Estate Planning & Asset Protection There are a lot of asset protection gurus who hammer on the importance of protecting your assets from negligent lawsuits. It’s certainly a valid consideration, however, I’m more interested in sharing the many other reasons that you need to consider formulating an asset protection/estate planning strategy right now. So, let
Few sections of the Tax Code have as much impact on the real estate investor as Internal Revenue Code Section 1031 (I.R.C. §1031). This allows an investor who is selling business or investment real estate to complete an exchange by purchasing other like-kind property and deferring up to 100% of the taxes otherwise due at
The question of whether someone who works for you is an employee (you control the details of what will be done and how it will be done) or an independent contractor (you are self-employed and provide services to other businesses) has important tax and legal consequences. If you have employees, you have liability to pay
Do you know that the biggest chunk of money most people ever put in one place is the money they hand over to the US government? If you were to make $50,000 a year over a 30-year career, you would pay about $600,000 in Federal, State and local taxes. The interest you would
There is no such thing as a self-made person. We are made up of thousands of others. Everyone who has ever done a kind deed for us, or spoken one word of encouragement to us, has entered into the make-up of our character and of our thoughts, as well as our success.
For-profit corporations are operated to make money for the shareholders. Not-for-profit corporations are operated to benefit society. Now we have a Benefit corporation, a for-profit entity that has voluntarily and formally committed to creating social and environmental benefit, in addition to its traditional for-profit motive. Benefit corporations have no tax exemptions, and most will have neither
Often times, people come to us because they have filed an entity on their own, nonprofit corporations included. What I often discover when reviewing their organization is the following: The required IRS wording which needs to be included in the Articles of Incorporation is missing. They have no Bylaws or Organizational Minutes showing election of
The Nevada Legislature approved S.B. 483 (the Nevada Revenue Plan), a package of tax changes championed by Governor Brian Sandoval. The tax package includes an increase in the corporation annual business fee, an expanded payroll tax, a higher cigarette tax, and a new Commerce Tax on the gross receipts of businesses with at least $4
At a fundraising dinner for a school that serves learning-disabled children, the father of one of the school’s students delivered a speech that would never be forgotten by anyone who attended. After extolling the school and its dedicated staff, he offered a question. “Everything God does is done with perfection. Yet, my son, shay, cannot