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What’s your worst tax nightmare? Identity theft? Not having enough money to pay all the taxes you owe? How about this: your CPA, enrolled agent, or other tax preparer has not filed your taxes for three years. Dr. Lee, a Florida surgeon who earned over $1 million annually, had this Read More
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When your corporation reimburses you for the business use of your vehicle, you have tax consequences when you sell or trade in that vehicle. Example 1. You purchased a vehicle for $40,000 and had the corporation reimburse you $40,000 for bonus depreciation. You now trade in the vehicle for a Read More
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As a co-owner of a business—whether it’s an existing venture, a new enterprise you’re founding, or a company you’re considering buying into—you must consider the structural and legal frameworks that are crucial to ensuring the stability and continuity of your investment. One such framework is a buy-sell agreement, an essential Read More
