Many people come to us curious (or confused) about trusts and taxes. This article is going to sort it out and clarify things for you. There are two types of trusts, and each have different tax consequences. Revocable trusts, which are the far more commonly used trusts, have no tax consequences whatsoever. A revocable trust [...]
Taxes may be the least favorite topic for business owners. The saying goes there are only two things in life that are certain—death and taxes. For a business, there are just taxes. It doesn’t matter who you are, how influential you are, or how much money you earn, everyone still has to pay taxes. It’s [...]
With the end of the year approaching, it’s time to think about taxes again. While tax planning might not be the most exciting part of your job, with the right strategies in place, you can keep a lot more of the money your company brings in. Without proper planning, taxes can be your biggest expense, so [...]
As its name suggests, limited liability companies (LLCs) protect personal assets from debts and other business liabilities. But you may not be aware that LLCs can also offer tax savings. As an LLC, you have flexibility in choosing how you’ll be taxed. This allows you to reap a number of benefits unavailable to other business [...]
Buying a second home can provide you with a place to relax, unwind, and escape from it all. It can also provide you with substantial savings if you take advantage of these tax benefits of buying a second home. Mortgage Interest Mortgage interest paid on up to $1.1 million in debt on your first [...]
With today’s tuition costs at astronomically high levels, paying for a child’s college education can feel like extortion. If your child is an adult, you may have decided that it’s up to him or her to pay for tuition, but if you do want to help your adult child (or grandchild) with college tuition, there [...]
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act bill into law, and taxpayers are still trying to figure out how it might affect them. This is especially true for business owners, as the most dramatic changes under the law are aimed at how businesses are taxed. We’ve highlighted the most [...]
Due to its highly touted “business friendly” nature, the new Republican tax bill—which recently passed both the House and Senate—has been highly anticipated by many business owners. Known as the “Tax Cuts and Jobs Act,” both the House and Senate versions reduce tax rates, adjust tax structures, and revamp tax benefits for businesses to stimulate [...]
