This is the second in a series of articles outlining the steps any business owner can take to maximize the value of his/her business when it comes time to sell. If you’d like to see previous articles in this series,…
Q: I am interested in giving my employees some kind of employee ownership. What do you recommend? A: While I cannot recommend or give out legal advice via newsletter, one item of interest would be an employee stock ownership plan…
The Tax Court ruled that payments made by a corporation to a married couple were repayments of a loan made by the wife. In this case, the wife loaned money to a corporation, in which her husband was the sole…
This is the first in a series of articles outlining the steps any business owner can take to maximize the value of his/her business when it comes time to sell it. Optimize Cash Flow It probably comes as no surprise…
Q: I am a sole proprietor. Must I have a tax identification number? A: The sole proprietor is the only classification of business entity that does not need a tax ID number. However, if the sole proprietor has employees or…
Introduction Why buy one home and deduct a small amount of mortgage interest, when you can buy two homes and deduct double the amount of mortgage interest? A not-so-well-known rule exists regarding second homes. Most people focus on one home,…
A sole member of a Limited Liability Company (LLC) was held personally liable for the LLC’s unpaid employment taxes by the Tax Court. The LLC was disregarded as a separate entity under the check-the-box regulations for federal income tax purposes. …
It seems that more and more business owners are asking me that question these days. Given the recent “perfect storm” of collapsing financial markets, tighter credit, growing unemployment and a worsening economic recession, it’s a very fair question. My answer…
Q: What is the capital gains tax rate for stocks that I sell in 2012? A: If the stock was held for less than one year, the capital gains rate is generally the same rate as the taxpayer’s ordinary rate. …
Introduction There were 66 million babies born between 1945 and 1964. The era was known as the “Baby-Boom” and the “Boomers” are reaching retirement age. In fact, the oldest are now turning sixty-seven and the youngest are embarking on their…
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