When you are ready to start a business, you have several decisions to make. These decisions will affect the way you run and, more importantly, how the Internal Revenue Service taxes the business. The type of entity you choose also affects you financially because you might be financially responsible for lawsuits and creditors. Additionally, owning a […]
Most people do not think about estate planning until they are in their 40s or 50s unless they have many assets. However, accidents and illnesses can happen at any age. And, you do not need millions in assets to create an estate. In fact, even if you rent your home and vehicle, you should still […]
Everyone should have an estate regardless of age or how much estate is worth. If you own even one asset, a will can help you avoid probate or avoid lengthy probate, depending on the asset. Wills take effect when you die, but trusts can manage your assets during your life and after your death. If you should become […]
It’s tax time again. Most people should have already filed by the middle of February. The sooner you file, the less likely it is that someone will steal your identity and file “for” you. If you are getting a refund, that person will get the refund instead of you. You can tell if you were […]
Tax laws constantly change, from year to year. We now have the child tax credit to work with, plus the standard life changes that have always affected your taxes. Life changes could affect your taxes for the better – or worse, depending on your situation. You may have to make changes to certain documents to […]
While options to accelerate deductions and defer income become more limited after Dec. 31, you can still take advantage of a few to help lower the previous year’s taxes. You can still save more money and avoid some penalties with these tax tips. Start getting documents ready in January if you do not plan on […]
Before you turn your taxes over to tax attorneys, know what your filing status is. You could claim several ways, depending on your situation. The choices you have are single, head of household, married, or married filing separately. The method you choose affects the deductions you might claim and the alternative minimum tax. For 2021, […]
Whether you are doing great or recovering from losses, tax planning for the end of the year can save you a lot of money on your taxes, regardless of your financial position. Your business tax attorney or personal tax attorney cannot help you take advantage of these savings unless you take these actions before the […]
The Limited liability company is one of the more favored business organizations because it’s easy to set up, gives business owners some of the same protections as C corporations, and has tax benefits. You not only have less paperwork at the inception of the business, but you also have less paperwork and requirements to meet […]
One of the first things you do when starting a new business is choosing a business structure. Each entity type has different methods of taxation. When choosing, you should take into account how many employees you have, how much growth you expect in the first few years of business, and whether you need corporate protection. […]
