Three Parties To A Trust

When you hear the word “trust” how does it make you feel? Do you get a little nervous and start questioning the intricacies of this complex topic? Well, I’m here to tell you, it’s not as complicated of a concept as you might think.  Let me break it down for you. There are three partiesContinue reading Three Parties To A Trust

Revocable VS Irrevocable

If you’ve ever looked at a trust document, you probably have seen the terms “revocable” and “irrevocable” trusts. Just so you know, 100% of trusts are either revocable or irrevocable. So what do they mean? Quite simply put, a revocable trust is a changeable trust. it’s easy to dissolve and move assets in and outContinue reading Revocable VS Irrevocable

Three Types of Trusts

I’m going to paint a picture for you. You’re meeting with an attorney who turned over a trust document to you and you’re overwhelmed. You’re met with all these big legal words that make zero sense to you. I’m talking words like  “grantor,” “non-grantor,” “irrevocable”… Seeing all these confusing terms, well, that can be aContinue reading Three Types of Trusts

Captive Insurance

I get asked about captive insurance companies all the time. This can be a great option to add to your practice if done the right way. So let’s start off with a quick overview.  First, a captive is a property and casualty insurance company. Think of it as your own personal State Farm.  Let’s justContinue reading Captive Insurance

Cost Segregation Study

I want to talk to you about how cost segregation studies can help you in your business. But, before we get into this, I want to backtrack a bit. Let’s talk about depreciation.  Simply put, depreciation is the “useful life” of something. Just about everything can be depreciated: computers, furniture, cars, rental properties, and soContinue reading Cost Segregation Study

How to Deduct Legal Fees

The Tax Cuts and Jobs Act (TCJA), known as tax reform, made it more difficult for you to deduct your legal fees. The new tax reform law suspended your legal fees as 2 percent miscellaneous itemized deductions. This means you need to look for other ways to deduct legal fees, such as claiming them asContinue reading How to Deduct Legal Fees

Tax Reform Beat-Up Entertainment

You can no longer receive a tax deduction for business entertainment and meal expenses, however, you get a 100% deduction on meals served at business presentations.  Why is this? Let’s consider a few examples: Example 1. Hudson, a network marketer, invites clients and prospects to an educational mixer. He does a one-hour presentation and thenContinue reading Tax Reform Beat-Up Entertainment

S Corporation Fringe Benefits

Fringe benefits are almost always a good thing. However, there’s a catch when you own more than 2 percent of an S corporation.  Let’s talk about the good news first!  Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee who owns moreContinue reading S Corporation Fringe Benefits

Rent From Your Spouse

You know what can eat up your profits? That 15.3 percent self-employment tax.  As a sole proprietor, you probably already know this. Let me tell you about a simple strategy to ease this tax burden, and this involves utilizing your spouse. First things first, you have to create your own entity.  If you own anContinue reading Rent From Your Spouse