Tax and Legal Educational Articles
When to use an LLLP (Limited Liability Limited Partnerships)
When to use an LLLP... I have searched far and wide for a good reason to have an LLLP versus using another form of doing business and frankly, I can’t find one. I never recommend them. Although, they have been adopted in now more than 20 states as a more unique asset...
Paying your Grandchildren in the Business
If completed properly, the end result is that you will accomplish 5 amazing financial benefits when your grandchildren legitimately work with their parents helping you in your business!
Paying Your Children in the Business: Young or old
This has to be one of the most under utilized tax strategies by small business owners with families today. Many don’t realize that paying their children under age 18 is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.
What is the Mega Backdoor Roth and When does it Make Sense?
Don’t get me wrong, the Mega Roth is amazing, but I would suggest you don’t even think about it unless you’ve seriously considered the other strategies above AND have an extra 50k+ to set aside for savings without the need for a current tax deduction.
The Power of the Charitable Remainder Trust
The CRT is a very powerful estate planning tool that may enable you to reduce your liability for income and estate taxes, protect your assets AND diversify your assets in a tax-advantaged manner.
Health Care Tax Strategies for Small Business Owners
Small-business owners have more options to save on healthcare and insurance costs than any other group of Americans! It simply takes a little bit of research and consulting with professionals to create the perfect plan for you.
How to Write-off Health Insurance in My Business
Health insurance is expensive, and making sure it's a write-off in your business is a big deal. Regrettably, it's not as easy as just putting it on your P&L and treating it like office supplies. In order for health insurance premiums to be deductible, they must be...
Learn What Not to Do: The Ballad of Prince’s Estate
Procrastination is easy – especially when it comes to something where the benefits won’t be apparent until you are either incapacitated or have passed away. However, if you care about saving your loved ones thousands in legal fees, months of time, and a mountain of headaches and worries, then completing your estate plan is truly a caring act of charitable service that you should consider completing before it becomes everlastingly too late.
How Much Should I Send in with my May 17th Extension?
But what if you STILL owe taxes for whatever reason and the May 17th deadline is really concerning you? Here’s what you need to do in order to minimize any penalties and interest.