There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The Late Payment Penalty – Not paying what I owe by […]
Don’t underestimate the power of the S Corp and get a second opinion if anyone says an S Corp isn’t the best fit.
Here is a list of the TOP 10 things TO do, or NOT do, in order to avoid an audit with the IRS. As many of you can imagine, an audit can be expensive and time-consuming, not to mention, emotionally draining experience. Please take these to heart.
Making sure our travel has a ‘business purpose’ is critical and a perfect opportunity for business owners for a great tax write-off.
I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.
The little-known fact that can transform your Coverdell ESA into a powerhouse for college savings is the fact you can self-direct the investments.
Now although there are reasons not to put your spouse on payroll, I would argue there are two (2) GOOD REASONS to put a spouse on payroll before year-end. Both of these strategies create great excellent tax deductions and good use of money
They’re typically formed to work in unison with your Will or Revocable Living Trust and not to replace your Estate Plan.
Many parents and grandparents don’t realize how creative they can be in distributing their assets to their children upon their passing. They also think it’s only for rich people and it’s an expensive process with high-powered attorneys. That’s certainly not the case…anybody can control their kids from the grave with unique trust provisions. You’ll love […]
The Trust creates a structure so that the money is bestowed to the Guardian of your pet in a proper manner with rules and guidelines
Millions of Americans die each year without any type of estate plan in place, and this forces their families into the court system, where they experience huge expenses with probate and significant time delays when they would rather be mourning.
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.