Business Succession Planning: Preserving Your Company for Future Generations

Many people start businesses and may even keep them for many years. Some even own a business for generations, handing it down from generation to generation. These businesses often become legacies. Preserving your company for future generations requires adaptability, strategic planning, financial success, and a commitment to the business’s values. Decisions you make today can […]

Estate Tax Planning: Utilizing Trusts to Minimize Tax Burden on Your Heirs

When you want to pass your assets to heirs, having an estate plan is critical; otherwise, your assets will go through probate. This could result in outcomes that you never wished for your heirs. Someone you may want to cut out of your will could receive your assets or your heirs could take on a […]

Why You Can’t Hide from Your Taxes

“Tis impossible to be sure of anything except death and taxes.” It’s a notion that’s normally attributed to Benjamin Franklin. However, the first mention of the idea is from a 1716 book by Christopher Bullock, The Cobler of Preston. Whoever said it first, it remains true; you can’t escape dealing with taxes. Whether you believe […]

There is No Wrong Age to Create a Will

Working with an experienced attorney to create a will rarely seems urgent. Few start the day thinking their time is short and then call an experienced attorney to help get your affairs in order.

Whether you are young and single, a parent or entering your twilight years, the time to make a will is now. There […]

Wrapping Up this Year’s Business Taxation

2018 is almost up and you are probably looking forward to the holiday with lots of activities. The end of the year is very important to any business as many countries have their financial year run from January to December.

As a business, it’s important that you check if your accounting records reflect what you’ve been […]

What You Need to Know about Gift Taxation

It may seem incomprehensible but making a gift out of the kindness of your heart may leave you on the hook for taxes. The IRS expects people who transfer things of value to friends or loved ones to also pay taxes even when you receive no consideration in return.

Before dubbing the IRS the “Scrooge” of […]

Why You Should Be Thankful for Taxes

We mostly grumble about having to pay the tax man. The government, reeling in debt, paying millions to other countries for aid, comes along and wants to take a chunk of our hard-earned money! What for? We might wonder. Well, there are good reasons why we should be thankful that we pay taxes, for some […]

Why Hire a Tax Attorney Rather than a CPA?

Between interactive software programs and simplifications to the federal code, filing your taxes may be easier than it has been in decades.

If you’re an hourly or salaried employee, perhaps you can sidestep the cost of hiring professional help. But if you own a business, manage a trust or have multiple investments, filing your taxes may […]

Scary Stories: What Happens When You Don’t File Your Taxes

In terms of filing taxes, the world can be broken into four basic groups. There are those citizens who happily pay every April because they believe it is their civic duty. The second group pony up, begrudgingly, because they are responsible Americans. The third class pays because they recognize the ominous power of the IRS. […]

Taxes When Going Out of Business

Closing a business means a life transition. It’s usually a stressful time even if you really wanted the change. However, you shouldn’t forget that closing your business calls for meeting several tax obligations. It’s the same whether you are self-employed and have incorporated or you’re shuttering your small business and letting your employees go. Your […]