We often forget that these same disasters affect business owners and can create even greater hurdles for families to get back on their feet.
I truly believe that far too many business owners, CPAs and Tax Preparers are overly conservative and miss out on important expenses that we are entitled to.
Now, I’m not asking you to quit your ‘day job’, I’m just asking you to at least have a small business ‘on the side’.
Making these changes may be uncomfortable, but critical to survive. What do you have to lose? If your business is headed in the wrong direction, any change could make the difference!
U.S. tax rules that apply to ownership and dispositions of U.S. real estate by foreign persons are different in some important respects from the rules that apply to U.S. persons. Also, property managers are under special rules when managing property for foreign owners.
Many new business owners believe choosing and forming their business entity is something to check off their list on a weekday night after researching on the web for an hour or so. Please be careful.
The purpose of the Corporate Veil is to protect the investors, owners and officers from losing their ‘personal’ assets if something goes wrong in the business.
I recommend to ALL of our clients to purchase at least one rental property a year for tax planning and wealth building benefits.
I’m further convinced that fundamental asset protection begins with implementing affordable, tried-and-true strategies and simple habits.
You may have thought there wasn’t any harm in trading services or goods with another business owner for something of interest or to fulfill a need of yours. However, watch out for the tax man if under audit.