The main advantage in giving appreciated property such as stock to charities is that you are able to get a tax deduction on the fair market value of the asset, even when the original cost is significantly less.
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The Tax Cuts and Jobs Act (the “Act”) is the most significant tax legislation enacted in the last 30 years. For business entertainment expenses, the Act has completely eliminated the deductibility of business entertainment expenses.
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The Tax Cuts and Jobs Act (the “Act”) is the most significant tax legislation enacted in the last 30 years. Most of the new tax rules pertain to the next eight years. One of the most often asked question relates to deductible business meals.
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As the economy ebbs and flows, we get numerous inquires from present and prospective clients about starting a new business. Here are critical factors to consider before dramatically altering your financial future.
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Probably once during a business owner’s life, (s)he finds that the accounting department shuts down either with prior notice or unexpectedly. The reasons for this situation can include everything from scheduled staff time off or an abrupt departure
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Individuals, families, and entities make large tax-deductible contributions to this newly established foundation that they control/own. One of the exciting benefits of this foundation is that it has the option to last forever.
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It’s difficult enough to lose a spouse, but then a difficult emotional time becomes even more difficult because his estate is in complete disarray, and the assets will be tied up in probate court for a year or more.
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When thinking about selling a business, you should always commence the process of selling that business 5-10 years before the date of that sale.
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Statistics indicate that 9 out of 10 people do not have a will nor a trust. One of our goals is to see that every one of our clients has a will and if necessary a Living Trust.
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After the implementation of our tax plan, we were able to eliminate over $200,000 of income taxes and at the same time contribute over $500,000 into our client’s pension plan (which will hopefully grow to over $1 million in the future).
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A very interesting observation I have had is that it takes three times the amount of effort and cost to correct an accounting transaction on the books than it takes to record that accounting transaction correctly the first time.
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While advising on a multi-million dollar purchase of a South Bay area corporation, our discovery of tax incentives resulted in big wins for both the buyer and the seller.
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