Even experienced business owners can benefit from using a Strategic Plan as an integral part of their business. It is so difficult to manage all of the loose ends and chaos that can occur when running a small business. A Strategic Plan sets forth a timeline of specific tasks that need to be completed in order to make your Business Plan a reality.
One of the potential risks of owning a small business and having employees, is the fateful day when they may get hurt while on the job.
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, as well as adult children or grandchildren, is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.
Both LLC’s and Corporations will generally shield their owners (i.e. Members or Shareholders respectively) from liabilities incurred inside the LLC or Corporation.
With the rise in short sales and foreclosures, homeowners or real estate investors are encountering numerous questions about the tax consequences of these situations. That’s why it’s more important than ever for real estate owners to understand the basics of how the IRS views tax forgiveness. Let’s hit the basics!