Some have the goal to start their own charity. Create their own 501(c)3 or charitable organization. A project that they can control with a board of directors, have fundraisers and events, and maybe even do a little more to impact our society and those in need. I’m writing this article for those ambitious souls that want to start a legitimate non-profit charity.

The IRS consistently warns taxpayers to not get caught paying ‘employees’ as ‘sub-contractors’. But believe it or not, the IRS, may be the least of your worries. There are 7 deadly results that could occur by trying to call an ‘employee’ a sub-contractor when it’s truly not the case.

Partnerships are an amazing thing. So many businesses succeed because they are a partnership. However, if not properly structured and maintained, with lots of communication, they can destroy a business.

Remember the good old days when you could write-off 100% your new SUV or Truck under the 179 deduction?  That was the wild wild west (pre-2006), and then we all became quickly familiar with the $25,000 cap on writing off these gas guzzling vehicles. However, the game has changed with possibly an unintended loophole under the new Tax Cuts and Jobs Act (TCJA).  The silver bullet: Bonus Depreciation.

The 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, and sellers to foreign investors can be classified as withholding agents (which have important obligations and liabilities associated with the classification).

Entertainment expense and related meals are non-deductible. It truly is a major blow to small and big business, and the cost of doing business just went up.

Executing holiday travel plans properly can potentially generate significant tax deductions while we are visiting family or going to our special/romantic locations around the U.S. and the world. Even if we gain a few pounds, we might shed a few tax dollars.

You may think your new business and idea needs 100% of your attention and time…however, what your business really needs more than your time is YOUR financial stability.

Company meetings can accomplish several important goals that we feel are critical to a business’s long term success.

Safeguarding our personal information from identity theft and not letting ‘the world’ know where we live, is very different than hiding a rental property or asset. Otherwise stated, our personal privacy is different than the privacy needed in keeping the location of an asset private. The important point I want to make in this short article is that we need to understand what we are trying to protect, and then be targeted and exact in our privacy protection strategies.