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How Not to Reduce Your Taxes (Part 1)

  • 13 December 2017
  • Author: Alexander Carr
  • Number of views: 43
  • 0 Comments
How Not to Reduce Your Taxes (Part 1)

We often advise clients to restructure their business entities and add new ones to help reduce their taxes and other financial liabilities. There’s nothing inherently wrong with the strategy and, in fact, the IRS extends many key opportunities for businesses to do it. However, according to the IRS, there are right and wrong reasons to restructure or start business entities. If the IRS senses your motivation is rooted in deception, be prepared to pay the price.

Last-Minute Tax Deductions That Are Critical This Year

  • 14 November 2017
  • Author: Alexander Carr
  • Number of views: 164
  • 0 Comments
Last-Minute Tax Deductions That Are Critical This Year

With President Trump’s bold tax reform plan on the table for 2018, there are sure to be plenty of changes in store. That means your tax strategies in 2017 are even more important than ever. Below is a quick rundown of some of the factors you may want to consider now to reduce your tax burden over the next two tax years.

Filing 2017 W-2s: Penalties Have Increased, Extension Not Guaranteed

  • 7 November 2017
  • Author: Alexander Carr
  • Number of views: 137
  • 0 Comments
Filing 2017 W-2s:  Penalties Have Increased, Extension Not Guaranteed
January 31, 2018, is a big day not only for providing W-2 forms to employees and 1099-MISC forms to other workers, but it’s now also the deadline for filing the forms with the IRS (whether filing by mail or even by e-file). Neglect that earlier-than-usual deadline (first issued in 2016) and you could be responsible for newly increased penalties. Plus, recent changes in extension rules may leave you with no option but to pay the price

Exiting Your Business? Take This Advice from Fellow Entrepreneurs

  • 24 October 2017
  • Author: Alexander Carr
  • Number of views: 184
  • 0 Comments
Exiting Your Business? Take This Advice from Fellow Entrepreneurs

Whether you’ve owned your business for decades and are ready to retire or are looking to sell a growing new venture, exiting a business is tough. The experience can be fraught with many financial and emotional setbacks, even for those who thought they had masterfully choregraphed every single step. We asked some of our favorite entrepreneurs to share their experiences from past exits—what they wish they had known and what they could have handled better. We’re grateful for their candid advice and hope that it helps you plan your next chapter.

A Tricky Tax Ruling for Trophy Hunters

  • 17 October 2017
  • Author: Alexander Carr
  • Number of views: 142
  • 0 Comments
A Tricky Tax Ruling for Trophy Hunters

A recent tax ruling affects the value of hunting specimens that are donated to charity. The issue comes down to whether the specimens can be valued at comparable sales cost or replacement cost. For one recent case, it’s a difference of more than $400,000 that is now owed in back taxes.

Don’t Personally Fund Your Business Without Reading This First

  • 10 October 2017
  • Author: Alexander Carr
  • Number of views: 239
  • 0 Comments
Don’t Personally Fund Your Business Without Reading This First

A renowned biochemist just found out that tax codes can be more complicated than biotechnology. His mistake? Infusing his startup with millions in personal cash without paperwork to classify what the advance was: personal equity or a business loan.

3 Labor and Compensation Rules That Just Changed

  • 19 September 2017
  • Author: Alexander Carr
  • Number of views: 200
  • 0 Comments
3 Labor and Compensation Rules That Just Changed

While you were gone fishing this summer (or just buried knee-deep in your own business concerns), there have been some changes in federal labor and employee compensation rules you should know. From overtime and misclassification to joint employment, here’s a rundown on what has happened and what it could mean to your business.

Miami Dolphins Owner Stephen Ross’ Disastrous 10-to-1 Charitable Deduction

  • 12 September 2017
  • Author: Alexander Carr
  • Number of views: 282
  • 0 Comments
Miami Dolphins Owner Stephen Ross’ Disastrous 10-to-1 Charitable Deduction

Stephen Ross, billionaire real estate developer and owner of the Miami Dolphins football team, is the University of Michigan’s largest donor. Unfortunately, he caught the attention of the IRS along the way and it didn’t end well for him. After a decade of legal proceedings, a tax court recently disallowed a $33-million charitable deduction Ross and a group of business partners took on a donation to U-M. Instead, the court valued the deduction at only $3.4 million.

When to Turn a Hobby into a Business

  • 22 August 2017
  • Author: Alexander Carr
  • Number of views: 315
  • 0 Comments
When to Turn a Hobby into a Business

Hobbies are a great distraction from the hustle and bustle of work. Over time, some of us become so good at our hobbies that they start providing income for us. How many cupcake bakers, woodworkers, photographers, and other hobbyists do you know who have found an extra source of income doing what they love? 

Are Corporation Profits Double (or Even Triple) Taxed?

  • 15 August 2017
  • Author: Alexander Carr
  • Number of views: 384
  • 0 Comments
Are Corporation Profits Double (or Even Triple) Taxed?

All too often, the answer to the question, “Are corporation profits double taxed?” is a resounding YES. But double taxation doesn’t need to be a fact of life for corporate business owners if they know how to navigate around it within the boundaries of the IRS.

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