Common Tax Deductions for Small Businesses
Automobile deductions: Whether an individual uses a personal vehicle for his or her own business or company owns a vehicle, the depreciation of value and costs associated with that vehicle may be deducted from the company’s income at year's end. A taxpayer must keep track of all of these expenses and document them by...
Common Tax Deductions for Small Businesses Continue reading…Five Common Reasons a Will Might Be Invalid
There are several reasons that a will may prove invalid. It is important for testators to be aware of these pitfalls in order to avoid them. Improper Execution The requirements vary from state to state, but most states require a valid will to be witnessed by two people not named in the will. Some jurisdictions...
Five Common Reasons a Will Might Be Invalid Continue reading…Own a business with a spouse? What happens after a divorce?
Given that this situation encompasses various areas of law, you should consult both a matrimonial and a business law attorney. Depending upon the type of business the division between you and your soon-to-be ex-wife may be straightforward. However, more than likely, it may take significant work to be able to divide the business. If...
Own a business with a spouse? What happens after a divorce? Continue reading…When Will I Receive My Inheritance?
If you’ve been named a beneficiary in a loved one’s estate plan, you’ve likely wondered how long it will take to receive your share of the inheritance after his or her passing. Unfortunately, there’s no hard or and fast rule that allows an estate planning attorney to answer this question. The length of time...
When Will I Receive My Inheritance? Continue reading…Five Considerations For Starting a New Business
1. Deciding on a Business Form There are various business forms to choose from. A sole proprietorship is the easiest to set up, manage, and maintain. There is minimal paperwork necessary to set up a sole proprietorship since there is no distinction between the business and the proprietor. Unfortunately, if a sole proprietorship faces a lawsuit,...
Five Considerations For Starting a New Business Continue reading…Would transferring your home to your children help avoid estate taxes?
Before transferring your home to your children, there are several issues that should be considered. Some are tax-related issues and some are none-tax issues that can have grave consequences on your livelihood.
The first thing to keep in mind is that the current federal estate tax exemption is currently over $5 million and thus it...
Would transferring your home to your children help avoid estate taxes? Continue reading…Exemption Requirements for Non-Profit Public Benefit Corporations
A public benefit corporation is a type of non-profit organization (NPO) dedicated to tax-exempt purposes set forth in section 501(c)(3) of the Internal Revenue Code which covers: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals. ...
Exemption Requirements for Non-Profit Public Benefit Corporations Continue reading…Overview of the Ways to Hold Title to Property
You are purchasing a home, and the escrow officer asks, “How do you want to hold title to the property?” In the context of your overall home purchase, this may seem like a small, inconsequential detail; however nothing could be further from the truth. A property can be owned by the same people, yet...
Overview of the Ways to Hold Title to Property Continue reading…Legal Tips from the Shark Tank
Lawyers are often mocked in pop culture as “sharks,” but a quick flip through the TV guide tells you the real sharks out there are in the business world. The ABC reality show “Shark Tank” has become a cultural phenomenon, inspiring tons of people to start their own businesses and invent new...
Legal Tips from the Shark Tank Continue reading…Business Succession Planning Tips
Business succession plans contemplate and instruct regarding any changes in future ownership and management of a business. Most business owners know they should think about succession planning, but few actually end up doing so. It is hard to think about not being in charge of the business you have built up, but a proper...
Business Succession Planning Tips Continue reading…Top 3 Real Estate Tips for Small Businesses
The only real estate transaction most small businesses engage in is to enter into a lease for commercial space. Whether you are considering office, manufacturing or retail space, the following three tips will help you navigate the negotiation process so you can avoid costly mistakes. “Base Rent” is Not the Only Rent You Will Pay Most...
Top 3 Real Estate Tips for Small Businesses Continue reading…C-Corporation Vs. S-Corporation: Which Structure Provides the Best Tax Advantages for Your Business?
The difference between a C-Corporation and an S-Corporation is in the way each is taxed. Under the law, a corporation is considered to be an artificial person. Shareholders who work for the corporation are employees; they are not “self-employed” as far as the tax authorities are concerned. The C-Corporation...
C-Corporation Vs. S-Corporation: Which Structure Provides the Best Tax Advantages for Your Business? Continue reading…