Q: My father just passed away. Will I have to pay estate taxes on the value of the estate? A: Generally, the heir does not pay the estate tax. If there is an estate tax due, the estate is responsible for…
Most everyone has heard that the three most important factors in determining the value of real estate are Location, Location, and Location. It is equally true that the three most important factors in valuing an ongoing business are Cash Flow,…
Introduction How much do you want to put into your retirement account this year? With the arrival of the new tax year, retirement account contribution limits change. Depending on your retirement account, you may be able to contribute $5500, or…
Appraiser’s Documents The US Court of Appeals found that an IRS summons for an appraiser’s report was in good faith and resulted in the appraiser’s report being discoverable by the IRS. In the case, the taxpayer had an appraisal done…
Q: Is it possible to have Roth and traditional IRAs as part of a comprehensive plan? A: Yes. Individuals can have an assortment of Roth IRAs, traditional, and even employer retirement plans as their overall retirement plans. However, when funding…
Selling a business you’ve spent most of your working life to build is one of the most important personal and financial decisions most business owners will ever make, and for that reason, it’s important not to wait too long. The…
Introduction Although at the stroke of 12:01am New Year’s Day, this country officially fell off the fiscal cliff (the combination of increased taxes and decreased spending which would have slowed the economy), Congress and the President agreed to measures that…
Employee v Independent Contractor In a Memo, the Tax Court concluded that an adjunct professor was an employee for tax purposes as opposed to an independent contractor. As a consequence of being an employee as opposed to an independent contractor,…
Q: What form is the manufacturing deduction calculated on? A: IRS Form 8903 is the appropriate form to calculate and report the manufacturing deduction. Q: Can the section 179 expenses be carried forward into future years if all of the…
Admittedly, this will be a bit of a departure from my usual op-ed piece on the process of buying or selling a business, but over the holidays one is occasionally called upon to lead one’s family in prayer before a…
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