Many of us immediately think of our personal or family situation when we prepare for a disaster, but not the for emergency preparedness needed for our business. These same disasters affect business owners and can create even greater hurdles for entrepreneurial families to get back on their feet.
Being audited is one of the most stressful and dreaded experiences a taxpayer can go through. It’s a wonderful blessing to live in America, and paying taxes comes with that privilege, but enforcement is a reality. Whatever the case may be or the reason for you being audited, there are certainly some things you can do that will help you through the experience.
Let me set the record straight and share what I think to be one of the most incredible ways to save for college education.
Now I want to discuss the liability created by our personal actions that could threaten our business or assets. I call this “Outside Liability”- Exposure created outside our business that could allow a creditor to take our business from us.
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.