Do not depend on the state or your relatives to honor your wishes after death. Write your will to transfer your property on your terms, protect your privacy, and mitigate potential bloodbaths over your estate. When Aretha Franklin died in 2018, her family thought she had no will.[1] In May of … [Read more...] about Write Your Will
Just Trust Me
Just Trust Me A trust is an agreement where you manage property to benefit someone else. In practice, a trust is a ten-dollar-to-fund strategy to transfer property to people you like while keeping it far away from the people you hate. To break down the “trust,” please embark on a magical … [Read more...] about Just Trust Me
Internet Sales Tax
Internet Sales Tax In South Dakota, v. Wayfair, Inc., the Supreme Court of the United States overruled the physical presence requirement established in Quill Corp. v. North Dakota (1992) and National Bellas Hess, Inc. v. Department of Revenue of Illinois (1967).[1] The Wayfair case represents a … [Read more...] about Internet Sales Tax
End of Year Tax 2018 Tax Tips
End of Year Tax 2018 Tax Tips Before December 31, 2018… Taxpayers and Business Owners can take some steps today to maximize their tax benefits and minimize their taxable income: Year End Bonus: Earnings are taxable in the year received; therefore, if taxable income in the 2018 year will be … [Read more...] about End of Year Tax 2018 Tax Tips
Deduct Non-Marijuana Entity Business Expenses
Deduct Non-Marijuana Entity Business Expenses Although §280E prohibits cannabis growers and retailers from claiming deductions “for any amount paid or incurred during the taxable year in carrying on any trade or business….”, there are two common approaches to minimizing the impact of this harsh … [Read more...] about Deduct Non-Marijuana Entity Business Expenses
Asset Protection
Asset Protection Asset protection works as a safeguard of your corporate assets by keeping them out of reach from potential judgment creditors and enforcement actions. Neglecting to properly protect your assets can lead to a liquidation of your assets and equipment; resulting, in a forced sale of … [Read more...] about Asset Protection
The IRS proposes a new face-lift for Individual Tax Form 1040
The IRS proposes a new face-lift for Individual Tax Form 1040 The IRS Form 1040 has been given a face-lift and will be condensed to a postcard-sized form. The goal is to standardize and simplify the 1040 so all 150 million taxpayers will be using the same form; and eliminate Forms 1040, 1040A, and … [Read more...] about The IRS proposes a new face-lift for Individual Tax Form 1040