Tax and Legal Educational Articles
Congress is Attacking the IRA of Average Americans
Yes...the title of the article is true. This is not a tricky way to get in the back door and talk about protecting the rich. Please keep reading whether you are a Republican or Democrat...this does not have to be political! First, don’t listen to the media, or the...
How to get a Cruise Cost Tax Write-off in 2021
I recently returned from a cruise. The first 7-day Royal Caribbean cruise since the disruption of 2020. I still had to wear masks here and there on the ship. At least the crowds were down and it was nice to be on a trip again. I just wish it would have been a...
Does the Household Employee Tax Apply to Me and What to Do
You may have thought the only time you may need to worry about the so-called “Nanny Tax” is if you decide to run for public office and facing a pesky reporter at a political rally. However, it's a concern everyone needs to take seriously. If you have any household...
Eviction Ban Expires Just in Time to Save Landlords
Eviction Ban Expires Just in Time to Save Millions of Landlords It’s the beginning of the month and rent is due! The eviction ban has expired! Landlords can finally collect rent from tenants that haven’t paid rent for months. The Supreme Court stated that it wouldn’t...
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.