone Star State, is known for its vast landscapes, diverse population, and unique tax system. One of the most significant aspects of this system is the property tax. Without a state income tax, Texas relies heavily on property taxes to fund essential services like schools, roads, and public safety. This article aims to provide a comprehensive understanding of how these taxes are calculated and what every homeowner should know. The Appraisal Process Market Value The foundation of Texas property tax lies in the concept of ‘market value.’ It’s the price a property would fetch if so ..read more

Texas, the Lone Star State, is known for its vast landscapes, diverse population, and unique tax system. One of the most significant aspects of this system is the property tax. Without a state income tax, Texas relies heavily on property taxes to fund essential services like schools, roads, and public safety. This article aims to provide a comprehensive understanding of how these taxes are calculated and what every homeowner should know. The Appraisal Process Market Value The foundation of Texas property tax lies in the concept of ‘market value.’ It’s the price a property would fetch if so ..read more

Melton & Melton, L.L.P., one of Houston’s largest independent public accounting firms, has been recognized by Construction Executive magazine in The Top 50 Construction Accounting Firms for the fourth consecutive year.  Construction Executive is the nation’s leading magazine for the business of construction. Melton & Melton is ranked 43rd among the top 50 construction accounting practices in the country. CE developed The Top 50 Construction Accounting Firms ranking by asking more than 700 U.S. construction accounting firms to complete a survey. The da ..read more

Each year, the IRS releases an annual ‘Dirty Dozen’ list highlighting the top scams targeting taxpayers for the coming year. This list is not exhaustive and cannot identify every threat out there, but it is an excellent place to start educating yourself (and your team if you’re a business owner). In the coming months, we will go over the Dirty Dozen in more detail with a series diving deeper into each scam and giving you ways to watch out for them. This first article will cover some of the most visible and pressing scams to avoid. The scams we will cover for this post include Employee Retenti ..read more

Every state in the United States has its unique approach to taxation. Some states lean heavily on income taxes, while others rely more on sales or property taxes. Texas, however, stands out as one of the few states with no personal income tax. This article offers a comprehensive look at the Texas tax system, focusing on the absence of a state income tax, and what this means for residents and businesses.   Does Texas Have a State Income Tax? Texas is unique among U.S. states in that it does not levy a state income tax. This is due to a provision in the Texas Constitution that explicitly pr ..read more

  Melton & Melton is pleased to announce the firm has been named a Southwest Regional Leader in the 2023 Top 100 Firms and Regional Leader special report issued by Accounting Today. The recognition highlights top performing accounting firms in the Southwest region of the country, including Texas, Oklahoma, New Mexico and Arizona. “To be recognized as one of Accounting Today’s Regional Leaders is a tremendous honor,” said Palmer Melton, Co-Founder and Co-Managing Partner. “It is a reminder of how far we have come as a firm and a demonstration of the appreciation we have for our clients ..read more