Whether you are an advisor looking for the best help for your clients or a successful individual doing your own due diligence, knowing the right questions to ask to qualify a so called “asset protection” expert is more important than ever before. Failing to do so and working with amateurs, or worse, non-attorney promoters can not only cause […]
Expert Tax Tips For Individual Tax Filers
Aarti Kapadia, CPA/MBA, provided these simple tips for individual tax filers. This is not tax advice specific to you, just general information to discuss with your own tax team. Last Minute Tips for Individual Tax Filers 1. The SALT (state and local income tax deduction) is limited in 2018. We recommend you consider prepaying your […]
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 […]
Ask These Questions Before Buying Life Insurance
The fourth quarter of the year is when life insurance sales kick into high gear. In many cases, life insurance is often sold as a tax savings plan, here are the questions you must ask before purchasing this important asset. The majority of this discussion involves the use of some form of “whole life” insurance […]
Tax Scam Warning – Fraud and ID Theft in 2015
Tax filing related scams are at all-time high and we are warning our clients about some specific fact patterns and known risks. These criminal scams take many forms including mail, phone, email and now even social media and texts. Phone calls and email still seem to make up the bulk of the attempts, make sure […]
Income Tax Deductions Doctors and Business Owners Often Overlook
As tax day bears down on us with increasing momentum, I turned to a CPA for some tips on commonly overlooked deductions. As always, legal and tax advice given in this forum can only be general information and can never be considered individual tax advice, so discuss these issues with your own CPA now, while […]
Arizona is an Income Tax Haven for MLB Players – and makes MORE off them by being one
This interesting article caught my eye because I represent some professional athletes including MLB players and because I live in Arizona. It has a really interesting bit of info at the end. The conventional wisdom at play in the U.S. is that the best way to raise government revenues is to tax wealth creators at the very […]
HOW TO MINIMIZE OR ELIMINATE TAX LIABILITY REGARDING MORTGAGE DEBT FORGIVENESS
This week we take a look at the tax liability associated with mortgage debt forgiveness and how it can be reduced or eliminated. Given what’s happened in the real estate market over the last six years of the recession this is a vital issue for both casual investors and real estate professionals like developers and […]
The “C” Word in business: Vital Issues To Consider With C-Corporations
The article linked below contains some simple and important issues to consider regarding the taxation of C-corps. As an asset protection attorney I’ve never been a fan of them because they are weak , if not defective from a creditor perspective as the shares can actually be taken from you as an asset and handed […]
Lost or MIsplaced EIN (tax ID) Number?
Lots of people lose or misplace their tax ID Number every year, especially with newer entities or those they don’t use often, Here’s what the I.R.S. suggests if it happens to you. Lost or Misplaced Your EIN? If you previously applied for and received an EIN for your business, but have since misplaced it, try any […]
