Earlier this week, we began a discussion about federal taxes that affect businesses and business owners. If you are an entrepreneur who is just starting out, you may not yet be familiar with the various tax requirements associated with your specific business...
Month: January 2016
The basics of federal business taxes: Part I
If you started your business within the last year, you may feel a little lost heading into tax season. The ways in which businesses are taxed at the state and federal level can be confusing, in part, because various kinds of businesses are all taxed differently.Over...
Is it a business or a hobby? How can you tell?
The internet has had a profound effect on the average person's ability to pursue hobbies, to buy hard-to-find products and to sell their own products. Websites like Etsy have even turned arts and crafts hobbies into successful money-making operations for some...
What’s the best way to get Americans to be honest on their taxes?
Imagine walking down the street, minding your own business, when you suddenly see a "wanted" poster with your face on it. Why are you wanted? What crime have you supposedly committed? Perhaps you had some tax trouble with the Internal Revenue Service, but that...
IRS simplifies deductions on business-related equipment purchases
Owning a small business is no easy endeavor. In addition to the long hours and worries about making ends meet, business owners often find themselves attending to complex matters that are far outside of their comfort zone.A good example is tax obligations. If you are a...
Why you should disclose your offshore assets voluntarily
Many people with offshore assets are tempted to not disclose the assets to the IRS for the chance that the IRS will not discover the assets, resulting in tax breaks. However, this is often a mistake as the IRS comes down hard on people who do this and get caught.In...
What kinds of taxes would apply to the current Powerball jackpot?
Are you feeling lucky? The Powerball jackpot keeps growing and has reached a massive $1.4 billion. But before you starting making plans to spend and give that much money away, remember that the tax bill would take a chunk of your winnings.But how are lottery winnings...
The importance of advance health care directives
Many discussions about estate planning focus on the bequest of assets. Everyone should get to decide what happens to their property and assets when they pass, and estate planning would be worth it even if that was its only benefit.There is an additional benefit in...
Scammers claiming to be the IRS may have an easier time this year
With the start of tax season now just a couple weeks away, it is a good time to discuss an issue that anyone could find themselves facing: scams. Con artists and thieves continue to make a fortune each year by posing as IRS representatives on phone calls. They claim...
Recent Blog Post
Even a fortune can disappear without sound estate planning
Some figures baffle.Like the speed of light. Like the age and size of the universe. And like estimates pegging the personal fortunes of America's richest families.Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling...
Broad, measured thinking out of the box promotes sound estate planning
"You own this." Those words might sound frightening to a would-be California estate planner, but they are actually meant to promote a feeling of empowerment rather than intimidation. It is no secret that legions of...
Remarrying couples unquestionably need to focus on estate planning
Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new realities.Don't be one of them. Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new...
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