Tread carefully if you and your spouse have similar trusts
When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose […]
Turn An Asset Into A Tax Break
Most businesses want to turn an asset into a tax break. Business owners are always trying to reduce the overall tax burden. Having a details tax plan in place with a quality CPA will make the difference. Here are things to think about. Shopping. If your business is in need of office equipment, computer software […]
Could Crowdfunding Work For You
Could Crowdfunding work for you is a serious topic to take a detailed look at. This topic is nothing new and for years has grown in popularity. Business owners should dig into the financial and reporting details before jumping into this type of funding mechanism. On May 16, 2017, new guidance went into effect that […]
Should Business Owners Understand Their Cash Flow
A business owner should understand their cash flow. A statement of cash flows highlights the sources and uses of cash. This can often quickly be reported from Quickbooks or other accounting software. It’s arguably the most misunderstood and under appreciated part of a company’s annual report. Here’s an overview of how this statement is organized […]
