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Deciding Between a Trust and a LLC for Business Owners

30 Nov

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 […]

How 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 […]

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 […]