Small Business Tax Tips

Business Tax Planner and CPA Aarti Kapadia provides tax filing issues to consider for small business owners. This is not tax advice, always consult with an expert about your facts.  1. Defer income to next year. Push income to into next tax year and deductions into this year. In general, it tends to be advantageous to push income into […]

An Improperly Cancelled or Lapsed Life Insurance Policy Can Lead to Taxable Income

A recent Tax Court decision, Estate of Feder, T.C. No. 1628-10, T.C. Memo. 2012-10, January 10, 2012, shows advisors that the Tax Court had no trouble ruling that the taxpayer, Yulia Feder, received taxable income on the lapse of her old Northwestern Mutual life insurance policy despite the fact that she did not receive any cash from the […]

Income Tax Deductions Professional Athletes and Their Managers Must Know About

Professional atheletes are great at making money but often lack the support and guidance they need to effectivelty keep it. Some Asset Protection issues address active threats, like lawsuits, others address more passive and predictable issues like income and estate taxes. This article provides a simple summary of taxation issues that professional athletes, their managers […]