When starting a business, two of the biggest considerations are often the tax consequences and limiting the liability of the owners. While an explanation of the tax pros and cons of selecting a specific entity can be complex, explaining how to limit one’s liability is fairly straightforward. The most common way to achieve this limitation of liability is to […]
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RSS feed for this sectionHow to Pay Taxes When You Are Self-Employed
30
Sep
The story released this week about Michael “the Situation” Sorrentino and his tax issues is far too common in the entertainment industry. While in the Situation’s case, it looks like there were more fraudulent actions than a mere failure to pay taxes, but there is still a lesson to be learned for those that are self-employed. […]
What to do When You Are Named Successor Trustee
31
Jul
When an individual or couple creates a revocable living trust, they typically name themselves as the initial trustee. When they become incapacitated, die, or simply become tired with the role as trustee, a successor trustee is named. This successor usually comes in the form of a corporate trustee, professional fiduciary, or family member. The majority […]
Estate Planning and the NBA
31
May
Even for those who don’t follow the NBA, many have heard the news about Donald Sterling over the past couple months. This week, it was reported that Steve Ballmer would purchase the Los Angeles Clippers for $2 billion. Part of what made that sale possible was product of estate planning. Donald and his wife Shelly had […]
Home Office Deduction: New and Improved
15
Dec
For those of you that work from home there is some good news for the 2013 tax year. The IRS has rolled out a simplified process for claiming the home office deduction. In years past the deduction hinged on the office’s square footage as a percentage of the total dwelling. The new method allows for […]