By Mark J. Kohler, CPA, Attorney and Jarom Bergeson, Attorney As we all know, sometimes the small things in life can make a huge difference. That maxim certainly holds true for entrepreneurs and small business owners. One of the small things that all California business owners must do is file a Statement of Information...
In Part I of this series I discussed the liability created by our business operations and our effort to protect our personal assets. I refer to this as Inside Liability- the exposure created inside our business. Now I want to discuss the liability created by our personal actions that could threaten our business or assets....
This was an article I originally wrote for Entrepreneur.com, but the Editor felt it was too long and ultimately shortened drastically. However, I know you, my personal followers on my Blog, can handle the longer more technical article. So here is the un-cut “masterpiece”. I truly believe that one of the most misunderstood...
I’m often surprised how many taxpayers get fixated on being a Real Estate Professional as their primary tax-planning goal, while others avoid it like the plague. Yet, there are still others that don’t even know what the fuss is all about. Let’s break it down and see where the truth leads our personal planning....
When consulting with clients around the country regarding setting up the proper entity, many get side tracked on the ‘asset protection’ issue. I believe this is because there are so many scams in the asset protection world. In fact, there are many myths about tax planning, business credit and asset protection sold...
Many small business owners who operate under a corporation or LLC have heard of the term “piercing the corporate veil,” but very few have a complete understanding of its meaning and implications. We set up entities for ‘protection’, but that protection is not automatic. We have to protect the corporate veil and...
Finding your best tax strategy can seem as complex as picking a winning “Bracket” in the office pool. In fact, ESPN experts and their ‘Bracketology’ oftentimes claim that the unconventional wisdom can be the secret to success and saving your precious $5 entry fee into the office pool. In fact, many of you may have...
As all small business owners know, this is a critical time of year to try and dig up all the expenses we can from last year in order to drive down our tax bill as low as possible. As you are sitting around your kitchen table organizing receipts and combing over bank and credit card
As small business owners, we have more options than any other group of Americans to save on health care costs. The tax planning and well as cost saving strategies can be phenomenal. It simply takes a little bit of study and consulting with sometimes several different professionals to create the perfect plan for you....
Some of you may think this topic is irrelevant, but please think twice about it. Providing for our Grandparents, Parents and Ourselves in our “Golden Years’ can be expensive. However, the bigger issue is that we want to actually ENJOY our latter years as well, and not be dependent on the state under the incredible...